House buying issue

PD1

'I don't have a good word to say about estate agents. They deserve to close and lose their jobs. They are the sneakiest of all sales people'.

As long as there's room to be corrupt, certain individuals will continue to take advantage of it that situation, unfortunately that's life. Some people are honest, some are not. My personal experience as a seller leaves me with an opinion of estate agents similar to yours. At the moment I'm allowing them dig a bigger hole for themselves.

PD1

Quote taken from Interactive Investor:

'The Ombudsman for Estate Agents (OEA), Christopher Hamer, says that despite property sales dropping by up to 60% during 2008, disputes only fell by a nominal amount.

Hamer reports a 3% fall in sale disputes involving estate agents last year. "I am surprised that my workload in sales disputes has not reduced more significantly," he says.

Meanwhile, as the rental market saw a boost from the credit crunch and frozen housing market, complaints regarding lettings agents jumped by a shocking 200% - and are set to rise further in 2009.

A whopping 1,043 new dispute cases arose last year, of which 743 were regarding property sales and 300 involved letting agents. In total, complaints are up 20% from 2007 and 78% from 2006.

Hamer suggests that people still have high expectations of estate agents, perhaps even more so considering the slow market. However, during 2008, he found in favour of the complainant in 65% more cases than the previous year, with compensation totalling more than £385,000.

The largest compensation in the 20-year history of the Ombudsman scheme was also awarded during the 12-month period, with an unnamed estate agent ordered to pay out £23,880. Staff were found to have given conflicting advice, and failed to act in the best interests of the client or negotiate effectively.

The maximum award the OEA can make under scheme rules is £25,000.

Despite the record pay-out, the majority of compensation last year was between £100 and £499 with just 18 case awarded amounts over £3,000.'

My issue with them is highlighted.

i4U

I just can't believe that we don't have any protection for buyers or sellers. I have been both in the past.

I would have though considering the number of complaints that they get something would have been done by now. You have to remember that a lot of people don't also complain or don't have the time to. I am guilty of that. So the real figure is probably much higher.

PD1

'You have to remember that a lot of people don't also complain or don't have the time to. I am guilty of that. So the real figure is probably much higher.exactly'

Exactly, after the stress of buying/selling a property(caused by the EA), who needs the stress of a complaint heaped on top. Not me though, once the sale is done and dusted, I'll be sorting my complaint out.