Federal and New South Wales politicians are calling for an inquiry into online real estate agents who offer quick house sales to people who can no longer pay their mortgages. It is feared the agents are exploiting people who are under pressure to sell their houses below market value due to falling prices and high interest rates.
Some agents have promised to sell houses in just days without the usual fees. One organisation advertises for houses where owners are behind in repayments and face repossession.
Marquette Turner advises that homeowners should avoid dealing with such companies because they are not licensed agents, and despite the code of ethics that we are bound by, unfortunately, our society always has its share of bottom feeders who try to take unfair advantage of people who are in difficulty.
If you are experiencing mortgage stress, make sure that if you're going to sell your home, however you're going to sell it, you get a licensed agent to do so. And, make sure that you go to your lender and let them know the sort of trouble that you're in and get some financial counselling advice.