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Scourge of underquoting and how to avoid it

The misleading practice of underquoting is illegal but loopholes exist that are allowing sellers to dupe buyers into overcommitting on bids they can't afford.

Double exposure-business people team discussion in public sale property bidding business competition concept, with auction wood hammer, with cityscape sunset background

Buyers are being encouraged to base their comparable sales data research on monthly, rather than quarterly, figures to avoid being victims of underquoting, according to Australia’s leading professional body of buyer’s agents.

“In a rising market while we can’t predict the strength of the capital growth figure, we can factor in a heightened seller’s market when appraising a property,” Cate Bakos, President of Real Estate Buyer’s Agents Associatio…