Underquoting-also known as ‘bait-pricing ', is when an agent knowingly lists the price of a property as lower than the true value of the home or less than the price the seller is willing to accept. They then hold bogus auctions, knowing fully well that they are going to reject every bid and then sell the house for a much higher price.
For example 10 Chelsea Street Brighton sold at $3,075,000, which was more than 43% over the guide! But this is not the only case, it is happening everywhere. An agent will advertise a house for say $790,000-$840,000 knowing fully well that the house is worth $1,000,000 or more.
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