Cut losses and then meet "greedy" brokers

1 property, many prices

For over a year now, the real estate market has faced numerous difficulties. The two biggest problems are that despite the shocking price drop, liquidity has almost “disappeared”. To improve liquidity, many investors have cut their losses even further. And unfortunately for them, they have encountered “greedy” land brokers.

Currently, on many real estate forums, it is not difficult to find a piece of land or a house posted by many different brokers with many prices that have very large differences.

Most recently, in a group about farmland and suburban land, a house in Phu Tho with a total area of ​​7,100m2 (including 400m2 of residential land) was advertised for sale at 600 million VND. However, two other brokers gave two much lower figures of 550 million VND and 500 million VND.

The same piece of land is being sold for 500 million VND... Screenshot

... but some places want to sell it for up to 600 million VND. Screenshot

It is not yet known whether the lowest price of 500 million VND offered by a land broker is much different from the amount the homeowner will receive if the transaction is successful.

The product received great attention from members of the real estate group. Most of them condemned the land brokers for being too “greedy”.

However, this is not a rare phenomenon, not only occurring in the suburbs but also quite common in the heart of Hanoi, where customers have better access to information.

Mr. Le Hoang (Cau Giay - Hanoi) shared his arduous journey of buying a house. He said that in 2021, when the Covid-19 pandemic broke out, land prices also increased sharply. He and his family decided to buy a townhouse through a friend who is a real estate broker.

“This friend said the price he offered was the best on the market because he was only helping me and not taking any profit. While I was about to close the deal, my mother discovered that another broker was selling the adjacent house for 9 billion VND, 2 billion VND lower than my friend’s asking price. Feeling worried, I focused on searching for information and realized that someone else was selling it for only 8.5 billion VND. Just among brokers, the price difference was up to 3.5 billion VND. As for the price of the homeowner, I don’t know how high the difference is. Land brokers are really greedy,” Mr. Le Hoang lamented.

Mr. Hoang added that with some real estate he found later, there were also many prices and the prices were quite different.

Controversy over “selling real estate through the floor”

In mid-April 2023, the real estate market was stirred up when the Draft Law on Real Estate Business (amended) was commented on by the National Assembly Standing Committee at the April 2023 Legal Session on the morning of April 12.

One of the new additions of the draft Law compared to the current Law is real estate transactions through real estate trading floors.

The Standing Committee of the National Assembly's Economic Committee is concerned that forcing transactions through real estate trading floors will increase the number of intermediaries, increase transaction costs and be included in the transaction price.

At the same time, this regulation may potentially pose a risk of taking advantage of legal provisions to monopolize or collude with one of the parties involved in the transaction, disrupting the market and not accurately reflecting the relationship between supply and demand and prices.

Regarding this story, Mr. Le Hoang gave his opinion as a consumer, someone who directly participates in real estate trading activities: “It is agreed that this regulation can increase costs. But this additional cost may only be a small part of the difference that land brokers have been inflating.”

Mr. Le Hoang shared that if he "closed" to buy a townhouse from a broker - who was his friend, he would have to pay at least 3.5 billion VND.

Source: https://www.congluan.vn/kho-nhu-chu-nha-thoi-bat-dong-san-ngop-tho-da-cat-lo-lai-gap-co-an-tham-post255238.html