Earlier it was the banking institutions which saw through the entire deal themselves but now with the real estate industry turning colossal; their staff force is deemed insufficient. This has brought the real estate agents to the fore.
They figure out the entire process for the buyers as well as sellers. They act as mediators arranging meeting between the two parties and also help with closing the deal. Unlike the state agents, they work for both the sides.
Their roles become more important when a senior citizen applies for a loan because then they have to do all the explanation in detail to douse any doubt in the minds of old people.
The housing market moves in mysterious ways and currently agents are suffering more than canny sellers.
In our experience more and more properties are being sold privately as buyers, anxious not to overspend in a falling market, look to secure bargains.
There is no shortage of stock out there and buyers seem to realise that if the seller can avoid an agency fee, then they can potentially reap those savings for themselves.