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Rick Otton Demystifies the Buzzwords in the UK Property Market(July 17, 2014)
(PRWEB) July 17, 2014
Highly experienced real estate market educator and best-selling author, Rick Otton, has taken the opportunity to explain and demystify some of the industry-speak and common phrases that have emerged in the last few years in the UK property market.
Looking at the newspaper headlines to do with property and real estate investing in the UK some days, you could be forgiven for wondering if some of it is in English, laughed Mr. Otton. But with investors having many demands on their time, sometimes the stories with incomprehensible or unfamiliar terms are the ones we skim over, so I thought it would be valuable to explain some of the common phrases and terms weve seen lately, said Mr. Otton.
First of all is my personal favourite word, 'gazumping.' This is a practice that weve unfortunately seen a lot more of in Britain recently and has attracted calls for law reform. Basically, it involves a seller accepting an offer, usually a verbal one, to sell their property before either accepting a higher offer from another party or raising the price on the buyer, explained Mr. Otton. Either way, it is considered an unethical practice because the buyer is left at a disadvantage while the seller and their real estate agent both stand to benefit.
The next term, and a related one to gazumping, is the 'sealed bid' process. This is a way to combat gazumping because buyers have to submit their offers in writing and no one sees any other offer. It has some similarities to a silent auction, said Mr. Otton. The fact the offer is in writing means that it is much easier to enforce than a verbal offer.
Accidental landlords is another great term which makes me think of a character along the lines of Basil Fawlty, said Mr. Otton. But in actual fact, the term refers to property owners who became landlords through unplanned means such as an inheritance or other reasons like having to lease their home. Data shows that one in five landlords in the UK over 50 fall into this category, Mr. Otton went on to say.
This is just a small sample of some of the phrases Ive seen or been asked about recently by investors, said Mr. Otton. Understanding not just the market but the terms and their usage that relate to it is a simple way that investors can increase their success in the UK property market. That is one of the reasons I am so passionate about educating investors and why I believe the complimentary podcasts available on my website are a fantastic resource, Mr. Otton said.
UK property investors, aspiring or experienced, can learn more about Mr. Ottons innovative strategies at http://www.RickOtton.co.uk or by phoning in the UK 0207 000 1027.
Property investment professional Rick Otton has, over the last 24 years, developed innovative real estate strategies for application to the UK, Australian and the United States property markets. His unique low-risk, high-reward strategies for buying and selling houses are at the heart of his own business, We Buy Houses.
It is now over 11 years since Mr. Otton first introduced his property transaction strategies to the UK, and 2014 marks the 6-year anniversary of his innovative Buy A House For A Pound process one that is often attempted to be emulated by others. He continually refines his tools and techniques for real estate transactions and shares these with his students all over the world. By adapting to developments in the property environment, this strategy refinement continues to place him at the forefront of property investment education.
In 201,2 Rick Otton published his Australian book How To Buy A House For A Dollar which was named in the list of Top 10 Most Popular Finance Titles for 2013. A UK version is on the drawing board.
In sharing his non-bank-loan strategies, Mr. Otton has shown everyday UK men and women how to beat the rental cycle and have their own homes. He coaches students on how to build profitable businesses by facilitating transactions that focus on the needs of potential buyers and motivated sellers.
He has made available for download, at no cost, his Power Property Profits Pack at RickOtton.co.uk. For more information, phone enquiries in the UK are welcome on 0207 000 1027.
Read the full story at http://www.prweb.com/releases/uk-property-market/rick-otton-explains-terms/prweb12025428.htm.