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Estate Agent lying???
ha9312
Posts: 3 Newbie
Thoughts and advice please.
When I purchased my flat from Halifax Estate Agent - when I was making bids for it - as I had made many bids (3 or 4) for the place that were seriously below what the owners wanted - the Estate Agent then informed me there is now another person who is also bidding against you and so the owners clearly want to sell but you must both submit your last and final offer. I ended up upping my bid by about 7000-8000pounds at that point.
I ended up winning - and now a couple of years down the line - Im wondering if I ended up bumping up my bid excessively and if there ever was a mysterious bidder.
Is there some sort of law that prevents Estate agents from lying about this sort of thing (Im not saying that they 100% did lie in this case - but how would one ever find out).
When I purchased my flat from Halifax Estate Agent - when I was making bids for it - as I had made many bids (3 or 4) for the place that were seriously below what the owners wanted - the Estate Agent then informed me there is now another person who is also bidding against you and so the owners clearly want to sell but you must both submit your last and final offer. I ended up upping my bid by about 7000-8000pounds at that point.
I ended up winning - and now a couple of years down the line - Im wondering if I ended up bumping up my bid excessively and if there ever was a mysterious bidder.
Is there some sort of law that prevents Estate agents from lying about this sort of thing (Im not saying that they 100% did lie in this case - but how would one ever find out).
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You can't, you bid what you were happy to pay, got the flat so no point stewing on it. A couple of years ago i.e 2007 it was common to bid for a place as everyone was going mad.0
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The estate agents are employed by the person selling the property not the person buying the property. We were going to sell ours a while ago and due to subsidence ending up buying another property and renting that one out as it was technically unsellable.
However before we found that out we were offered 10K less than the asking price, we were happy to accept this but our estate agent old us that they would deal with it. It turns out that they said that we were considering another offer but as they were in a better position if they offered 5k more we would accept it. All unbeknown to us.
Turns out we couldn't sell it anyway but they will do whatever tricks they can. They after all get a % of the selling price so the more it goes for the more they get.
As Milliewilly said its water under the bridge now so try not to stew in it. Treat it not as an investment but as your home.
xTrying to save money and always open to ideas and expecting our first child in March 2015.0 -
Estate agents have to sign up to a code of conduct or similar. 'Normal' law probably prevents this too, but it would be very difficult to prove, even if it did happen.0
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The question marks in the title of the thread are superfluous.Mortgage debt - [STRIKE]£8,811.47 [/STRIKE] Paid off!0
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estate agents lie fact
therefore a question to establish this is irrelevant0 -
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When I bought my flat about 18 months ago I put in a final offer of what I could afford and made this quite clear to the estate agent.
Over the weekend prior to the offer being accepted, the EA called me and said that someone else was interested and were offering more than me. I point blank refused to up my offer because I couldn't afford to. He said he would get to me with the seller's decision. Low and behold, I get a call the following Monday to say my offer has been accepted.
Never believe a word the estate agent says!0 -
I suppose the answer on this repetitive question here… is to try and see it from both sides.
If you’re the seller, then (for the not insignificant commission asked) you wouldn’t really want your EA to be over honest and give away everything to an offerer/buyer: eg: they’ve been trying to sell for over a year now, they’ll take any offer.
Equally, you wouldn’t want an acceptable valid offer blown out. For post #9 above, it could so easily have gone the wrong way, assuming the other offer didn’t ever exist. (it might have been genuine and withdrawn)
So, from the other side, buying, you just have to be streetwise as to what goes on. The EA isn’t there to get the lowest price asap (although some may resort to ‘any sale rather than no sale’). If it’s commission based they’d prefer to get the price higher obviously. It’s all a bit of a gamble. Think about how YOU would do that job!
Luckily, it doesn’t take more than a couple of hours reading here to find useful strategies in being the buyer and seller.
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Do you remember the exact words?...the Estate Agent then informed me there is now another person who is also bidding against you ...
I was recently told something like "another person has already suggested offering more than x for that house". He was not exactly lying, that another person could be anyone, including other EAs in the office 0
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