Are estate agents obliged to provide proof of rival offers?

fazza1970 · 10 February 2009 at 10:25PM

Pretty much a newbie here, so apologies if this is an old question. Basically, my wife and I have put in an offer on a plot of land which has been on the market for quite a while, and failed to sell at auction around four months ago. The offer was accepted, but we then discovered undisclosed information that another development has been given planning permission right slap bang next to our plot, and we consequently dropped our offer by 10 grand. Now, two days later, we are told by the agent that someone else has come in and made an offer equal to our original one, but that "we're sure the vendor would turn this new buyerr down if you resubmitted your original offer".
I am slightly suspicious about this, and just wondered if there was any legal obligation for an agent to provide proof of supposed rival offers for properties.
Many thanks in advance!

hamblettamaud · 10 February 2009 at 10:49PM

innit amazing what a low opinion of estate agents people have when they could suspect them of underhand tactics like making up offers?

i asked this question about six months ago and the answer i got was no, they are not obliged to provide proof of offers. they are agents for the estate owner, not the potential buyer. apparently they can do what they like.

i'd be happy for someone to contradict me!

cte1111 · 10 February 2009 at 10:51PM

I'd be suspicious too, if it were me I would just sit tight and hope that they come back in a few days and say that the 'other offer' has fallen through.

Doozergirl · 10 February 2009 at 10:51PM

Sorry, no contradiction. No one is obliged to tell you what an offer is on someone elses property.

fazza1970 · 10 February 2009 at 11:22PM

Thanks all. I'm gonna sit tight and run the risk of losing the land. 10 grand is 10 grand, and I smell a rat!

david29dpo · 11 February 2009 at 7:55AM

Why would the vendor choose you now? He has a new offer for the same amount from someone else?

poppysarah · 11 February 2009 at 9:31AM

Do you want to buy it with a development being right next to it? That devalues it. Offer shed loads less.

maninthestreet · 11 February 2009 at 10:32AM

The EA seems to be spinning you a yarn - why would the vendor accept your original offer if you re-submitted it when there is an existing offer from another buyer for the very same amount??