is this right!! estate agent rip off

chrisandy111

chickmug wrote: »

Can I ask which code of conduct and which part/page, etc?
Thanks

estate agents code of conduct

chickmug

chrisandy111 wrote: »

estate agents code of conduct

Have you read it and would like to know which section if possible?

ricll

chrisandy111 wrote: »

thanks for this considered reply i am in a quandrey as i when unhappy last night emailed the estate agent stating this and reduced my bid to 200,000 aghh might loose it !

Estate agents don't actually care much whether you buy the house for 175K or 210K, if you do the maths you will see that the difference in the comission they will receive is small indeed. So they are happy as long as you buy the house. I would always go for the smallest price first, I think you started wrong and now it will look strange to lower your bid.

chrisandy111

chickmug wrote: »

Have you read it and would like to know which section if possible?

its online and only short too read

chickmug

chrisandy111 wrote: »

its online and only short too read

A link would be useful for me and others if possible?

RHemmings

chrisandy111 wrote: »

how do you ensure the seller recieves the true picture from the estate agent though?

Depends if you know where they live. A letter written and sent to both would do it.

QTPie

chrisandy111 wrote: »

i think we got carried away as you can and i think our final offer and value would be 200.000

Still think that £200k is pretty generous... it really depends on the house (what similar ones in the area have sold for recently etc), but not many houses are achieving "offers over" at the moment. I have seen a house marketed at "offers over £750k" for almost 10 months now (no offers accepted on it) - the price has just been reduced to "£695k" (they have dropped the "offers over" completely....). I still think it is too expensive (the ceiling price for that street was £700k at the height of the market - early 2008)... :rolleyes:

Always be VERY sure what you are prepared to bid before you do. Hopefully you will be ok. Having sold recently (and been gazundered by the first set of buyers), I would expect the vendors to be pretty angry. Our first set of buyers got cold feet about their original offer, stalled their survey, then demanded another £40k off of the offer price that they had originally agreed. We refused to negotiate and the sale fell through. We believed the the original offer was very fair and we were right: we have now exchanged contracts to sell to another buyer (cash investment buyer) for the same amount as the first buyers' original offer (if we had accepted their gazunder we would now be £40k worse off :eek: ).

It depends on your vendors really... How angry they get by you messing around and what the actual realistic value of their house is. To me £200k still sounds like an EXCELLENT offer on "offers over £175k" and they should swallow their pride and bite your hand off (I would! I would imagine that their EA will advise them to, too). So would be good news if they do accept, but the implication is...

QT

AdrianW2

ricll wrote: »

Estate agents don't actually care much whether you buy the house for 175K or 210K, if you do the maths you will see that the difference in the comission they will receive is small indeed. So they are happy as long as you buy the house.

What we found was that when the agents had two houses on their books and they had multiple buyers interested in one then they'd try to push the other one - even to the extent of talking one down ("their chain is a nightmare you know...")

MrsBartolozzi

chickmug wrote: »

A link would be useful for me and others if possible?

Knowing very little about estate agents, but being naturally inquistitive I thought I might google their code of conduct and see what came up.
Look what I found, a PDF of their code of conduct:rolleyes: .
http://naea.co.uk/uploads/COP/residential_codeofpractise.pdf

I was very surprised to find exactly what I had been looking for .
I think the partof the code alluded to earlier might be "Misrepresenting the nature of the offer or that of rival offers". Halfway down page 4 under 5: Offers.

May I respectfully suggest the aforementioned search engine tool http://www.google.co.uk/ for all your searching needs, and no, I am not affiliated with them in any way:p .

chickmug

MrsBartolozzi wrote: »

Knowing very little about estate agents, but being naturally inquistitive I thought I might google their code of conduct and see what came up.
Look what I found, a PDF of their code of conduct:rolleyes: .
http://naea.co.uk/uploads/COP/residential_codeofpractise.pdf

I was very surprised to find exactly what I had been looking for .
I think the partof the code alluded to earlier might be "Misrepresenting the nature of the offer or that of rival offers". Halfway down page 4 under 5: Offers.

May I respectfully suggest the aforementioned search engine tool http://www.google.co.uk/ for all your searching needs, and no, I am not affiliated with them in any way:p .

Thanks for putting up the link.