Is it legal to withold offers from vendor?

gymfiend

Hi guys,

Never posted in here before so please be gentle I'm very interested in purchasing a property that's only been on the market for a couple of days. I saw it last night and placed an offer this morning, to be told 3 higher offers have been placed. I said ok, no problem please put my offer to the vendor anyway, it is cash, no chain and I can complete very very quickly. Estate agent says ok.

2 hours later I call back with a slightly revised offer. I ask if my offer has been put to the vendor to be told no, we're waiting til the end of the week then we will take them all the offers.

Are they allowed to do this? It's up for sale with a price, no 'offers above' etc. I actually asked if I were to offer the full asking price in cash would they accept today, and they said no!

Any advice greatly appreciated

kalaika

Could it be that it was the vendor's request that all offers were held until the end of the week? It doesn't sound like the agent is witholding your offer, but just collecting them together and letting the vendor know all at once. Maybe the vendor works odd hours and that way is easier for him?

gymfiend

I don't think that's the case but I guess it's a possibility. The house has sold previously (chain broke) within 48 hours, so it wasn't the case that time (I tried to buy then too - was sold it had sold the afternoon after it went up for sale)...the neighbours actually gave me the sellers details (house belonged to deceased relative) as I know them being local to the area, so I'm half tempted to give them a call direct...

I've also had dealings with this estate agent before and found their way of working very underhand.

If the vendor hadn't requested bids be saved until a specific day, is it illegal for them to choose to withold?

Xaviera

Speak to them yourself.

Nosht

Xaviera wrote: »

Speak to them yourself.

Yes, go direct.
This is part of the mystique that Estate Agents try to adopt. :eek:



Regards,


N.

gymfiend

Cheers for the thoughts guys, always feel a little cheeky going direct, but will bite the bullet and give it a go

kalaika

gymfiend wrote: »

I don't think that's the case but I guess it's a possibility. The house has sold previously (chain broke) within 48 hours, so it wasn't the case that time (I tried to buy then too - was sold it had sold the afternoon after it went up for sale)...the neighbours actually gave me the sellers details (house belonged to deceased relative) as I know them being local to the area, so I'm half tempted to give them a call direct...

I've also had dealings with this estate agent before and found their way of working very underhand.

If the vendor hadn't requested bids be saved until a specific day, is it illegal for them to choose to withold?

Sounds like it's a popular house then if it's already collapsed once after less than two days on the market. I would say the agent knows it's popular too and so could be collecting offers to give together in the hope that the highest bid is chosen (more commission for him). Wouldn't have thought it's illegal though.

If the vendor's happy with the agent doing that then ultimately there's not much you can do about it. After all, the agent is working on behalf of the vendor, not you, as it's the vendor that'll pay his wages... Of course, if this isn't the way the vendor wants to be informed, then speaking to him direct might be the best way to let him know what the agent is doing...

FoxtonsRIP

gymfiend wrote: »

2 hours later I call back with a slightly revised offer.

Only 2 hours? You're going to sound mighty desperate to that estate agent.

gymfiend

Kalaika I agree totally...the house is in a very sort after local area and had 4 couples viewing with me yesterday afternoon, drove past a few times on Saturday afternoon and there were people in and out all day...I just thought it was a bit odd to offer a property at a price (i.e. not offers over...) then say they wouldn't even put a full asking price offer forward today. Thanks for your help.

FoxtonsRIP, thanks for the comments. Very helpful.

chickmug

Below is the section from the NAEA Code of Practise about offers.

In our case, unless the vendor had given signed instruction not, to we would tell them of ALL offers within minutes of getting the offer.

5. Offers

a) By law you must tell clients as soon as is reasonably possible about all offers that you receive
at any time until contracts have been exchanged (in Scotland, missives have been concluded)
unless the offer is an amount or type which the client has specifically instructed you, in
writing, not to pass on. You must confirm such offers in writing at the earliest opportunity and

keep a written or computerised record of all offers you receive.

tbs624

The legislation that governs the passing on of offers is the grandly entitled Estate Agents (Undesirable Practices) (No.2) Order 1991 (No.1032), Schedule 3 of which lists:

" 2. The failure by an estate agent to forward to his client promptly and in writing accurate details (other than those of a description which the client has indicated in writing he does not wish to receive) of any offer the estate agent has received from a prospective purchaser in respect of an interest in the land"

I think you'd struggle to show that the EA wasn't passing the offers on promptly: they say that they are passing them on in one job lot which is probably what has been agreed as appropriate between the EA and the vendor. Now if everyone else's offers were being passed on immediately and you knew that yours wasn't then that would be a different matter.....

If you know the vendors ,there is nothing to be lost in sending a copy of your offer directly there too.I have always done that when buying, purely because I have a low opinion of the majority of the EAs that I have encountered ( sorry Chickmug )