Estate Agent insider dealing suspected, what can i do?

googler

Has the OP answered his own question at #17 ......?

liland2

you all know it happens, nice little profit. if you don't think this happens you might be kidding your self:)

Evilm

tf0401 wrote: »

I have good reason to believe an estate agent has fiddled a repo property I was the winning bidder on and either didnt enter my bid or simply tipped someone off what was required to beat it.

Is there anything I can do? is there any kind of transparency with these kinds of deals?

the only transparency I am aware of is that the estate agent has to put the refusal of your bid in writing. We had one that wouldn't do that and we suspected that they were trying to convince us to up our bid before giving the seller a chance to refuse it.

If you didn't get the property for whatever reason its usually best to stop worrying about it and move on. At the moment its a buyers market with plenty of choice (if you can get the necessary mortgage!)

tf0401

ILW wrote: »

Did the OP make the highest bid or not?
Did they have the funds?
Anything else is beside the point.

what even if the estate agent is telling their bedfellows what to bid to win?

theres only ever going to be one winner isnt there? and thats the one lining the estate agents back pocket.

theres some confused versions of whats right out there apparently

tf0401

ILW wrote: »

It usually does, should give you a chance to better it.

the estate agent refused to make public the highest bid on the public notice which i found bizarre. they simply posted a sticker on the window with no figures mentioned.

DVardysShadow

silvercar wrote: »

I know of an offer not being passed on by an EA or by the EA falsely telling the bank in reposession that they didn't feel that the buyer would be able to proceed.

A number of repossessed will end up going bankrupt if they are in negative equity; they are not that bothered if the lender doesn't get the full amount back.

There are many who do not go bankrupt, they just carry on in reduced circumstances. If the bank does not get its money back, it generally waits up to 10 years for them to get on their feet and then it peruses them for the shortfall.

ILW

tf0401 wrote: »

what even if the estate agent is telling their bedfellows what to bid to win?

theres only ever going to be one winner isnt there? and thats the one lining the estate agents back pocket.

theres some confused versions of whats right out there apparently

It appears the winner is the one who bids the most, cannot see your complaint.
Have you the option of increasing your bid?

JQ.

ILW wrote: »

It appears the winner is the one who bids the most, cannot see your complaint.
Have you the option of increasing your bid?

. . . and the other winner is the bank/repossessed person who gets more money for the property and thereby mitigates any losses / financial hardship. Sounds like it's a win / win. The only person losing out is the OP who wanted to profit from someone elses hardship.

jockosjungle

Just because someone comes up with a higher bid, doesn't necessarily mean its some sort of scam to get you. You offer £50k say, someone phones up about the same house and the estate agent says we've had an offer of £50k on it already, the other person says I'll offer £51k in cash. They get the house.

Its not as simple as that, they may accept an offer of £49k from me a FTB with an AIP, rather than your £50k as you need to sell your house that is in a chain or you have no idea if you could even get a mortgage.

It might seem unfair but not always a conspiracy

R

googler

tf0401 wrote: »

what even if the estate agent is telling their bedfellows what to bid to win?

theres only ever going to be one winner isnt there? and thats the one lining the estate agents back pocket.

theres some confused versions of whats right out there apparently

I'm not confused about anything, merely can't see any proof of what you're saying here.

What if, as you speculate, the EA is 'telling others what to bid to win' ? What if they're not prepared to bid that high? They won't win then.

...and doesn't a press advert with details of previous bid(s), as seems to be standard practice in England & Wales, 'tell people what to bid to win' ?