advice on games that estate agents play please for ftb

DVardysShadow

slosher wrote: »

Quick update, had a message from the estate agent yesterday to tell me, surprise surprise that the firm offer from the friends has now fallen through and am I still interested lol, so confirmed it was all BS xxx

Drop your offer by 2000

slosher

I wont be offering anything for the property, it has succeed in putting us off the house, dont want it now lol, but not such a bad thing as we have seen a house that we love and so far no games from the EA ( I live in hope) xx

betmunch

Make sure they realise that they lost your offer due to their games too!

moneysavingplumber

I love all their BS, makes me chuckle. I always only make the maximum offer that I've pre-decided based on what I believe the property to be worth, and then wait for their predictable 5.25pm phone calls, usually made after they've waited all day for me to chase the offer. There's not much better in life than an EA then asking you for you 'best' offer, than informing them that they had it two days ago. EA: "I can tell you right now that he has a better offer than that already", Me:"He'd better take it then". If you never offer more than what you believe it's worth, it's very hard to get ripped-off. Whilst they're not infallible, sites like mouseprice.com, zoopla and Property Bee are very useful pre-offer tools. Forewarned is forearmed and all that.

richard10002

The Estate Agents Act and The Property Misdescriptions Act make it an offence to say there has been an offer when there hasnt - If you think an agent has lied to you about an existing offer, complain to Trading Standards. If you dont complain, you are as much to blame for the rogues continuing in business and lying about offers that dont exist.

But dont forget that the vendor may have made up the offer from the sister, and the agent has to take them at face value - so may not have been lying.

I wonder how closely Martin monitors this board. If the agent/s referred to can be identified, I believe the poster, and possibly the board, can be accused of libel, (or slander? - not sure which it is).

All_Agents_Lie

I have been successfully buying, selling and renting properties (as a landlord) for past 25 years. I have purchased over 20 properties in that time, currently own 3 houses and was mortgage free at the age of 24.

I have signed up to this forum because I have strong feelings about this thread. In my experience ALL AGENTS LIE, or at the very least do not tell the truth or lack integrity.

All agents work with self interest as their primary motivator...it's obvious, money is involved and they operate in a competitive market. That means that the agents interest rises above the vendors, the very person who pays them and the very person they advise.
Estate Agents have no formal qualifications, no formal training. They may subscribe to a 'professional' body and display a logo, but that is not a regulated body and is only a body designed to look after the best interests of its members...the agent and certainly not the vendor or purchaser.
You go into any Estate Agents, and whilst I stereotype, have a good look. I bet you will see the 'Boy in white socks'. An adolescent in a cheap suit who is bilingual, ie he can talk 'English and fluent bo**ocks' He will be on a very basic wage and will be required to sell on commission.
All the above are good reasons why agents look out for number one.

My point is, people use Estate Agents because we are suppose to. For some reason people have become conditioned that we must use Estate Agents.
If you know or merely suspect any person is less than honest or not acting appropriately or fairly...why deal with them? Buying a house will be one, if not your biggest financial commitment.

Knowledge is power and agents put themselves in a strong advantageous position, they know the vendors position, indeed the vendor will be required to sign the AGENTS contract. As soon as a potential buyer looms, the agent starts to record your details and asks questions. (Plus he ensures his commission or share of the commission should you go on to buy a property)

My advice when buying property, do what I do. AVOID the agent and get a better and cheaper deal.
-Research the internet & newspapers for your property search...all things you would do normally.
-Use the internet mapping to locate properties you would like to view.
-Never give your details to an Estate Agent, nothing stops you looking their window or sending a friend in.
-Knock at the door of the potential property, introduce yourself and request a suitable time to view the property. Exchange contact details and state 'I have not been introduced via any Estate Agent and I do not wish to use one'.
-State the benefits of not using an agent;
1) Reduced costs of dividing the agent’s commission + VAT with each other.
2) The sale will undoubtedly be smoother and quicker with less people involved.
3) Neither party will be told LIES or half truths, as you will deal direct with each other and have single point of contacts.
4) You will both appoint your own conveyancers and not those 'recommended' by the agent. (Self interest)

The real experts in the house purchase will be your conveyancer / solicitor, a good one will cost no more that 550.00 pounds....(compare that to the agents fees) and your professional qualified property surveyor.

Save money, save hassle and avoid Estate Agents......I do

MrGreenNewForest

Under the EA Act - EA's have a duty to inform the seller of all offers for the property. It does sounds as though, in the case, the Agent was acting improperly. Once you have agreed to buy another thing you need to be aware of is if the seller requests that the property remain on the market until nearer completion - if that happens and few weeks down the line the Agent receives a higher offer for the property he/she is duty bound to tell the seller - this is not being underhand or sneaky but is the duty of the Agent, under the EA Act, if he did not tell the seller of the higher offer and they found out later they could sue the Agent for the money they have lost.

Chris55_2

I'm surprised to hear that some people think that it's only estate agents who lie. All sales people who are paid on commission are under financial pressure to lie, particularly when times are hard. It's no different to second hand car salesmen, or that bloke in the store trying to sell you a new fridge or tele, or who try to get you to switch your gas supplier.

I've certainly met honest estate agents (the one who sold me my current house, and the one who's trying to sell a flat for me). Although, thinking about it, both of them are owner proprietors of small, long established country estate agents who have a reputation keep up rather than some salesman who might be selling something else next week. I've met some estate agents when selling who I've not gone with because they seemed wrong.

Buying is all about knowing what you want to buy and how much you want to spend on it.

If you're selling it's not always just about money. Why is it a good idea to always try to get the most money out of anybody? If you've enjoyed living somewhere it's a good feeling to pass it on to someone else who'll appreciate it. Maybe all this massive house price inflation has got people thinking of houses as gold-mines not homes.

westlondonbuyer

Chris55 wrote: »

Why is it a good idea to always try to get the most money out of anybody? If you've enjoyed living somewhere it's a good feeling to pass it on to someone else who'll appreciate it. Maybe all this massive house price inflation has got people thinking of houses as gold-mines not homes.

Excellent post. Anyone who works in business knows the saying, "Leave something for the next guy". Both parties have to feel happy with the outcome, there's nothing to be gained by squeezing one party at the expense of the other (whether vendor or buyer).

slosher

Thanks to all for your great advice, especially 'All Agents Lie' great name, we have put in an offer on a different house that I was previously told only had one offer on it in August, lol suddenly there are two different people that are now interested in the same house and they are willing to pay nearer the asking price, of course that has to be the truth, as the EA told me so.
As we are in a great position (eg, morgage in place and nothing to sell) we are not getting into any kind of bidding war especially a false one, we have researched and will only pay what we think the house is worth or walk away.