Why do EA even pretend to be above board

betsie

Aghhhh

So angry - went for a house a few months ago - needed knocking down and new one put on plot but worth £450k all day. On market at £370k sold quick, after a few weeks went back on but EA said just shaking buyer up as going to slow. Few weeks later sale went through and house back on next day for £575k. When sale details went on sold on 25 June for 319K and on same day sold again for £380k (now on at £575k and ssc).
Very fishy if u ask me.

Went to see another total refurb house on with same agent mentioned the house above and EA said he sold it too a friend so didnt care what he got (why use an EA if sell to a friend).

This house on for £180k - lots of interest sealed bids we lost out. Surprise surprise back on market today after sale just gone through for £250k in exactly the same state. Land reg sale details not online yet but this also looks highly dodgy to me.

I hate EA they pretend to be above board - why we all know they are total two faced slimeballs.
Thankyou rant over.

Emmzi

It would help me understand your story if you put more words in your sentences - I think it is clear to you but I cannot follow.

Thanks!

DPJames

betsie wrote: »

went for a house a few months ago - needed knocking down and new one put on plot but worth £450k all day. On market at £370k sold quick, after a few weeks went back on but EA said just shaking buyer up as going to slow. Few weeks later sale went through and house back on next day for £575k. When sale details went on sold on 25 June for 319K and on same day sold again for £380k (now on at £575k and ssc).

Total jibberish, yeah but no but yeah but no but yeah but.....

betsie

yes sorry - in full rant mode when saw the EA had done it again.

The first house, which is now for sale at £575k (and under offer) was up for sale in April at £390k - the EA said the vendor was selling to a friend and not worried about what he got for it (but why use an EA if you sell to a friend?) EA admitted it was undervalued. According to the Land reg details it sold twice on 29 May for 319k then 390K - this looks very odd to me when it is now on at £575k (in exactly the same state).

Second house on at £180k, apparently there were 5 cash buyers after it. Went to sealed bids. Back on market now (6 weeks after originally on at £180k) for £250k in exactly the same state. The new details say the house needs a complete refurb but this has been reflected in the price - so why did they ever value it at £180k then!. I can't see the land reg details yet though. How long do they take to appear on the net?

This EA is linked to a solicitors so they keep the whole sale in house, also means they get quite a few probate sales which is what the second house was.

DPJames

Yeah but no but yeah but no but.......

Don't worry about it, no one else does;)

vectistim

betsie wrote: »

yes sorry - in full rant mode when saw the EA had done it again.

The first house, which is now for sale at £575k (and under offer) was up for sale in April at £390k - the EA said the vendor was selling to a friend and not worried about what he got for it (but why use an EA if you sell to a friend?) EA admitted it was undervalued. According to the Land reg details it sold twice on 29 May for 319k then 390K - this looks very odd to me when it is now on at £575k (in exactly the same state).

Can you explain what the estate agent did wrong according to the information you've provided here? You say the vendor sold it to a friend even though the agent admitted it was undervalued.

Second house on at £180k, apparently there were 5 cash buyers after it. Went to sealed bids. Back on market now (6 weeks after originally on at £180k) for £250k in exactly the same state. The new details say the house needs a complete refurb but this has been reflected in the price - so why did they ever value it at £180k then!. I can't see the land reg details yet though. How long do they take to appear on the net?

Do you know whether this sale actually completed?
When it comes to sealed bids on a run down property the asking price can offer be effectively an offers over invitation - making that figure low actracts more people to look at it who then might do their sums and work out its worth more to them than the initial asking price and bid higher accordingly.
Not quite the same but one property I looked at for auction they put a price guide on it of £50,000 on the open day the number of people wandering around was ridiculous, I thought somewhere between about £100-150,000 was about right, but I gather they'd had pre-auction bids up to £200,000 and it eventually went for £250,000.
They were very successful at dragging us all out the woodwork to maximize interest in the place.
I've also come across people who will buy a place like this and shove it straight back on the market hoping to make a quick turn (I'm not convinced it works all that often), but it presumably depends on them being able to convince the seller they can provide cash quickly, and the seller being prepared to essentially pay for that quicker money.

DVardysShadow

vectistim wrote: »

Can you explain what the estate agent did wrong according to the information you've provided here? You say the vendor sold it to a friend even though the agent admitted it was undervalued.

Reading between the lines, the Agent had sold it to a mate and was selling it on for a same day profit of 70k. There must have been a good kickback.