Bogus bidding war? urgent help required.

pboae

Congratulations! You've offered what you think it's worth, so that's a fair price all round!

carrielouise80

the agent should never disclose what the offers were they were in breach of the property legislation! scoundrals, give us good agents a bad name. sorry you experienced this.

potnoodle_2

Thanks, thats just it though, if i hadnt known we probably wouldnt have got the house, and the seller got the best price.

I think everyone should be told personally, I know it leads to bidding wars but if someones prepared to pay top whack let them!

Doozergirl

Sisyphus wrote:

Agreed. But my question had nothing to do with the vendor but with Estate Agent practices?

And what I was saying to is that the Estate Agent actually has very little to do with the outcome. It is up to the vendor and their potential buyer to strike a deal. If either aren't happy with the deal on the table, there is no sale.

Ultimately, an estate agent wants a sale. £3500 extra means £35 to their company. What would be the point of making up a 'best and final' scenario and risk losing a buyer over £35 when a sale at asking price means £1650?

I have actually dealt with the agent in the BBC Whistleblower program and yes, he is a completely stereotypical estate agent in the fact that he wears a Delboy coat, drives a convertible Audi and talks like a proper 'Cockerney'. There is a reason why people get picked for TV! He also has a tendency to bend the truth to try and get the expectations of buyer and vendor to meet but I bet even he wouldn't make up 4 potential buyers to get an over asking price offer!

Sisyphus

carrielouise80 wrote:

sorry but i disagree with this! i have worked part time as an estate agent for 5 years, i left my last employer as i didn't agree with their "principles of business", there are some honest ones please do not tar us all with the same brush. The NAEA regulate all estate and letting agents - they are v.stringent.

are you sure about this ? are ALL estate and letting agents regulated by the NAEA? I didn't think it was an obligation for estate agents to be members.

Can you give some examples of the stringency you mention? How do they audit the practices of the agencies?

carrielouise80

the company i work for have a compliance officer inspect randomly every couple of months, we also get random spot checks by inspectors. If a complaint is made to the NAEA about an agent if the complaint is upheld they can financially penalise the agent and or worse case scenario cease the business from trading.