Estate Agent Scamming

rmoneysaver

hi all i recently went for a repo house and submitted a sensible fair offered 91% of the full asking price. hous had been up for a good few moths with no offers. anyway submitted my offer coiple of days ago and the estate agent said they had received a higher offer on the same day i submitted mine and theres was higher.

so after considering that my offer is fair and the fact we where the first rea interested part its had i decided to decline putting in a higher offer as i felt something underhand was going on.

the estate agen told me that the property with its highest offer would be listed online and and within the local press within 24hrs. so ive been keeping y eye on the press and the online information and theres still no update of the higher offe thats the estate agent said had been made?

so what should i do! should i wait for a week as completion will take 14-28 days so i can still investigate this.

or should i record my conversation with the estateagent and ask what are they playing at! where is this new offer? force their hand so to speak.

also im reading you i can request a formal letter of my offer from the estate agent and also a confirmation in writing from the estate agent of any improved offers!

as i plan to sue estate agent for fraud! someone needs to stand to this and theres no governmental body to sort this out.. any advice helpful thanks

split_second

when i bought mine it was reduced from £75k to £70k, i knew this had been done one week earlier and offered £70k.

*ring ring* hello mr second there has been an offer made on number 1 your street and its higher than yours

ok then i offer £70100 and i cannot afford a penny more

i got the house and it was valued at £75k when surveyed before any work was done

ILW

rmoneysaver wrote: »

hi all i recently went for a repo house and submitted a sensible fair offered 91% of the full asking price. hous had been up for a good few moths with no offers. anyway submitted my offer coiple of days ago and the estate agent said they had received a higher offer on the same day i submitted mine and theres was higher.

so after considering that my offer is fair and the fact we where the first rea interested part its had i decided to decline putting in a higher offer as i felt something underhand was going on.

the estate agen told me that the property with its highest offer would be listed online and and within the local press within 24hrs. so ive been keeping y eye on the press and the online information and theres still no update of the higher offe thats the estate agent said had been made?

so what should i do! should i wait for a week as completion will take 14-28 days so i can still investigate this.

or should i record my conversation with the estateagent and ask what are they playing at! where is this new offer? force their hand so to speak.

also im reading you i can request a formal letter of my offer from the estate agent and also a confirmation in writing from the estate agent of any improved offers!

as i plan to sue estate agent for fraud! someone needs to stand to this and theres no governmental body to sort this out.. any advice helpful thanks

What are you planning on suing the EA for? As far as I can tell you have not lost any money.

googler

rmoneysaver wrote: »

the estate agen told me that the property with its highest offer would be listed online and and within the local press within 24hrs. so ive been keeping y eye on the press and the online information and theres still no update of the higher offe thats the estate agent said had been made?

so what should i do!

ASK the estate agent if the other offer has been withdrawn?

rmoneysaver

no ive not lost anything yet but they are hiking the price up which is unfair surely there is ground here to

1. check that the other bidder was valid if not its fraud!
2. get the estate agent into trouble and warn others of whats happening in their area

rmoneysaver

yeah think i will or get my mate tyo enquire as i dont want to much contact with the estate agent as it would show im relly interested in the property see for the EA its all win win

1. they have your API details
2. they know how much you are good for mortage wise as its a repo you have to have the £££££

ILW

rmoneysaver wrote: »

no ive not lost anything yet but they are hiking the price up which is unfair surely there is ground here to

1. check that the other bidder was valid if not its fraud!
2. get the estate agent into trouble and warn others of whats happening in their area

The EAs job is to get the best possible price for their client, you may not agree with how they are doing it, but cannot sue unless you have made a loss somewhere.

moscow1818

Think maybe you're jumping the gun with the whole 'going to sue' thing.

Legally reposessed properties have to stay on the market until sale contracts are signed so I think as you allude to there is no need to panic. I'd go with your own suggestion of waiting (a week), if no offer is advertised in the media, submit your offer again.

Even if your offer is accepted and you go as far down the process as paying for surveys and conveyancing you could still get legally gazumpted so this could be just the beginning of your troubles with buying a repo.

rmoneysaver

thanks will take your advice, but i do think that its very strange no offers and no interest for the that last 3mths then when i submit my offer they get higher one submitted on the same day? and seems to be alot of this oing on from the last two weeks ive been reasearching even an ex ea has released a book confirming ea scams and i get done for driving in a bus lane? uk when it comes to money is bad place to live everyone is scamming everyone else. if this goes on i will have to resort to playing the ea at their own game witha false buyer then setting the price for the propert and pulling out so another buyer maybe me gets it (its wrong but if this is what i have to do to counter all this scamming then so be it)

thanks all for help will keep you updated

Doozergirl

If you start the whole process thinking that people are screwing you then you are unlikely to end the process in a better place. They don't have to advertise in the local paper, it can be any paper. It doesn't have to be in the property section either.

If the agent received a higher offer very recently to yours, then there is very little point in putting your offer forward formally. Just because they received a higher offer, it also doesn't mean that that offer was acceptable, so looking in the paper and on their website could be totally fruitless because the agent was telling the truth. they've had higher offers but not an acceptable offer yet. They asked you to make a higher offer, you didn't.

Sometimes I think agents do invent higher offers when they know that an offer being made is not at an acceptable level. It isn't that they don't want to sell a house, it is odd when they could just tell the truth, but you can see how it works for them in some cases because it creates an urgency for the potential buyer and encourages them not to make these low offers.

Go back into the office, have a sensible conversation with them about the house. Were you actually prepared to offer more? If there isn't a sale proceeding (there might be by now with someone else!) then start the process again, ask for formal written confirmation of your offer if you want to, but understand that strict protocol probably hasn't been the order of the day if they know they have better but unacceptable offers on the table!

Do tell us when you launch the law suit. Or you could just try reasonable conversation. Speak to the manager if you have to but remember to stay nice if you are trying to buy the house. Nobody wants to do business with a moody so and so.

Doozergirl

rmoneysaver wrote: »

thanks will take your advice, but i do think that its very strange no offers and no interest for the that last 3mths then when i submit my offer they get higher one submitted on the same day? and seems to be alot of this oing on from the last two weeks ive been reasearching even an ex ea has released a book confirming ea scams and i get done for driving in a bus lane? uk when it comes to money is bad place to live everyone is scamming everyone else. if this goes on i will have to resort to playing the ea at their own game witha false buyer then setting the price for the propert and pulling out so another buyer maybe me gets it (its wrong but if this is what i have to do to counter all this scamming then so be it)

thanks all for help will keep you updated

Erm, okay then.

Funny how it's the people prepared to scam people that think that everyone is trying to scam them.

Not sure what any of it has to do with bus lanes.