Competing Bidder dies - does EA need to advise me ?

timmo65

Hello, advice appreciated please.

I had an offer accepted on a vacant flat, conveyancing work was started, the property was taken off market. EA advised me that a new bid had come in from a person who previously knew the property was for sale and would I like to up my bid by £5.5k to match their offer. I reluctantly agreed and the sale went through to completion.

On picking up the keys the EA advised that the other bidder had died well before we had exchanged contracts effectively removing the reason for us to have increased our bid. If we had been aware of this we would have reverted to our previously accepted offer.

After stewing on this for a while I really didn't think this is morally right and proper. I wrote to the EA and their Complaint Department who both replied with a curt "we have no legal or moral obligation to provide you with this information" and I'm planning to put it to the ombudsman.

I guess its a grey area as the EA is working for the seller but I thought there should be some duty of care or disclosure to make us aware of the relevant facts.

Am I wasting my time pursuing this ?

Thanks

Timmo

princeofpounds

Yes. The agent only has an obligation not to 'misdescribe' the property. The vendor has a duty not to lie about property problems that you directly ask about, but does not have to disclose things voluntarily.

No-one has a duty to tell you about another bidder.

DannyboyMidlands

The "other buyer" probably didn't even exist in the first place. You overpaid by £5k and it's your own fault for believing an EA, even worse an EA who is not even working for you. A waste of time pursuing it. Move on. Or maybe you could sue yourself?

DVardysShadow

timmo65 wrote: »

... On picking up the keys the EA advised that the other bidder had died well before we had exchanged contracts effectively removing the reason for us to have increased our bid.

At this, you should have thumped him well hard in his fat face. Because that would be all the satisfaction you would ever get. You might even have got away with it, because they might not want a court report in the local rag exposing their deception.

sonastin

Put it this way. They didn't even have a duty to tell you that the other bidder existed. They could have let you get all the way through the conveyancing process and then just as you thought you were ready to exchange they could have said "Oh sorry. We've decided we're selling to someone else".

Instead, they chose to play the game to their advantage and use his offer to manouevre you into a position where you'll pay more. Once you've agreed, the other bidder's existence or otherwise does not come into the equation again.

Strapped

DVardysShadow wrote: »

At this, you should have thumped him well hard in his fat face. Because that would be all the satisfaction you would ever get. You might even have got away with it, because they might not want a court report in the local rag exposing their deception.

:rotfl:I can't condone violence, but your reply did make me lol.

timmo65

DannyboyMidlands wrote: »

The "other buyer" probably didn't even exist in the first place. You overpaid by £5k and it's your own fault for believing an EA, even worse an EA who is not even working for you. A waste of time pursuing it. Move on. Or maybe you could sue yourself?

She did exist, sweet little old lady upstairs, we viewed her 2 bed flat first.

timmo65

Thanks for the responses, its good to engage other opinions and it seems like the opinion so far is to move on. ...... maybe not just yet...

I did have a look on the Ombudsman's website for the EA code of practice and I reckon although a grey area there may be something to back up my complaint in these points ....

10. Duty of Care and Conflict of Interest

10b You must treat all those involved in the proposed sale or purchase including sellers, potential sellers, buyers and potential buyers fairly and with courtesy.

10c You must avoid a conflict of interest. You must disclose at the earliest opportunity in writing to your client or any relevant third party any existing conflict of interest, or any circumstances which might give rise to a conflict of interest.

11. Between Acceptance and Exchange of Contracts

11b If a buyer becomes involved in a contract race, he should be told promptly of the situation and given such information which comes to your attention as is consistent with your duty to the seller and the other buyer(s).

googler

Unless the EA is a TPO member, the ombudsman won't even look at your complaint.....

Thundercat_2

Look - as many people have already told you, you are p*ssing in the wind if you think you're going to get anywhere with this.

None (and I mean NONE) of the paragraphs you've described from the EA's code of conduct are going to get you even within sight of any kind of resolution. To be honest I'm not exactly sure what you want from all of this??

If it's compensation you're after then forget it, it'll be a waste of your time and energy trying to chase after something which is NEVER going to happen. If it's an apology from the EA then again, I wouldn't hold my breath if I were you.

If you weren't prepared to pay the money you offered for the flat then you shouldn't have upped your original offer. The phrase "caveat emptor" is applicable here. 'Nuff said.

Edited to add: Surely you understand that the EA is EMPLOYED by the seller and it is their duty to get as much for the property as possible? They are NOT employed by you and therefore have no obligation to notify you of any changes to the situation of another potential purchaser (except to try and get you to pay more!)

[Deleted User]

I understand your frustration, but don't think you have a leg to stand on.

Besides, did it occur to you that the Vendor could have refused to go back to the original agreed price?