Dodgy Estate Agents?

bingers_2

My house went on the market late on Thursday and had many viewings on Friday and Saturday morning. The property was listed with a guide price of £220k - £225K.

By the end of Saturday the agent rang me to say that they had had loads of offers but the highest was £226k.

We were over the moon with that but the agent said that as so many people were interested that they thought that they could get more so he said that he would call everyone that had offered and give them to option to bid more if they wanted to and that offers should be in by today at 12pm.

This morning at 10am, I get a call to say that he has spoken to everyone and that the highest bidder was now £228 with no more offers to come and recommended that we accept the offer which we did.

I have just had a knock on my door from the people that offered £226 saying that as far as they knew they were the highest bidder until this morning the agent rang them to tell them that we had accepted an offer of £228k. He didn't give them the option to bid higher (which of course they are saying that they want to) and just said it was a done deal.

Now, I have don't know whether these people are telling the truth or not although they did seem genuine but if it is true, then the agents have not acted in my best interest as I would have expected that the agent have the decency to go back to them and see if they want to increase again and to get me the highest price.

I will of course speak to the agents in the morning to hear their side of the story but am really confused now.

Does this happen often? Is it some ploy on the buyers part to do a deal outside the agents or is it possible the agents are at fault?

The highest bidder at the moment is going to rent the property out so I wonder whether the agent is doing it as they know they with get the business from the rental as well.

kilby_007

There's a lot of dodgy estate agents about. Somebody I know had similar dealings as a buyer where the agent said they had a offer MUCH higher than the asking price and pretty much discouraged them from offering at all. Turns out the house sold at asking price.

I think you can probably connect the dots but it was more than likely a buyer backhander to the EA...

monty-doggy

I offered on the house I'm renting as LL is selling. EA received a higher offer and didn't bother telling me, just got it accepted.

Now I'm being evicted.

There are a lot of scum bag EA around.

AndyPK

you also need to consider the chains or lack of chains involved.

Amazing your house attracted so many viewings and offers.

bingers_2

AndyPK wrote: »

you also need to consider the chains or lack of chains involved.

Amazing your house attracted so many viewings and offers.

The person whose offer we have accepted have nothing to sell. They are going to buy it and rent it out for a couple of years and then move in. The people that came to the door are first time buyers so more or less the same in terms of chains.

I am also amazed that we got so much interest (although it is a lovely house). I am also amazed it has gone above the guide price as the other two agents that we got to value it said that we should put it on for £210K to £220K so the fact that it is at £228 is good. Just feel a bit cheated now if we could have got more. I guess it is too late now that we have accepted an offer now

monty-doggy

Just because you accepted an offer that's not binding, you can go back and accept the higher one, or use is as a tool to get the current buyers to up their offer above 228!

kilby_007

It's not too late. You're the seller so you say what you're happy with. If that means changing your mind then do it, but be prepared for the possibility of the new buyer messing you about. Also, be prepared to lose the current buyer altogether as they may just think you're playing a game...

Guest101

You can also tell the 226 couple to up to 228, offer the property as first to exchange gets it, and get the deal done quickly too!

Riggster

Having offers so soon is amazing. Are you sure it's not underpriced?

Jahoooly

Hi,

Im a first time buyer, have recently put an offer in on a property at a very similar price to what you've got offers for. If someone told me it was 'first to exchange gets it' I would be out of there like a shot... It's stressful enough as it is knowing so many things could go wrong in the process, but it would be bordering on stupid to throw non refundable money at a house with only half the chances of getting it. I wouldn't want to buy from someone that asked me to do that either.

I know the house buying/selling process allows you to do these things but I think if ou take that advice you risk ending up losing a lot of offers

CKhalvashi

kilby_007 wrote: »

There's a lot of dodgy estate agents about. Somebody I know had similar dealings as a buyer where the agent said they had a offer MUCH higher than the asking price and pretty much discouraged them from offering at all. Turns out the house sold at asking price.

I think you can probably connect the dots but it was more than likely a buyer backhander to the EA...

We had the same on the other side of the coin; house on market for £550k, we offered £603k (to beat an offer of £602k), and that was accepted. I seem to remember someone living in the town knocking on my door, about 2 weeks after we moved in, asking how much we paid.

It turns out they'd thought they bid £625k, as they didn't know what we'd bid.

I couldn't have afforded to go above about £620k at the time, but I bet someone was annoyed at the agent!

CK