Estate Agents, conflict of interest

joaniel34

Hi

Can anyone give me some instances of how/where there could be a blatent conflict of interest in situations where employees at an EA who is marketing a vendors property (though based at a different branch) put in an offer on it? Is consideration in accepting these offers, even at asking price, just to be avoided at all costs due to potential issues thrown up.

Thanks

jamie11

Why should it be a conflict of interest? If you worked in Tesco would it be a conflict to buy your grub there or would you have to go to Sainsbury?

Agents are not a regulated profession and they are infested with get-rich-quick oiks, often they will underprice a property in order to get in and buy it quick then flip it back onto the market. I've seen it happen and so have many others.

Realistically, once you have put your house on the market anyone can make an offer, even if they work for the Estate Agency.

spottydog

why would it be a conflict of interest, Estate Agents have to live somewhere too

joaniel34

Yes flip flip away!

Interested EA bit my arm off to offer full asking price just 2 hrs after viewing (a wee bit transparent methinks ) which I was kind enough to let them have prior to open views yestdy - not even going to consider EA offer, don't trust theyre ever going to be working in my best interests, just angling for mates rates and this shows its clearly underpriced! Thanks guys, lol

Should be fun though as had loads of open house viewings and can't wait to hear feedback tomorrow from my EA, cynically I am expecting the "was lots of interest but unfortunately no asking price offer to match one you've got on table" yeah really?? :rotfl:Bring on proper offers or they're ditched in 5 wks time....

kingstreet

The EA Act states;-

Declaring a personal interest

Under the Estate Agents Act 1979 (the law), if you or a connected person has any personal interest in a transaction, you must reveal this promptly and in writing, if you:

have an existing personal interest. You must declare this before you begin negotiations

plan to acquire an interest in your client's property

are selling your property to the client.

You must not ask for or receive a deposit for the sale of a property in which you have a personal interest.

If a sale is agreed, the sales memorandum should disclose the purchaser is an employee of the firm and they should have no involvement in the sales process in a business capacity.

Mrs_ted

Maybe the vendor will decline the EAs offer!!

joaniel34

Yep thats me, and I will!!