Estate Agent Ripping me Off

JPUK1

I used an agent to sell my property for £240k. The sale almost went through and I found out from the buyer that they were going to pay £285k for it! I am not happy as the agent has completely ripped me off. He wanted his fees on top of that from me.

Is this against the law?

googler

Can't help feeling that there's more to this than you're telling us.

I wouldn't willingly pay £285k if I could get the price below £250k - you are aware of the stamp threshold at £250k, aren't you?

What was the asking price?

Maybe they were willing to pay £285k, but the surveyor that did their survey only valued it at £240k, so that was all they could afford?

etc
etc

mrginge

What do you mean they were going to pay £285k???

G_M

What does the contract between you and the buyer say?

285 or 240?

What has this got to do with the agent?

He introduces you toeach other. End of.

The legal aspect (ie WHEN you give him the property and HOW MUCH he gives you in return is done by conveyancers...

edit: just a thought: what country are you in?

hazyjo

Are you trying to say you thought the sale went through at £240k and the buyer was paying £285k?! They don't pay the EA anyway... something's been lost in translation here!

Jx

hazyjo

Okay, I think I get it.

The buyer has told the vendor that they would have gone up to £285k, but they bargained probably hard, and the vendor caved in at £240k, so they got a bargain.

Surely the blame's with you for accepting an offer at £240k?

Surely the EA would have aimed as high as they could in order to up their commission?

I would have paid nearer £300k for my house. I got it for £274k. I wouldn't be holding the EA liable as a vendor, it was me who wouldn't compete against Mr Nobody and got the house for the best price I was able to.

Jx

_Andy_

So there's no 'rip off' then. Never is.

mrginge

Actually they have ripped you off even more, as i was going to pay 350k

Unlucky.

sulphate

hazyjo wrote: »

Okay, I think I get it.

The buyer has told the vendor that they would have gone up to £285k, but they bargained probably hard, and the vendor caved in at £240k, so they got a bargain.

Surely the blame's with you for accepting an offer at £240k?

Surely the EA would have aimed as high as they could in order to up their commission?

I would have paid nearer £300k for my house. I got it for £274k. I wouldn't be holding the EA liable as a vendor, it was me who wouldn't compete against Mr Nobody and got the house for the best price I was able to.

Jx

I agree.

OP the EA's commission has to be on the sold price, not on whatever the buyer would have gone up to.

[Deleted User]

I'm going to go against the consensus and suggest he actually means that the estate agent was skimming £45k off the top: The "...was going to pay..." is "was" because the sale didn't go through, it wasn't that the buyer could have afforded up to £285k.

How this could happen... I have no idea.