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Do EAs make up 'offers'?
Windsorcastle
Posts: 547 Forumite
i know that EAs are meant to have a code of conduct, but how can you actually be sure they are being truthful?
Last week I made an offer on a house that had been on the market for 2 days. My offer was £10k under asking price. Didn't hear anything that day and then at 9am the next day had a call from EA to say a cash buyer had offered the asking price. I smelt a rat, especially as I always thought cash buyers are in such a strong position they can offer under asking and still be preferred over someone needing a mortgage. The EA proceeded to say I would 'probably' secure it by going 10k over asking. Again I wondered about this as I doubt that would be enough to make my offer better than a cash buyer.
I did offer the higher amount and was told I won't have a response till tomorrow at earliest.
Decided to carry on viewing and saw another v similar property yesterday that had just come on the market on Friday. EA ( a different firm) told me that tenants would only allow viewing for an hour yesterday and then no more viewings till Thursday. I couldn't make the slot yesterday and had to ring 4 times to ask if I could possibly view later in the day as I was travelling from far away.
EA first insisted the earliest he could do was Thursday evening. I told him I had an offer pending and couldn't wait till then, and he miraculously was able to secure a viewing yesterday evening after all. The tenant was not at all obstructive, couldn't have been more accomodating, so I very much doubted the excuse of limited viewing windows. Then as I was looking around, the EA said for the first time that there had been 3 other viewings yesterday and 1 offer already!
Really? Why hadn't he mentioned that before? And if there was already an offer on the table, why was he suggesting I view next Thursday? I just didn't believe a word of it.
Have other seasoned buyers got ways of calling an EA's bluff? I do feel that buyers are very vulnerable as there is no way to gauge whether an unscrupulous EA is lying to drive up the price.
Last week I made an offer on a house that had been on the market for 2 days. My offer was £10k under asking price. Didn't hear anything that day and then at 9am the next day had a call from EA to say a cash buyer had offered the asking price. I smelt a rat, especially as I always thought cash buyers are in such a strong position they can offer under asking and still be preferred over someone needing a mortgage. The EA proceeded to say I would 'probably' secure it by going 10k over asking. Again I wondered about this as I doubt that would be enough to make my offer better than a cash buyer.
I did offer the higher amount and was told I won't have a response till tomorrow at earliest.
Decided to carry on viewing and saw another v similar property yesterday that had just come on the market on Friday. EA ( a different firm) told me that tenants would only allow viewing for an hour yesterday and then no more viewings till Thursday. I couldn't make the slot yesterday and had to ring 4 times to ask if I could possibly view later in the day as I was travelling from far away.
EA first insisted the earliest he could do was Thursday evening. I told him I had an offer pending and couldn't wait till then, and he miraculously was able to secure a viewing yesterday evening after all. The tenant was not at all obstructive, couldn't have been more accomodating, so I very much doubted the excuse of limited viewing windows. Then as I was looking around, the EA said for the first time that there had been 3 other viewings yesterday and 1 offer already!
Really? Why hadn't he mentioned that before? And if there was already an offer on the table, why was he suggesting I view next Thursday? I just didn't believe a word of it.
Have other seasoned buyers got ways of calling an EA's bluff? I do feel that buyers are very vulnerable as there is no way to gauge whether an unscrupulous EA is lying to drive up the price.
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Comments
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No, cash buyers don't have the costs of arranging mortgages, they don't even need to have a survey or searches and can therefore pull out at any time right up until they sign, at very little cost to themselves. As they don't have to make a large financial commitment, they are not always preferred by vendors, over anyone else.I smelt a rat, especially as I always thought cash buyers are in such a strong position0 -
Not always but majority of sellers do prefer cash buyers.
You would have to be a crazy cash buyer not to have a survey or a searches done. Afterall you are still investing a relatively huge amount of money in the property.
The ones that don't need to worry or happy to take the risk will buy at auction.0 -
? How do you know when an Estate Agent is lying ??0
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theartfullodger wrote: »? How do you know when an Estate Agent is lying ??
When they start talking? Impossible to know.0 -
Yes, estate agents make up offers.societys_child wrote: »they don't even need to have a survey or searches.
One would be stupid not to have a survey and searches done. Cash buyer or not.0 -
Really? I must be crazy then. On the other hand I don't need someone to tell me:You would have to be a crazy cash buyer not to have a survey or a searches done.
I need to have a sparky check the wiring (can do that myself)
The roof is 45 yrs old (already know that)
The gas boiler may need checking(already know that too)
The ground level is a little high down the side of the house (I've got eyes)
I can also see the general condition, check for damp etc etc etc, I don't need to pay someone to tell me the obvious.
I do have searches done though, but that's quite cheap . . .0 -
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The point I was making, was cash buyers don't have to spend this money and many don't, so have less commitment.jjlandlord wrote: »
One would be stupid not to have a survey and searches done.0 -
jjlandlord wrote: »Yes, estate agents make up offers.
One would be stupid not to have a survey and searches done. Cash buyer or not.
I agree but you'll always get the odd know-it-all who thinks they know better but will get bitten on the Uranus one day.0 -
Saved myself loadsa time and money - never come unstuck yet;)jjlandlord wrote: »Well...
What do you think a survey is going to tell me that I can't see for myself?0
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