Caught EA lying... Help!!

grimball

Can someone please advise me what to do here as I'm so lost. Sorry it is quite long.

I viewed a property that has been on the market for over a year, which is not common round here. It is priced at OIEO £400k and on with dual agents. I really like it, but it needs work so I have been trying to get quotes but the EA doesn't seem keen on that, they kept emphasising that someone might snap it up etc etc, don't delay it, yada yada. Then last week I was told the other agent had an offer accepted for less than the OEIO price, but I don't know how much (I think about £380k reading between the lines). They didn't remove it from the market though and neither listed it as Under Offer. I said I would wait to see what will happen with the buyer, because I hate gazumping.

Then yesterday I heard from my agent who still hasn't answered my questions about quotes. They said the other agent told them that the buyer's chain just fell through. Great for me, I was ready to put in an offer but needed answers to the questions. She said she'd get back to me. Then a few hours later I got a phonecall from my agent again, no answers to my questions, but telling me there's a cash buyer who has offered the full asking price. Naturally, it's with the other agent.

So I rang the other agent using my friend's details so they couldn't trace it back to me. It turns out that there is no cash buyer, the original buyer's chain is 'almost broken' but the vendor is waiting to see what will happen. The other agency is still doing viewings though, as they think the chain will not complete. I didn't tell this other agent that my agent said they had a cash buyer through you offering the full asking price - should I? I was quite angry really.

To make matters worse, 'my' agent is also selling my house, and it's made me think if they are lying to me what lies are they telling to people looking at my house? I know it's a dog eat dog world, she's on commission, she's ruthless but good at her job yada yada, but considering it was so easy to catch her out, it's left a bad taste in my mouth.

Am I overreacting or should I withdraw my house and find another agent? In regards to the house I like, I'm considering putting in my original bid and calling her bluff to see if the other phantom cash buyer's bid materialises, which I know it won't.

duchy

We had an agent who told the most extraordinary lies- some didn't make sense - In the end our buyer came around to see us and we exchanged stories and realized what was going on (He lied to bot of us- not always the same lies). We just all refused to communicate wit him and dealt direct- which paid off in spades when we hit a snag and were able to sort it direct with the buyers.

If you can see why she lied - or if she's a compulsive liar like ours was - it makes a difference - also has she actually found you a buyer yet or is it all smoke and mirrors ?

grimball

She found me a cash buyer but they pulled out for the most ludicrous of reasons a few weeks ago, a few days before exchange, which makes me think either the buyers were timewasters or she was lying about something or not being fully honest about why the disappeared. Guess I will never know.

I have a good offer from someone who hasn't sold theirs, but that's currently it.

I would love to contact the seller directly but they don't live there any more, I can probably find their address online, but considering I am selling my own house with this agent it might make things difficult.

eddddy

Whilst I can fully understand your annoyance, I wonder if you're getting slightly too 'wound-up' about this.

I would take anything an EA said with a huge pinch of salt, and whenever possible, do my own investigations (like you did by phoning the other agent).

If you're planning to sell a property and buy another, and you get angry every time an EA, vendor or buyer says something misleading... I think your stress levels will go through the roof!

grimball

Maybe you are right, I haven't sold a house before. I was a FTBer and it was much easier last time round.

I suppose I was just more shocked that the agent would so blatantly lie, you hear horror stories but I never believed them.

Chanes

I do not know anyone who has dealt with an EA who was completely pleased; they are varying degrees of annoyed or furious at their behaviour.

I would also be curious about it using two agents, the only time I see that is when there is a struggle to sell it. If it is a such a widely desirable house, surely one agent is enough?

lessonlearned

Changes is right - two agents generally means a house is sticking so don't get spooked.

Realistically unless you have other funds available you are not in a position to offer on house no 2 until you have a firm offer for house no 1.

In the meantime you can be getting quotes for the necessary works to house no 2. However, until you've had a full survey done you can only guess at the amount of work needed, so don't take those quotes as gospel.

The other thing to remember is that most Vendors and EAs will not take the required work Into consideration when it comes to offers - will say that the asking price already reflects the condition of the property.

Standard practice is to negotiate a price which everyone is happy with. If you then have a full structural survey which uncovers some nasty surprises then you can go back and renegotiate the price - thAts assuming you still want the house and the lender is prepared to lend.

If the surveyor thinks the property is overvalued they will be quick to say so.

jimpix12

2 agents is weird. Have you asked why it's on with 2? (I assume you can).

lessonlearned

2 agent's is not weird, it's common practice when agent 1 has been unsuccessful in securing a sale.

Vendor gets fed up/desperate and appoints 2nd agent

Sometimes a vendor will appt 2 agents from day one.

jimpix12

Maybe 'weird' wasn't the best choice of word; what I meant was it's a bit of a red flag. IME it normally means its overpriced and the vendor isn't listening to the agent's advice to lower the price.

Given that using 2 agents costs the vendor more it's a curious tactic.

SG27

That's almost exactly what happened to me. There's was this mystery buyer with the other agent all of a sudden. Which, suprise suprise the other agent knew nothing about. I didnt buy the house. Found somewhere much better. I would tell your agent that you called the other agent and ask why they are lying to you. You have more power as you are actually a client and you deserve an explanation. I was just an idiot first time buyer easy to deceive. So he thought.