Cheated or Gazumped by greedy seller?

LateStarter

AFAIK, EA's are bound to pass on all offers to the seller. As as they are contracted to the seller, it's not up to them whether to allow more viewings or not - they act on instructions.

You got stung by a greedy seller. It's horribly bad luck but that's how it goes. Deep breath, learn lessons, go again.

Best Wishes
LS

stator

LateStarter wrote: »

AFAIK, EA's are bound to pass on all offers to the seller. As as they are contracted to the seller, it's not up to them whether to allow more viewings or not - they act on instructions.

You got stung by a greedy seller. It's horribly bad luck but that's how it goes. Deep breath, learn lessons, go again.

Best Wishes
LS

They may have to pass on offers but they don't have to take part in any viewings and if the sellers tells them one thing they aren't allowed to lie to the purchaser either.

LateStarter

stator wrote: »

They may have to pass on offers but they don't have to take part in any viewings and if the sellers tells them one thing they aren't allowed to lie to the purchaser either.

Of course they're not allowed to lie - but where does it suggest that they did?

pinkshoes

I would match their offer, then point out you are further along than the new buyers, and if they go with the new buyers, then they will owe TWO sets of estate agent fees.

The day before exchange, drop your offer back to your original one.

How much is the property? i bet They do not realise that they will need to pay two sets of fees for accepting two offers!

Guest101

pinkshoes wrote: »

I would match their offer, then point out you are further along than the new buyers, and if they go with the new buyers, then they will owe TWO sets of estate agent fees.

The day before exchange, drop your offer back to your original one.

How much is the property? i bet They do not realise that they will need to pay two sets of fees for accepting two offers!

Amazing how you can read not just 1, but 2 contracts, via the medium of the MSE forums!!

:rotfl::T:T

Landofwood

pinkshoes wrote: »

I would match their offer, then point out you are further along than the new buyers, and if they go with the new buyers, then they will owe TWO sets of estate agent fees.

The day before exchange, drop your offer back to your original one.

How much is the property? i bet They do not realise that they will need to pay two sets of fees for accepting two offers!

I've never heard of a contract which forces you to pay an EA just because you accepted an offer. Did you just make that up?

You pay the EA that found you the buyer that ultimately completes on your property.

G_M

Of course it depends on the contract wording.

But it is common for the contract to say the fee becomes due if the agent introduces a proceedable buyer (or similar).

A buyer who has the funds (cash and/or mortgage) and makes an offer which the seller accepts, and who is willing to proceed (ie does not back out after survey for example) would be 'proceedable'.

If the seller backed out, the buyer would still be proceedable so the agent would have done their job and could claim their fee.

Landofwood

G_M wrote: »

Of course it depends on the contract wording.

But it is common for the contract to say the fee becomes due if the agent introduces a proceedable buyer (or similar).

A buyer who has the funds (cash and/or mortgage) and makes an offer which the seller accepts, and who is willing to proceed (ie does not back out after survey for example) would be 'proceedable'.

If the seller backed out, the buyer would still be proceedable so the agent would have done their job and could claim their fee.

It's "common" for the terms "fee is payable to x after a successful sale". What you said is not common, exploitable, and something I would never agree to.

DaftyDuck

What G_M suggests is certainly common enough. I've just sold one with that term in the contract and am buying (well, trying to buy one) where, for a very odd and complex reason, as a buyer I'm glad that term is there as well.

I've certainly more often than not had the proceedable buyer term in a sale contract.

moneyistooshorttomention

Landofwood wrote: »

It's "common" for the terms "fee is payable to x after a successful sale". What you said is not common, exploitable, and something I would never agree to.

I had a (genuinely) ethical estate agent selling my last house for me and they had that clause about "proceedable buyer" in the contract. It was a very straightforward, clear contract - no attempt to pull wool over eyes - but it was there.

That was fair enough imo - as they had done the work to sell the place (advertising/photos/viewings/dealing with a "hiccup" that came up in the process).