Pressure to sell using vendor's agent

lcc86

Hi all,

I'm pretty sure I know the answer to this however just want to get some advice and reassurance.

I've had an offer accepted on a property being sold by an estate agent which rhymes with... Bonnells mine is going on the market with a different agent who have just sold a property in my block in 3 days (subject to all the relevant gumph, I know it's not 100% a done deal), cooling off period is done and dusted and it's happening tomorrow.

Now, "Bonnells" are telling me that the vendor will take the property off the market for two weeks provided I sell with them... My understanding is that once an offer is accepted it's either under offer or sold subject to contract, and the agent still has a duty to pass on any offers which are higher anyway even during this period. Can anyone clarify this?

Equally this agent is also pressuring me HUGELY to see their own financial advisor in order to actually buy the property, despite me confirming I've got everything in place. I've read other people's posts about this and am pretty sure this isn't on, am wondering if it's best to just try and speak to the vendor directly.

If anyone can give me some advice I'd be really grateful!!

KiKi

The agent must pass all offers on, yes, so taking it 'off the market' probably only means they won't proactively sell it. But how do you know they won't? They've hardly behaved with integrity where your property is concerned! They must be pretty certain your property will sell fairly quickly, so personally I'd stick to your guns. And most certainly do NOT use their financial advisor.

Speak to the vendor directly about what? If I were the vendor, I'd not know what to do if you approached me, so I'd probably just tell my agent anyway. And I probably wouldn't accept an offer from someone who's house isn't on the market, so I doubt they'll think the agency is in the wrong. The vendor is probably happy with the agent because they've got an offer so I'd guess that you'll make things worse doing that.

JMO, though - I'm not an expert in selling / buying!!

pinkshoes

By all means go and see their financial advisor, but just do not give then any financial information. Just being a statement from your solicitor stating you can afford the property at £X.

If you haven't even got your property on the market, your offer is not that strong until you have your own offer.

Just stick with your own agent and be polite and firm wirh the EA that rhymes with Bonnels.

lcc86

Thank you both. Funnily enough it was Bonnells who encouraged me to put the offer in before mine went on the market anyway, I was going to wait! Lesson learned! If it falls through because of that then I only have my own naivety to blame. I've only bought once before so perhaps have not been as firm as I could've/should've been.

david1951

You could demand that the property is taken off the market or you will pull out. The estate agent cannot hold you to ransom - just be truthful and say you already negotiated a good deal with another agent.

I would only contact the seller if you feel you are being misrepresented. At this stage that doesn't look to be the case. The agent is probably just having a bad billing month and needs to increase their numbers.

eddddy

In these circumstances, I would seriously consider using the same EA as your vendor.

They will be very motivated to sell your property because it will 'unlock' two lots of sales commission.

But if you don't like this particular EA, then obviously look elsewhere.


And it's not a good idea to use the EA's financial advisor... BUT if you pretend that you might use them, that will motivate the EA to sell your property even more - because that will be yet another chunk of commission for them when you sell.

lcc86

Just a quick update. I had someone from Bonnells round last night to value my place - thought I'd give them the benefit of the doubt in case they valued drastically differently. Anyway, she gave it the REAL hard sell and when I questioned anything or compared it to the other agent's offer she turned a little nasty. She really tried to get me to sign there and then and even exaggerated how much they valued a neighbouring flat in my block. I don't think she knew that I knew already what they valued it at as i kept schtum. She also said that another agent would have no interest in selling my home, so when I said I had three viewings booked she looked a little sheepish!! She also poo-pooed the agent I'd instructed for "only" achieving the asking price, not above it, on my neighbour's flat. Fair enough you can push for more but who is she to argue if the seller is happy with the offer?!

Anyway this definitely put me off and I told her thanks but no thanks I'll stick with the agent I'd already instructed. Needless to say she wasn't happy and pretty much said that if I lose the flat I've bid on it's my own fault. Excellent customer service if I say so myself!! Lol.

Thanks all for your help on this one, it's very much appreciated.

reehsetin

The more I hear about that estate agent the less I like them, I'd let the vendor know you're keen to proceed just in case they hear a different view

Previous thread on them was very interesting https://forums.moneysavingexpert.com/discussion/5196062

david1951

They (and others like them) are vultures.

NewHomeOwner_2

Ugh I hate this estate agent. In all my house hunting they were the only ones I had problems with. In the end I actively avoided houses listed with them and would never sell my house through them.

lcc86

reehsetin wrote: »

The more I hear about that estate agent the less I like them, I'd let the vendor know you're keen to proceed just in case they hear a different view

Previous thread on them was very interesting https://forums.moneysavingexpert.com/discussion/5196062

The vendor did say I could contact him if I had any queries via Bonnells. I'd love to get in touch and ensure he hears things from me rather than them but don't have his direct details and will have to go through them again...