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hoew truthful are Estate Agents?
aviii
Posts: 84 Forumite
How do i know how honest the estate agent is being?
I made an offer on a house, they said another person is has put in a higher offer.
I up my orginal offer to asking, them a get a call from estate agent saying that this other person has done the same and is in the same situation as me and wanted to know if i would make an offer above the asking price.
How do i know this is the case? Is it a gamble i have to take?
The estate agent know i have funds as they asked me to show proof of my funds.
I made an offer on a house, they said another person is has put in a higher offer.
I up my orginal offer to asking, them a get a call from estate agent saying that this other person has done the same and is in the same situation as me and wanted to know if i would make an offer above the asking price.
How do i know this is the case? Is it a gamble i have to take?
The estate agent know i have funds as they asked me to show proof of my funds.
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Comments
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Yes it is a gamble but despite the inevitable paranoia here I doubt the EA would invent a new buyer just to up commission by what will be a tiny amount relative to the chance of losing the whole deal and all the commission if you back out and it turns out there is no such buyer.
Of course it doesn't help that you let them know exactly how much you can spend so that encourages a feeling of a game being played..
Bottom line, do you think its worth it? If not, decline and say you'll be viewing other places. Then I guess you'll find out. Or make a last and final. The one time i was in this situation i got bid up to full AP and stated that was my final and made it clear anything higher I'd walk. That was to some extent a bluff on my part lucky it wasnt called
Next time you need to stipulate if you bid asking, that the buyer will take it off the market and not a accept other bids. Difficult if you are in a sellers market but I wouldn't have thought in general that was the case at the moment except perhaps in a few hotspots or if this house is advertised too cheaply?0 -
Simply - don't pay more than you're willing to pay. If your offer has been rejected by the vendor, it doesn't matter why. The EA doesn't accept or reject offers, they merely pass them on to the vendor.0
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The EA wanted to see proof of funds before they gave the Vendor my first offer - people i have spoken to say that was odd - this is why i was suspicious.
You are right - i will have to think with my head not heart and pay want i feel the house to be worth.0 -
Just because you COULD afford more, doesn't mean you WOULD pay more.0
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How do i know how honest the estate agent is being?
Just watch their lips,; if they move they're lying.0 -
They're about as honest as double glazing salesmen.Liverpool is one of the wonders of Britain,
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
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I highly doubt an agent would just make up an offer in the hope that you will offer more.0
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Brock_and_Roll wrote: »Really? Then you are very, very naïve as it happens all the time!
I'm not convinced that it happens anywhere near as frequently as some suggest.
Look at it this way. The firm will probably receive roughly 1% of the sale price of the property, and the individual EA will probably receive around 10% of the firms fee. As an example, for a £200k property the firm will take £2000, and the individual gets £200.
I find it difficult to believe that it is incredibly common for an EA to invent another offer, and risk losing a genuine potential buyer. An extra £10,000 means £100 to the firm, and £10 to the individual. It's not exactly worth the risk, hassle and aggravation.0 -
Hush with your facts, logic and reason. Don't you know they're unwelcome in the middle of a conspiracy theory...?I'm not convinced that it happens anywhere near as frequently as some suggest.
Look at it this way. The firm will probably receive roughly 1% of the sale price of the property, and the individual EA will probably receive around 10% of the firms fee. As an example, for a £200k property the firm will take £2000, and the individual gets £200.
I find it difficult to believe that it is incredibly common for an EA to invent another offer, and risk losing a genuine potential buyer. An extra £10,000 means £100 to the firm, and £10 to the individual. It's not exactly worth the risk, hassle and aggravation.
But, then, looking at your user name... you WOULD say that, wouldn't you?0
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