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Can an estate agent lie about a rival bid?

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  • betmunch
    betmunch Posts: 3,126 Forumite
    SquatNow wrote: »

    It's now a buyers market. All 6 of them.

    5 now, we just had an offer accepted!!!!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Q: "Can an estate agent lie about a rival bid?"
    A: Did his lips move?
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    An extra £10k on one property might only seem like £200 commission ... but it's also potentially put up the price of all the other similar properties by £10k. That's how the madness starts.
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    PasturesNew wrote: »
    An extra £10k on one property might only seem like £200 commission ... but it's also potentially put up the price of all the other similar properties by £10k. That's how the madness starts.

    ...and the cure for this madness is....?
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    googler wrote: »
    ...and the cure for this madness is....?
    A housing crash, when it all becomes unsustainable.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • sonastin
    sonastin Posts: 3,210 Forumite
    SquatNow wrote: »
    It's now a buyers market. All 6 of them.

    There seems to be quite a few FTBs posting on this board at the moment seeking advice. Either its one buyer using lots of different names so s/he doesn't seem so naive, or there's more than 6 of them out there. By my reckoning we must be up to at least 10 by now :rotfl:
  • Colincbayley
    Colincbayley Posts: 579 Forumite
    Part of the Furniture Combo Breaker
    Estate agents can make up bids
    Bankers can shaft us all
    The government will tax us to death and blame it all on the previous administration.

    All of the above are acceptable.

    However, sell a 2nd hand pie warmer on Ebay with phantom bids and the full force of the law will come down upon you.
    :beer:
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    googler wrote: »
    ...and the cure for this madness is....?


    Better regulation / Stricter laws pertaining to Estate Agency businesses??
    "You were only supposed to blow the bl**dy doors off!!"
  • arrgee
    arrgee Posts: 29 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Colincbayley wrote: »
    Estate agents can make up bids
    Bankers can shaft us all
    The government will tax us to death and blame it all on the previous administration.

    All of the above are acceptable.

    However, sell a 2nd hand pie warmer on Ebay with phantom bids and the full force of the law will come down upon you.
    :beer:
    The estate agents role is to get as much as they can for their vendor which I accept. It's their tactics that are underhand.

    Gazumping/Gazundering, Phantom/fairytale bids on houses are a consequence of the house buying laws in England where buyers/sellers can withdraw at any point and the buyers don't have to have the finances.
  • Mischa
    Mischa Posts: 104 Forumite
    Buying a house is such a cat and mouse game, it really may be the case that there is an opposing bidder who's determined to get the property by psyching you out with these games. On the flip side, I wouldn't put it past an estate agent to these sorts of things, if the bid keeps changing very quickly then I would assume it's the estate agent as they would have to discuss it with each party before being able to say straight away that the other side has already raised their offer.
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