Can an estate agent lie about a rival bid?

magpiecottage

jrtfan wrote: »

Can EAs lie about bids?

Yes.

It's easy to tell when estate agents are lying too.

Their lips move.:rotfl:

shortchanged_2

lorenzopolidori wrote: »

I think the current regulation allows estate agents to lie and distort the housing market.

It is currently not compulsory for Estate Agents to publicly disclose the offers that are made for the purchase of a property.

This lack of transparency means Estate Agents could potentially create fictitious offers in order to force real buyers to rise their bids.

That's why I created an HMGovernment e-petition: "Offers to buy a property through estate agents must be public":

epetitions.direct.gov.uk/petitions/63954

Please sign it and share with friends.

While I agree in principle with your petition I don't think making it public is really the way to go.

While yes there needs to be a code of conduct for estate agents maybe there needs to be a system where all offers are placed with an independent person who can verify that such an offer actually exists without actually revealing the amount.

The house buying and selling process definitely needs a healthy dose of impartiality injected into it.

jakethepeguk

The thing that disgusts me, I purchased my house 20 years ago and back then, estate agents were gazumping, lying and generally couldnt be trusted.
Its sad that 20 years later, safeguards are still not in place, to clear up this very shaky industry, that allows cowboys to operate with zero repercussions.

mutley74

i am FTB
saw house 2nd viewing...vendor says they accepted an offer of £215k but that buyer pulled out as they were in a chain. When i spoke to EA they said venodr has refused previous offers for being too low...also date vendor said they moved and paid is not completely in line with net property prices........
is this incorrect information just part of the game?

also is cash offers still not king these days?

caprikid1

"also is cash offers still not king these days?"

A lot of estate agents don't like cash buyers as often

1. No survery fee's
2. No Mortgages fee's / Life and B&C Fees
3. Too powerful in the chain
4. Less commitment early on.
5. Often lie and get a mortgage anyway.
6. Expect completion faster than the chain will allow