House buying nightmare, feeling done by agent

nubbins

"Anyway, the vendor wants considerably more than the asking price and our offer combined even though there are no other offers on the table, so that's the end of that house."


Greedy sellers, sounds like you are best off out of it!

eddddy

sarahb7538 wrote: »

I just didn't think that estate agents were allowed to encourage you to bid against a non existant offer.

You're correct that it's against the law for an EA to invent buyers/offers. You could report the EA if you want - but that won't help you in getting your offer accepted by the vendor.


But it sounds like your evidence of the invented buyer/offer is a post on a community page - and a lot of assumptions and extrapolation on your part. I'm not sure that I would persue any complaint on just that evidence.

sarahb7538 wrote: »

...but I think anyone would feel irked if they had basically been misled..

You've come 'face to face' with a professional negotiator - maybe they crossed the line between legality and illegality - or maybe they didn't.

You'll probably come 'face to face' with more of the same during your property search, so maybe think through your strategies for dealing with them.

lookstraightahead

Why care if the vendor gets upset, they!!!8217;re hardly doing the buyer a favour.

Walk away - I agree, greedy sellers. You will find something else.

lessonlearned

It is against the law for an EA to invent phantom buyers, so I doubt very much that the EA in question has done this. I think perhaps there were some crossed wires and perhaps you misinterpreted what you read on social media.

It is entirely feasible that there were more than two horses in this race........

I think you will just have to chalk this one down to a learning experience.

It sounds like you got a bit carried away and allowed yourself to be dragged into a bidding war. These are always best avoided, someone always gets upset because they didn't "win".

It might not be over yet.

Yes offers have been received but there are still several hurdles to be overcome. It's not over till the fat lady sings;) - the sale could still fall through. Just register your interest and continue searching. If the sales does collapse the EA will then come back to you to let you know.

kinger101

You'd deluded if you think an agent was going to that much effort to so they get their share of the commission on a sale price increase of £550 or £1200. The amount the agent got from that wouldn't even buy half a pint in a Wetherspoons.

They merely pushed you a little more at the vendor's instruction - perhaps against a potential buyer of which you're not aware.

If it were me, I'd immediately remarket if someone even asked for a penny off the price. I'd lose confidence in you as a buyer.

iammumtoone

sarahb7538 wrote: »

Anyway, the vendor wants considerably more than the asking price and our offer combined even though there are no other offers on the table, so that's the end of that house.

That sounds to me like there was a bidding war going on.



The vendors are now under the illusion that their house is in big demand so have put the price up! Leave your offer on the table and keep looking, they might not get another offer anytime soon especially with their now unrealistic view of what their house is worth.

ProDave

lookstraightahead wrote: »

Why care if the vendor gets upset, they!!!8217;re hardly doing the buyer a favour.

Walk away - I agree, greedy sellers. You will find something else.

It might not be greedy sellers, but greedy agents.

I had exactly this many years ago. I offered for a house and was told by the agent I had been outbid, so increased my bid until by the end of the day I had gone as high as I could.

So without making an appointment on the way home from work I went to the house and knocked on the door. The vendor knew nothing about any other viewer or bidder.

I would just proceed with the purchase, get a survey, and THEN adjust your price based on what the survey finds and what valuation it places.

AdrianC

The HS2 route's been public for six years. It should be no surprise to anybody.

You went up £550, then another £1,200 from your first offer on an asking price of...?

mangog

Anyway, the vendor wants considerably more than the asking price and our offer combined even though there are no other offers on the table, so that's the end of that house.

Sorry to hear that. As others have said maybe you're better off out of it in that case! Or, if it's still on the market in a few weeks and it really is the right house for you, get back in touch with the agent and say your offer still stands. You might find the seller's confidence in the new higher price wavering! Good luck.

kinger101

ProDave wrote: »

It might not be greedy sellers, but greedy agents.

I had exactly this many years ago. I offered for a house and was told by the agent I had been outbid, so increased my bid until by the end of the day I had gone as high as I could.

So without making an appointment on the way home from work I went to the house and knocked on the door. The vendor knew nothing about any other viewer or bidder.

I would just proceed with the purchase, get a survey, and THEN adjust your price based on what the survey finds and what valuation it places.

Sorry, this is just absurd. If the agent knew a vendor would accept at one price, they're not going to push for an extra £550. It's £2 commission for the firm (at best), much less for the agent concerned.

As for survey valuations, they're pretty meaningless unless a mortgage depends on it or they state something that wasn't obvious.

Buyer "I offered £X, but the valuation came back £X-£5,000. Therefore I've lowered my offer as the house wasn't worth what I originally offered"

Vendor "Did the survey highlight any significant work"

Buyer "No"

Vendor "Well, you clearly thought it was worth £X a few weeks ago. That's why I accepted your offer. You can buy it at that price, or I can remarket it. You have 24 hours to decide before it's relisted."