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Valuation confidentiality
Zanderman
Posts: 4,845 Forumite
We are selling our house. 6 months ago we got 5 agents to give valuations, wide range from top to bottom. Went with one agent at higher end of the range, house is now under offer.
Buyer is local and selling his own house via one of the agents we didn't employ - coincidentally the one that valued ours the cheapest. That Agent has recently told our buyer that they valued our house much lower. Buyer now wants to drop their offer to something more like that Agent suggested!
This is, at best, frustrating. But also possibly a breach of client confidentiality.
Surely when agents value houses the info is confidential to the (potential) client? Not to anyone else. And should remain so even if they don't subsequently get the work? Not least because they might, later, be offered the work if the appointed agent fails to make a sale.
I'm not necessarily suggesting we want to pursue this - but would be interested to know whether anyone with more knowledge of EA confidentiallity rules thinks a complaint can or should be made.
Not sure we'd get anything out of it other than an apology, but it's the principle and we feel betrayed..
This may even lead to the sale falling through, which adversely affects everyone - both sets of agents and everyone in the chain. All because one Agent told someone something they probably shouldn't.
Buyer is local and selling his own house via one of the agents we didn't employ - coincidentally the one that valued ours the cheapest. That Agent has recently told our buyer that they valued our house much lower. Buyer now wants to drop their offer to something more like that Agent suggested!
This is, at best, frustrating. But also possibly a breach of client confidentiality.
Surely when agents value houses the info is confidential to the (potential) client? Not to anyone else. And should remain so even if they don't subsequently get the work? Not least because they might, later, be offered the work if the appointed agent fails to make a sale.
I'm not necessarily suggesting we want to pursue this - but would be interested to know whether anyone with more knowledge of EA confidentiallity rules thinks a complaint can or should be made.
Not sure we'd get anything out of it other than an apology, but it's the principle and we feel betrayed..
This may even lead to the sale falling through, which adversely affects everyone - both sets of agents and everyone in the chain. All because one Agent told someone something they probably shouldn't.
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Comments
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Buyer is local and selling his own house via one of the agents we didn't employ
So the EA is possibly a bit of an idiot - they have broken the chain above their client.
But on a broader level, the confidentiality aspect is probably a bit of a red herring.
Some EAs are very likely to say:"Don't buy house X through another EA - it's overpriced / in a bad area / noisy / difficult to resell, etc, etc, etc. Buy house Y through me instead, it's much better value etc, etc!"
So your EA now has to get on the phone to your buyer and explain that it's just 'sour grapes' and the other EA is talking nonsense.0 -
Has he had a survey/valuation yet?We are selling our house. 6 months ago we got 5 agents to give valuations, wide range from top to bottom. Went with one agent at higher end of the range, house is now under offer.
Buyer is local and selling his own house via one of the agents we didn't employ - coincidentally the one that valued ours the cheapest. That Agent has recently told our buyer that they valued our house much lower. Buyer now wants to drop their offer to something more like that Agent suggested!
Just because he wants to drop his offer doesn't mean you have to accept it. Sure, you might lose the buyer - but if he's having second thoughts so quickly and on such a trivial matter, then...0 -
Uhm no.... The valuation is just the opinion of someone formally uneducated.We are selling our house. 6 months ago we got 5 agents to give valuations, wide range from top to bottom. Went with one agent at higher end of the range, house is now under offer.
Buyer is local and selling his own house via one of the agents we didn't employ - coincidentally the one that valued ours the cheapest. That Agent has recently told our buyer that they valued our house much lower. Buyer now wants to drop their offer to something more like that Agent suggested!
This is, at best, frustrating. But also possibly a breach of client confidentiality.
Surely when agents value houses the info is confidential to the (potential) client? Not to anyone else. And should remain so even if they don't subsequently get the work? Not least because they might, later, be offered the work if the appointed agent fails to make a sale.
I'm not necessarily suggesting we want to pursue this - but would be interested to know whether anyone with more knowledge of EA confidentiallity rules thinks a complaint can or should be made.
Not sure we'd get anything out of it other than an apology, but it's the principle and we feel betrayed..
This may even lead to the sale falling through, which adversely affects everyone - both sets of agents and everyone in the chain. All because one Agent told someone something they probably shouldn't.
They are just sharing that same opinion with their ACTUAL client.0 -
Has he had a survey/valuation yet?
Just because he wants to drop his offer doesn't mean you have to accept it. Sure, you might lose the buyer - but if he's having second thoughts so quickly and on such a trivial matter, then...
That's not really the point. Of course we can accept or reject a reduced offer. I'm not seeking views on that.
The point is whether that agent should have mentioned their own valuation. And giving that info is not a trivial matter - the difference is a lot of money.0 -
But the valuation they're stating is presumably what they'd tell anyone what your house is worth - the fact they had also been to see you isn't really all that relevant.The point is whether that agent should have mentioned their own valuation. And giving that info is not a trivial matter - the difference is a lot of money.0 -
It's a trivial matter, in that it's no different to anybody else saying to them "I wouldn't pay that for that house..."0
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Yes and infact they may even be OBLIGED to, as agency law requires agents to act in the best interest of their clients.That's not really the point. Of course we can accept or reject a reduced offer. I'm not seeking views on that.
The point is whether that agent should have mentioned their own valuation. And giving that info is not a trivial matter - the difference is a lot of money.0 -
It's a trivial matter, in that it's no different to anybody else saying to them "I wouldn't pay that for that house..."
Hmm, well 4 out of 5 other estate agents disagree and say they would.Yes and infact they may even be OBLIGED to, as agency law requires agents to act in the best interest of their clients.
I would doubt that advising your client to lower their offer on a purchase is in their best interests if it's likely to lead to the offer being rejected, the purchase falling through and so their own sale falls through. That's being incompetent, and shooting both the agent and their immediate client in the foot, not acting in best interests.
And we are still potential clients of the agent concerned - who gave that valuation to us in confidence and (until this current episode) might have thought they still had a chance of being taken on if the first agent failed to get a buyer.
I was hoping for some comment from someone who knew estate agency rules and regs rather than just some dismissive responses!0 -
EA can & would be stupid not to tell buyers. EA want their properties to sell ASAP and if they don't believe the house is worth the offer theres a chance they won't get a mortgage on that amount.
You'll find out at the mortgage valuation survey.0 -
Estate agents don't really have "regs", unlike, say, solicitors, who would be bound to maintain client confidentiality even from people who didn't sign up to become their clients.I was hoping for some comment from someone who knew estate agency rules and regs rather than just some dismissive responses!0
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