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Estate agents disclosing other offers
Eirene88
Posts: 29 Forumite
This is a question out of interest mainly, as I'm often intrigued by the way different estate agents operate. Are estate agents allowed to tell you how much another offer they have received is for (e.g. we have an offer for £205k)? I had always thought they were not allowed to do this (i.e. they can only tell you that there is an offer but not the exact amount). I have found online sources that support this (e.g. in articles in newspapers) but none linking to an actual law or code of conduct.
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Up to them (and their clients) whether they want to, but it's generally not in their interests to do so.
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That's absolutely fine. They couldnt say we've had an offer of £205k from Mr John Smith, but the amount itself - of course.Eirene88 said:This is a question out of interest mainly, as I'm often intrigued by the way different estate agents operate. Are estate agents allowed to tell you how much another offer they have received is for (e.g. we have an offer for £205k)? I had always thought they were not allowed to do this (i.e. they can only tell you that there is an offer but not the exact amount). I have found online sources that support this (e.g. in articles in newspapers) but none linking to an actual law or code of conduct.1 -
The Property Ombudsman Code of Practice sets out some rules.
Most, but not all, EAs are members of the Property Ombudsman Scheme. For members, the Code of Practice is mandatory:9g You must be fair and not misleading when disclosing the amount of any offers made to other buyers. Before disclosing the amount of an offer, you must advise the seller of such intention and get the seller’s agreement; and you must warn all buyers who make offers that it is your practice to do so. If you do disclose any offer to one buyer, then all offers must be immediately disclosed to all buyers with a current interest in negotiations for the property.
Link: https://www.tpos.co.uk/images/Codes_2019_a5/TPOE27-8_Code_of_Practice_for_Residential_Estate_Agents_A5_-_Effective_1_June_2019.pdf0 -
I thought it was pretty common practice, at least where your offer is less than what someone else has offered.
Telling a prospective buyer that someone else has offered £x is a good way of encouraging that person to up their offer.
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