I believe I have evidence of an estate agent creating fake bids

moneysavinghero

Unless agent is paid via a more complex fee system lets assume a percentage fee of 1-3%. Therefore the 32k you paid is worth an extra between £320 and £960 to them (before tax). Is that worth the effort?

Considering all the agent had to do was say 'you have been outbid, do you want to up your offer?' a few times, the reward to effort ratio is quite good. Especially if they can do that on a few transactions each week then over a year that's a nice little earner.

Whether or not that's what happened in this case, who knows? Seems strange the EA would show the bidder list though - in these days of GDPR people are not usually keen on sharing other peoples personal data.

Lonely_willow

moneysavinghero said:

Unless agent is paid via a more complex fee system lets assume a percentage fee of 1-3%. Therefore the 32k you paid is worth an extra between £320 and £960 to them (before tax). Is that worth the effort?

Considering all the agent had to do was say 'you have been outbid, do you want to up your offer?' a few times, the reward to effort ratio is quite good. Especially if they can do that on a few transactions each week then over a year that's a nice little earner.

Whether or not that's what happened in this case, who knows? Seems strange the EA would show the bidder list though - in these days of GDPR people are not usually keen on sharing other peoples personal data.

Just to say I had arranged an appointment with the agent a week prior to show my house extension. I had mentioned covid etc and he said it was fine. After spending time discussing my house renovation with him I said I had wanted to see if a neighbour had bid on my property which he found a little odd. He did mention GDPR and that he could not show me the names. However at the counter after my instance that I did not believe him he showed me the book. He did not seem comfortable at all and quickly said that the bidder who I was in a bidding war with buys lots of properties in the area. This set alarm bells ringing as most property investors would not settle for yields of just over 2%.

IF the other bidder is the same name as the vendor surely this is evidence of a fake bid? Is it legal for a vendor to bid on their own property?

Penguin_

Same name doesn't mean same person. I play rugby with 3 blokes who all have the same first & surnames but are all separate people & not related. 

pinkpiglit

I read these forums on my lunch break, to pass the time (especially as I can't even go out for lunch these days!)   This is the most amusing thread I've seen in weeks.

Do agents create fake bids?  Um, do bears poop in the woods?

As others have said, you paid a price that you were OK with at the time.  Give up and stop stressing about it.

Lonely_willow

Penguin_ said:

Same name doesn't mean same person. I play rugby with 3 blokes who all have the same first & surnames but are all separate people & not related. 

If it is not a fake bid the estate agent will hold ID documents for said person with their face on the documents. The conveyancing solicitor will also hold ID. This is very easy to prove. The question is does anyone have the power to get these documents?

davidmcn

Lonely_willow said:

Penguin_ said:

Same name doesn't mean same person. I play rugby with 3 blokes who all have the same first & surnames but are all separate people & not related. 

The conveyancing solicitor will also hold ID. 

Are they likely have a conveyancing solicitor for a purchase which didn't happen?

Lonely_willow

davidmcn said:

Lonely_willow said:

Penguin_ said:

Same name doesn't mean same person. I play rugby with 3 blokes who all have the same first & surnames but are all separate people & not related. 

The conveyancing solicitor will also hold ID. 

Are they likely have a conveyancing solicitor for a purchase which didn't happen?

The vendor who sold the house had a conveyancing solicitor. I am suggesting that the fake bidder the estate agent stuck in the bidding book was the vendors name. Maybe that day he just got lazy and picked them as he had their ID documents to prove they were "real" bidders.

Any investigations done by the property ombudsman in the past have fined estate agents for not having ID documents of bidders.

teachfast

I disagree with almost all the other responses. I think you have legitimate suspicions and you are sensible to enquire about getting to the bottom of the matter. It also sounds like a potentially unscrupulous estate agent has spotted a vulnerability in you and exploited it. 

Whether or not this is standard tactics, if that other bidder does not exist then it is also fraud, which very much is a police matter. 

I think you should continue the enquiries.  I can't help with your question about how but hopefully when one of the other, more knowledgeable, people on these forums climbs down from their high horse they will be able to help you. 

Lonely_willow

teachfast said:

I disagree with almost all the other responses. I think you have legitimate suspicions and you are sensible to enquire about getting to the bottom of the matter. It also sounds like a potentially unscrupulous estate agent has spotted a vulnerability in you and exploited it. 

Whether or not this is standard tactics, if that other bidder does not exist then it is also fraud, which very much is a police matter. 

I think you should continue the enquiries.  I can't help with your question about how but hopefully when one of the other, more knowledgeable, people on these forums climbs down from their high horse they will be able to help you. 

I am going to admit that I am on the autistic spectrum. We are not good liars and cant hold our cards close to our chest. The estate agent totally exploited my vulnerability and pushed the price up for his own gain.

The estate agent exploited a vulnerable person shame on him!

Part of my autism means I tend to focus on things, hence why I was focused on getting the house and did not take the chance to step back and do the sums. It has been a mental torture to know that I was played by the estate agent as I am 99% certain I was fake bid. The most revealing factor is him revealing the other bidder buys lots of properties in the area. Who as an investor buys properties with just over 2% yield??? and are in need of renovation.

Shaztastic3000

Maybe take this to Interpol?