Bullying tactics from Estate Agents

leanne_flan

Hi there,
My partner and I are first time buyers and ended up being in a bidding war with another buyer which we feel was really provoked by the Estate Agent (Mayhews)...

We put in two offers on a house and was told by the EA that there is another buyer who has made a higher offer. The EA then told us that the vendor said the house was ours if we increase our offer by £5k, we tried to negotiate first to which he heavily sighed and said "there are times you negotiate and times you don't. The vendor is being very fair to you and doing this because they liked you". The EA got back to us 10 mins later saying they declined the price we tried to negotiate and we immediately said we will go the £5k more and meet their proposal. He got back to us and then told us we were too late, shouldn't have negotiated and the vendor is going with the other buyer!! He then called us back and asked us for our final offer (which was more than the £5k increase) and told us later that they have accepted the other buyer's offer!! We were so gutted as he told us initially that we could have it by increasing our offer by £5k to which we agreed within minutes. We think he played us off against the other buyer and used this as a horible tactic to make us go higher, so he could then tell the other buyer we had incressed our offer. Every time he spoke to us, he was so cocky and would speak down to us. He really built our hopes up and then just crushed them.

Just wondering if anyone else has had a similar experience with Estate Agents?

teachfast

Yes, you've been totally played. They are supposed to keep a record of offers but that will be rigged. 

The best advice is to offer what you think it's worth and not budge on it. Be prepared to walk away. If you're in a position where you've over offered now, just withdraw the offer. Play this idiot at his own game and when he comes back grovelling state the original price you offered and don't budge on it. 

elsien

In what way is this bullying?

The EA was passing on messages from the buyer about the price they were willing to accept. You were free to offer more or walk away. You did not offer enough for the vendor so they accepted another offer.

The bullying word gets thrown around far too often at times. 

It’s disappointing if you miss out, but you have to have a limit and sometimes other people will offer more. Nothing you can do but move one - there will be other houses. 

amandacat

Perhaps the other offer was higher than their proposal to you but as the liked you they were happy to accept a certain price from you. The EA may have known they were doing you a favour and been frustrated that you missed that opportunity. Chances are it was the sellers decision not the EA. 

The other buyer got in there first and offered higher so maybe they thought they were a safer buyer who wouldn’t try and re negotiate further down the line. 

You’ll just have to put it down to experience but ultimately it is the seller who decided who they want to sell to. 

AdrianC

Put yourself in the vendor's shoes.
You have two potential buyers.
You want a little bit more than has been offered - not much, just a little.
You give your preferred buyer, A, the option. They shuffle their feet.
Fair enough. You ask the other buyer, B. They leap at it. You accept.
Then A comes back...Too late.

Now put yourself in B's shoes.
You've been given the opportunity to up your offer.
You do. It's accepted.
Then the vendor comes back, and says "Sorry, the other guys did, after all, and I like them more than you."

rik111

Probably saved you a load of grief when the mortgage valuation cones in a lot lower than your offer, at least you havent wasted any money of searches etc....

niceguyed

Look at it from the vendors perspective, who by the way is issuing instructions to the EA. They're doing their job, that's all. Of course always a danger a vendor gets greedy and buyers excited only to get down valued at survey or the buyers get remorse at perceived overpaying. 
Unfortunately you sounded desperate and as others have said got played. You live and learn, they'll be other properties.

leanne_flan

Thanks everyone for your help and tips. We will definitely take this as a learning experience. Was just crazy this all happened within a matter of minutes, we literally agreed £5k more within minutes of him first telling us this. When he first told us, he actually said "the house is guaranteed to be yours" for £5k more.

There will be more houses...  

43722

My own view, based on what you have written, is that you have had a lucky escape. 

SpiderLegs

Stuff like this used to just be normal life.

moneysavinghero

We were so gutted as he told us initially that we could have it by increasing our offer by £5k to which we agreed within minutes

This is not quite a true representation of what happened. The EA told you what was needed to get the property but you decided to negotiate instead:

The EA then told us that the vendor said the house was ours if we increase our offer by £5k, we tried to negotiate first to which he heavily sighed and said "there are times you negotiate and times you don't. The vendor is being very fair to you and doing this because they liked you". The EA got back to us 10 mins later saying they declined the price we tried to negotiate and we immediately said we will go the £5k more and meet their proposal

He really built our hopes up and then just crushed them

Or did he try to make your dreams comes true by telling you what price the vendor would be happy to take? Maybe you crushed your own hopes by ignoring the vendors wishes.