Are estate agents allowed to tell potential buyers the value of other peoples offers?

Flugelhorn

@74jax probably better in the days when the notice re the offer was a tiny one-liner in the local newspaper, hoping that no-one else would see it and start the process all over again. 

74jax

Flugelhorn said:

@74jax probably better in the days when the notice re the offer was a tiny one-liner in the local newspaper, hoping that no-one else would see it and start the process all over again. 

@Flugelhorn Totally, but we always had the back page 🙄. I'm telling you, people hunted out those repo adverts like their life depended on it.

Then we had to call everyone who was looking in that price bracket. Every. Single. Time. 

Ah the good old days..... 

user1977

74jax said:

Flugelhorn said:

@74jax probably better in the days when the notice re the offer was a tiny one-liner in the local newspaper, hoping that no-one else would see it and start the process all over again. 

@Flugelhorn Totally, but we always had the back page 🙄. I'm telling you, people hunted out those repo adverts like their life depended on it.

Then we had to call everyone who was looking in that price bracket. Every. Single. Time. 

Never understood why these practices exist in England - there's no specific legal requirement for it as far as I know. If this was "how a vendor gets the best price", why doesn't everybody do it?

Repos are usually sold in the conventional way in Scotland (admittedly the pre-contract stage tends to be shorter than in England, but often not that much shorter). 

novelle

sat99 said:

Hi,

I'm considering making an offer on a house and the agent called me to say that she has had 3 other offers on the house, and also told me what the value of those offers were.

I feel like the agent might be lying to push me into making a higher offer. Are they allowed to tell potential buyers the value of other peoples offers?

Thanks

I put an offer on three houses previously, and all the estate agents told me how many offers were received, and the price of highest offer, so i can think and see if I can offer my best price

desthemoaner

We also offered on several properties before finding our current purchase.

The EAs wouldn't tell us now much had been offered by others, nor how many bidders we were up against. They took the offer from us and then we had to wait to find out whether we were the...errrr..."winners". 

Never been involved in what amounted to a "blind property auction" before, never want to go through it again. 

Thrugelmir

Wonder if the OP will return and enlighten us further.