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Estate agents playing games
Ciderarmy1987
Posts: 451 Forumite
Hi
A number of people on this forum, particularly FTBs are quick to assume this is the case when there is another buyer involved.
We have been have put offers in on 9 properties over the years and 6 times we have been told their was another buyer offering at the exact same time, sometimes when the house had been on the marker for 6 months plus. In all of these situations it has in fact turned out the the other buyer was real, despite us being dubious about what was happening.
I wanted to ask the question if any seller has been in the position where either they or their Estate agents have suggested being less than truthful with prospective buyers, making up other offers etc?
A number of people on this forum, particularly FTBs are quick to assume this is the case when there is another buyer involved.
We have been have put offers in on 9 properties over the years and 6 times we have been told their was another buyer offering at the exact same time, sometimes when the house had been on the marker for 6 months plus. In all of these situations it has in fact turned out the the other buyer was real, despite us being dubious about what was happening.
I wanted to ask the question if any seller has been in the position where either they or their Estate agents have suggested being less than truthful with prospective buyers, making up other offers etc?
Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
0
Comments
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When folk refer to agents "playing games", they probably are doing so. But, it should be expected. So should the prospective buyer!
https://en.m.wikipedia.org/wiki/Game_theory
Game theory applies to pretty much any interaction like that. Understand the basics, and you'll negotiate much better (or be less upset when you fail)!0 -
If an EA was doing this, it would be illegal.
Also, they shouldn't be saying how much another potential buyer is offering.
However, in my experience EA's regularly need to be reminded of their legal obligations, and the consequences of breaking it.0 -
When folk refer to agents "playing games", they probably are doing so. But, it should be expected. So should the prospective buyer!
https://en.m.wikipedia.org/wiki/Game_theory
Game theory applies to pretty much any interaction like that. Understand the basics, and you'll negotiate much better (or be less upset when you fail)!
My favourite game theory experiment is with the wallets. I still don't know the correct bidding wisdom.Started out with nothing, still got most of it left.0
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