Estate Agent scare tactics
Discussion
My sister has had an offer accepted on a flat in London, through an estate agency that is supposedly reputable. My sis has done her homework and is using a mortgage broker of her choice through a recommendation who seems to be good. She just wrote to me with this:
“I’m just having a bit of trouble with Estate Agent – they were a little pi**ed that I didn’t go with their mortgage broker so said they’ll put it on the market if I go with the broker I found because they can’t guarantee the lender will get a valuation done as quick as they could get it done therefore the seller may have to wait for ages and they wanted a quick turnaround.
I’m on it and my broker thinks its scare tactics, he’s spoken to the estate agent, I put them in touch. It looks like the lender can get a valuation done quickly so all should be good. Estate Agent are just being greedy f*****s!
Now in my mind this is not on – are they entitled to make these types of what is essentially a threat to use their broker? i.e use one of our services which you have no obligation to do but if you don’t we’ll pull the sale?
If she didn’t want the place so bad I’d tell her to tell them to go and put it back on the market. W**kers.
“I’m just having a bit of trouble with Estate Agent – they were a little pi**ed that I didn’t go with their mortgage broker so said they’ll put it on the market if I go with the broker I found because they can’t guarantee the lender will get a valuation done as quick as they could get it done therefore the seller may have to wait for ages and they wanted a quick turnaround.
I’m on it and my broker thinks its scare tactics, he’s spoken to the estate agent, I put them in touch. It looks like the lender can get a valuation done quickly so all should be good. Estate Agent are just being greedy f*****s!
Now in my mind this is not on – are they entitled to make these types of what is essentially a threat to use their broker? i.e use one of our services which you have no obligation to do but if you don’t we’ll pull the sale?
If she didn’t want the place so bad I’d tell her to tell them to go and put it back on the market. W**kers.
Pretty s
tty tactic, if it was me I'd just call their bluff. I'd reiterate that i was committed to using my own broker, but that equally my offer was still very much subject to the property being removed from the market immediately. If they want to continue marketing due to the broker issue, then they could consider my offer withdrawn as I wouldn't want to spend money without the full terms of my offer being met.
tty tactic, if it was me I'd just call their bluff. I'd reiterate that i was committed to using my own broker, but that equally my offer was still very much subject to the property being removed from the market immediately. If they want to continue marketing due to the broker issue, then they could consider my offer withdrawn as I wouldn't want to spend money without the full terms of my offer being met. Many agents in a market where there is less business are seeking to maximise every penny they can from every transaction.
In the last month or so I have heard of this, people being told that when they signed the EA agreement they also signed up to the tied in legal services where untrained monkeys charge the same as a premium service (despite not being told that was on the cards) and buyers being told that they had to use the tied legal service or the seller would not accept the offer.
It is a bad joke and one I am questioning if I want to be the butt of for much longer.
In the last month or so I have heard of this, people being told that when they signed the EA agreement they also signed up to the tied in legal services where untrained monkeys charge the same as a premium service (despite not being told that was on the cards) and buyers being told that they had to use the tied legal service or the seller would not accept the offer.
It is a bad joke and one I am questioning if I want to be the butt of for much longer.
My suggestion is to ask them to put this request in writing. A completely reasonable request, but do not tell them why you want it in writing.
The estate agent will know that conditional selling is against the Estate Agency Act. The agent is saying you can still buy the property - but they will keep the property on the market ( I am assuming they agreed to previously take the property off the market until you said you would not use their broker). This will be frowned upon by their ombudsman and if they are part of a corporate brand, their management will not want to see letters like this being sent to buyers.
After a few days chasing them for it, I am sure the agent will be so concerned what you can and will do with the letter that they will back down.
The estate agent will know that conditional selling is against the Estate Agency Act. The agent is saying you can still buy the property - but they will keep the property on the market ( I am assuming they agreed to previously take the property off the market until you said you would not use their broker). This will be frowned upon by their ombudsman and if they are part of a corporate brand, their management will not want to see letters like this being sent to buyers.
After a few days chasing them for it, I am sure the agent will be so concerned what you can and will do with the letter that they will back down.
Edited by JezHill on Thursday 28th July 17:43
Edited by JezHill on Thursday 28th July 17:46
When I bought my current house the agent tried tht one on me. We had agreed the price and were about to kick off the buying process.
I told them that if it was going to stay on the market, then I wanted to view a few other houses before proceeding. I just left it a day or so, and they then came back to me and agreed to take it off the market.
I told them that if it was going to stay on the market, then I wanted to view a few other houses before proceeding. I just left it a day or so, and they then came back to me and agreed to take it off the market.
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