Estate Agent Tricks?
Discussion
Been looking at houses recently, two of great interest hadn't had offers on in several months. First one has already sold when I go to put offer in (1 day after viewing), second has 'just had a significantly greater offer' within hours of me viewing it 
-are these tricks of the trade I should know about?
-are these tricks of the trade I should know about?
Robbing the shirt off your back and selling back to you seems to be a trick they've got sorted 
More helpfully, are the houses both with the same agent ? If you are interested in either of them and offers haven't been accepted yet from anyone else put in a sensible offer (backed up with 'I've got the money sorted', 'I've got a solicitor ready to go', 'I've no chain' and anything else you can dream up to make your offer look appealing) The agent is legally obliged to inform the vendor of your offer and you are within your rights to go direct to the vendor and establish if there really are any offers in on the property. If not it is in their best interests, and yours, for them to get a different agent. A lot of agents will try and convince you that there is an offer in already, but make it clear to agent and vendor that your offer is v. serious, but will be withdrawn in the blink of an eye if you're pi$$ed about.
>> Edited by jondokic on Friday 28th February 15:56
More helpfully, are the houses both with the same agent ? If you are interested in either of them and offers haven't been accepted yet from anyone else put in a sensible offer (backed up with 'I've got the money sorted', 'I've got a solicitor ready to go', 'I've no chain' and anything else you can dream up to make your offer look appealing) The agent is legally obliged to inform the vendor of your offer and you are within your rights to go direct to the vendor and establish if there really are any offers in on the property. If not it is in their best interests, and yours, for them to get a different agent. A lot of agents will try and convince you that there is an offer in already, but make it clear to agent and vendor that your offer is v. serious, but will be withdrawn in the blink of an eye if you're pi$$ed about.
>> Edited by jondokic on Friday 28th February 15:56
plotloss said: If you want the house, just drop a letter through the vendors letterbox with your offer and the fact that if you do the deal direct they wont lose 1% to the estate agents...
There are some things you can do to them too!
Matt.
Won't work im afraid!!!!!!
All contract have a clause which states that if the agents are a sole agent and an offer is made indirectly (ie not through the agent) the vendor is still liable to pay the estate agents fees.
b) Except for any previously agreed expenses and fees, fees will only become due if a purchaser enters into a contract (in Scotland, concludes missives), through you, to buy the property, or as stated otherwise in your terms of business. If you use the phrase 'sole selling rights', 'sole agency' or 'ready, willing and able purchaser' within the terms of engagement, you must explain these phrases in writing, as set out in The Estate Agents (Provision of Information) Regulations 1991. Your client must be informed that, if any other agent introduces a purchaser to them during the period of your sole agency agreement this will be regarded as an introduction by you and the client will have to pay your fees.
www.oea.co.uk/CodePrac.htm
I'm selling right now (actually sold I think) but not before time.
Twice they failed to inform me of potential buyers who were ready to move, and when I did find out about them by actually going in and pinning the git down they had both put offers in on other properties.
For the first two months I got no one around who had sold and could put a serious offer in so, kill em all and let God sort them out thats what I say.
Does this link to the 'who should we be able to name and shame' thread cause they have to be right up there on the list....
DC
Twice they failed to inform me of potential buyers who were ready to move, and when I did find out about them by actually going in and pinning the git down they had both put offers in on other properties.
For the first two months I got no one around who had sold and could put a serious offer in so, kill em all and let God sort them out thats what I say.
Does this link to the 'who should we be able to name and shame' thread cause they have to be right up there on the list....
DC
s2n said:
plotloss said: If you want the house, just drop a letter through the vendors letterbox with your offer and the fact that if you do the deal direct they wont lose 1% to the estate agents...
There are some things you can do to them too!
Matt.
Won't work im afraid!!!!!!
All contract have a clause which states that if the agents are a sole agent and an offer is made indirectly (ie not through the agent) the vendor is still liable to pay the estate agents fees.
b) Except for any previously agreed expenses and fees, fees will only become due if a purchaser enters into a contract (in Scotland, concludes missives), through you, to buy the property, or as stated otherwise in your terms of business. If you use the phrase 'sole selling rights', 'sole agency' or 'ready, willing and able purchaser' within the terms of engagement, you must explain these phrases in writing, as set out in The Estate Agents (Provision of Information) Regulations 1991. Your client must be informed that, if any other agent introduces a purchaser to them during the period of your sole agency agreement this will be regarded as an introduction by you and the client will have to pay your fees.
www.oea.co.uk/CodePrac.htm
Yes, but if the vendor takes the property off the market and then sells...
Matt.
Estate agents, can't live with 'em, can't kill 'em.
Best thing to to is get yourself and good solicitor, they do all the hard work. Estate agents are glorified advertising agents. If you can, speak to the person selling the house. I can guarantee that the money they save on not having to pay an agent and doing a 'private' sale through your respective solicitors is reason enough to go down that route. I did, it was great. The agents were gutted, and we were £3 grand better off!!
Best thing to to is get yourself and good solicitor, they do all the hard work. Estate agents are glorified advertising agents. If you can, speak to the person selling the house. I can guarantee that the money they save on not having to pay an agent and doing a 'private' sale through your respective solicitors is reason enough to go down that route. I did, it was great. The agents were gutted, and we were £3 grand better off!!
Interesting.
I take the house off the market, at that point no contract under contract law exists as the contract has been broken.
How can a contract that doesnt exist be enforced?
Same thing with anti competitive clauses in employment contracts, lots of big words and big claims that are effectively unenforceable.
Matt.
I take the house off the market, at that point no contract under contract law exists as the contract has been broken.
How can a contract that doesnt exist be enforced?
Same thing with anti competitive clauses in employment contracts, lots of big words and big claims that are effectively unenforceable.
Matt.
s2n said: No Matt
They already thought of that! Most have clauses in the contract that prevent you from doing that for several months after the contract ends!
But my neighbour has changed agents in the last few weeks, surely this is the same sort of thing?
Or is the answer to not accept sole agency?
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