Flat sold for 40k less than advertised. Wrongdoing by agent?
Discussion
Heaveho said:
No, it was only ever made clear about it being " offers over " when on the phone. No big deal, more confused about the process than bothered about not getting the flat.
How much discussion did you have with the EA? It could be some dippy person there looked at the wrong flat, or mistook £130K for £170K.You do hear of prices being set low to try and stimulate a bidding war but seems unlikely it'd be set at £125K and then reach £170K. As indeed was the case.
kestral said:
bunchofkeys said:
Estate agent probably sold this to a mate.
All the good stuff goes to family/friends or cash buyers. The punters get the s
te that has been on the market for months and months.
I.e. a minority of dodgy sales, rather than the majority as you are implying.
OP- Estate agent appears to have dissuaded you. If you has made a bid in writing then something to talk about. But as no bid was out in and verbal, nothing to challenge in law unfortunately.
hyphen said:
If a seller is looking for a quick sale, or isn't the brightest then anything undertaken value will perhpas go to a favoured party, but otherwise will be sold as normal.
I.e. a minority of dodgy sales, rather than the majority as you are implying.
OP- Estate agent appears to have dissuaded you. If you has made a bid in writing then something to talk about. But as no bid was out in and verbal, nothing to challenge in law unfortunately.
Thanks, I agree, I simply didn't try hard enough. On the basis of what was said when I rang, I couldn't see the point. I only thought about it again when I saw what it had sold for.I.e. a minority of dodgy sales, rather than the majority as you are implying.
OP- Estate agent appears to have dissuaded you. If you has made a bid in writing then something to talk about. But as no bid was out in and verbal, nothing to challenge in law unfortunately.
kestral said:
bunchofkeys said:
Estate agent probably sold this to a mate.
All the good stuff goes to family/friends or cash buyers. The punters get the ste that has been on the market for months and months.Are you suggesting that an estate agent continually sells houses, hundreds of them, to their friends? How wealthy are these friends? How many houses do they end up owning?
Every time I have come across a 'cash buyer only' sale, it was because the sellers of the house had demanded 'cash buyers', nothing to do with the estate agent.
Based on the information provided, it sounds like:
- the property was advertised @ £125k
- lots of interest
- OP makes contact
- EA has at least 9 interested parties on the books at this point, maybe some competing offers going in
- EA decides that there's at least 1 buyer out of the existing candidates and decides he can't be bothered with another punter showing interest who isn't as far down the process (not viewed, not registered with EA, etc.)
- EA tells punter a story to put him off and save himself some time & effort
- house sells at 5% over guide, EA banks commission and goes home and has a wk.
- the property was advertised @ £125k
- lots of interest
- OP makes contact
- EA has at least 9 interested parties on the books at this point, maybe some competing offers going in
- EA decides that there's at least 1 buyer out of the existing candidates and decides he can't be bothered with another punter showing interest who isn't as far down the process (not viewed, not registered with EA, etc.)
- EA tells punter a story to put him off and save himself some time & effort
- house sells at 5% over guide, EA banks commission and goes home and has a w
k.PhilboSE said:
Based on the information provided, it sounds like:
- the property was advertised @ £125k
- lots of interest
- OP makes contact
- EA has at least 9 interested parties on the books at this point, maybe some competing offers going in
- EA decides that there's at least 1 buyer out of the existing candidates and decides he can't be bothered with another punter showing interest who isn't as far down the process (not viewed, not registered with EA, etc.)
- EA tells punter a story to put him off and save himself some time & effort
- house sells at 5% over guide, EA banks commission and goes home and has a wk.
Looks like this, based on the conversation I've just had today with the selling agent. I spoke to a newish employee who had no prior knowledge of the sale, and ventured the information that the flat had indeed been marketed at offers over 125k. This is what was in the advert. I was told offers over 170 when I pursued it in person, which would suggest the above scenario is possibly accurate.- the property was advertised @ £125k
- lots of interest
- OP makes contact
- EA has at least 9 interested parties on the books at this point, maybe some competing offers going in
- EA decides that there's at least 1 buyer out of the existing candidates and decides he can't be bothered with another punter showing interest who isn't as far down the process (not viewed, not registered with EA, etc.)
- EA tells punter a story to put him off and save himself some time & effort
- house sells at 5% over guide, EA banks commission and goes home and has a w
k.The flat has been unoccupied since the sale, I've asked the agent if they might contact the owner and I'll give him a profit on it.
Pistonheader101 said:
Unless you’ve actually made a formal offer, then it’s just a shoulda coulda woulda
How do you make a formal offer in England, the land of non-binding verbal offers where anybody can pull out until the last moment, just because they didn't like the way their tea leaves landed in their last cup?Sadly in London at least there's a lot of shady stuff going on.
This has been my experience:
I went to view a property and the sellers were there to do the viewing, I was happy and offered them what they were happy with and a deal was done with the cash waiting, which is what they wanted as they wanted to fly off ASAP to the USA to be with their daughter who had cancer, they even showed me the packed suitcases. I shook on it and gave them my solicitor's details to pass on to theirs, they even threatened to come after me if I pulled out of the deal. A few days later I got a call from the estate agent saying even though the sellers had agreed with me, that's not how they do things and the property was then sold again to someone else. When I last checked it was sold for less than I had offered and took a very long time to complete too.
I then looked at another property that I really liked and was offered it for £25k less than advertised by an agent, even though I was happy to pay the asking price, as long I paid him half of the saving, so a £12500 backhander. He even said he would ensure the other offers did not get to the seller and would sort out the surveyor so I didn't have to worry about the valuation. I didn't have any of it but sure enough the house sold for £25k less than advertised even though the buyer had also offered the full asking price, and I know there was no shortage of offers too. I know someone else who had a similar conversation when putting in an offer for a property, except he was smart enough to record the agent. No surprise he got the house after walking in to the agent's office a few days later and playing back the recording. It's quite common with so many buyers around for the good properties available in certain areas.
The third house, the one that really irks me still, was one belonging to a friend's father who was selling his property as he was moving back to his home country. The agent wouldn't accept my calls or even call me back to take my offer for weeks even though I had already passed on the offer and had it accepted through my friend. This led to 3 weeks of chasing and making a formal complaint with the regional manager, only for the agent to finally call me to tell me there was another buyer who was willing to pay more. This led to "give us your highest bid", which strangely then still went back and forth. I knew what the other buyer's offers were through my mate, so my offers were £1k higher each time and yet the agent was still coming back. In the end the father got fed up and had enough of the agent's shenanigans and took the other party's last offer as my holiday time was up and I had returned to my job abroad and he wanted a quick sale. I should have known given the agent's name had Con in it that there was going to be some funny stuff going on.
The fourth attempt to by a house, I met an agent who was completely above board and honest, with a seller equally as much and who was patient enough to do the deal with me even though I was abroad throughout the whole process. I guess I lucked in finally as I've had the property rented out while I've been working abroad since buying it and it has cost me very little so far too.
I know plenty of others with similar stories, having the money just doesn't cut it anymore in the desirable areas and we are talking about properties upwards of £500k here too, which doesn't really buy you much in London but that's another story.
This has been my experience:
I went to view a property and the sellers were there to do the viewing, I was happy and offered them what they were happy with and a deal was done with the cash waiting, which is what they wanted as they wanted to fly off ASAP to the USA to be with their daughter who had cancer, they even showed me the packed suitcases. I shook on it and gave them my solicitor's details to pass on to theirs, they even threatened to come after me if I pulled out of the deal. A few days later I got a call from the estate agent saying even though the sellers had agreed with me, that's not how they do things and the property was then sold again to someone else. When I last checked it was sold for less than I had offered and took a very long time to complete too.
I then looked at another property that I really liked and was offered it for £25k less than advertised by an agent, even though I was happy to pay the asking price, as long I paid him half of the saving, so a £12500 backhander. He even said he would ensure the other offers did not get to the seller and would sort out the surveyor so I didn't have to worry about the valuation. I didn't have any of it but sure enough the house sold for £25k less than advertised even though the buyer had also offered the full asking price, and I know there was no shortage of offers too. I know someone else who had a similar conversation when putting in an offer for a property, except he was smart enough to record the agent. No surprise he got the house after walking in to the agent's office a few days later and playing back the recording. It's quite common with so many buyers around for the good properties available in certain areas.
The third house, the one that really irks me still, was one belonging to a friend's father who was selling his property as he was moving back to his home country. The agent wouldn't accept my calls or even call me back to take my offer for weeks even though I had already passed on the offer and had it accepted through my friend. This led to 3 weeks of chasing and making a formal complaint with the regional manager, only for the agent to finally call me to tell me there was another buyer who was willing to pay more. This led to "give us your highest bid", which strangely then still went back and forth. I knew what the other buyer's offers were through my mate, so my offers were £1k higher each time and yet the agent was still coming back. In the end the father got fed up and had enough of the agent's shenanigans and took the other party's last offer as my holiday time was up and I had returned to my job abroad and he wanted a quick sale. I should have known given the agent's name had Con in it that there was going to be some funny stuff going on.
The fourth attempt to by a house, I met an agent who was completely above board and honest, with a seller equally as much and who was patient enough to do the deal with me even though I was abroad throughout the whole process. I guess I lucked in finally as I've had the property rented out while I've been working abroad since buying it and it has cost me very little so far too.
I know plenty of others with similar stories, having the money just doesn't cut it anymore in the desirable areas and we are talking about properties upwards of £500k here too, which doesn't really buy you much in London but that's another story.
Edited by 147GTA on Monday 21st June 21:09
I sold in England and bought in Scotland.
In England the asking price normally means offers at around 90-95% will be considered.
In Scotland , it’s offers over. In parts of Edinburgh, people advertise a house at say offers over £500k to generate interest but really want £650+. Pointless just gets people viewing who can’t afford it.
In most other places , overs over means much the same as in England.
You didn’t put an offer in, so why are you complaining ?
Maybe , only one if the other 9 did and got lucky with a cheeky offer because the buyer needed to sell.
In England the asking price normally means offers at around 90-95% will be considered.
In Scotland , it’s offers over. In parts of Edinburgh, people advertise a house at say offers over £500k to generate interest but really want £650+. Pointless just gets people viewing who can’t afford it.
In most other places , overs over means much the same as in England.
You didn’t put an offer in, so why are you complaining ?
Maybe , only one if the other 9 did and got lucky with a cheeky offer because the buyer needed to sell.
[quote=Cliffe60
You didn’t put an offer in, so why are you complaining ?
If that's directed at me, I'm not complaining, I'm asking a question, as the thread title indicates. I'm not wholly cognisant with the possibilities of what an estate agent is or isn't capable of, should they choose to turn something to their own advantage. I hoped to find out more, possibly for future reference should the opportunity arise again, and some of the answers on the thread have been enlightening.
If I were to complain, it would be based on the fact that the answer I received from the EA when enquiring in person seemed designed to, and indeed did deter me from pursuing, which would not have happened if they had been more honest at that point in the proceedings.
But you already know that, because I've already said so earlier in the thread.
You didn’t put an offer in, so why are you complaining ?
If that's directed at me, I'm not complaining, I'm asking a question, as the thread title indicates. I'm not wholly cognisant with the possibilities of what an estate agent is or isn't capable of, should they choose to turn something to their own advantage. I hoped to find out more, possibly for future reference should the opportunity arise again, and some of the answers on the thread have been enlightening.
If I were to complain, it would be based on the fact that the answer I received from the EA when enquiring in person seemed designed to, and indeed did deter me from pursuing, which would not have happened if they had been more honest at that point in the proceedings.
But you already know that, because I've already said so earlier in the thread.
Pistonheader101 said:
Unless you’ve actually made a formal offer, then it’s just a shoulda coulda woulda
My advice to my son, was "who cares if the agent says they've had 26 offers at twice the asking price. Make an offer in writing at what you would pay. You have no chain, and can move as fast as thier solicitor" He's just moved into his (thier) new house with the woman he marries on Saturday.
Not the house he was discussing, but he said that paricular agent only atarted to take him seriously once he had made one reasonable offer, even if it wasn't accepted.
Pit Pony said:
My advice to my son, was "who cares if the agent says they've had 26 offers at twice the asking price. Make an offer in writing at what you would pay. You have no chain, and can move as fast as thier solicitor"
He's just moved into his (thier) new house with the woman he marries on Saturday.
Not the house he was discussing, but he said that paricular agent only atarted to take him seriously once he had made one reasonable offer, even if it wasn't accepted.
Good advice. I should have done just that.He's just moved into his (thier) new house with the woman he marries on Saturday.
Not the house he was discussing, but he said that paricular agent only atarted to take him seriously once he had made one reasonable offer, even if it wasn't accepted.
I’ve had first had experience of Estate ages for dodgy dealings , it’s hard to prove anything as they say it was just a mix up or misunderstanding or they didn’t get the info.
In my case they didn’t pass an offer on, the reason “I know but can’t prove” was because the offer they did put forward would complete one of their chains , the new buyer was a first time buyer and they only got one lot of commission, their preferred one would complement a nice long chain where they were dealing with all the sales . I only found out about the offer by chance at the local school when I was asked by the new potential buyer why they haven’t heard anything.
When the EA was questioned first they said they knew nothing about this new offer, then said they had mixed address up, and at the same time said they ignored the offer as they didn’t feel it was serious,
Tried complaining but it’s a waste of time ,
I think it’s one reason EA hate you going with multiple EA as they lose control
In my case they didn’t pass an offer on, the reason “I know but can’t prove” was because the offer they did put forward would complete one of their chains , the new buyer was a first time buyer and they only got one lot of commission, their preferred one would complement a nice long chain where they were dealing with all the sales . I only found out about the offer by chance at the local school when I was asked by the new potential buyer why they haven’t heard anything.
When the EA was questioned first they said they knew nothing about this new offer, then said they had mixed address up, and at the same time said they ignored the offer as they didn’t feel it was serious,
Tried complaining but it’s a waste of time ,
I think it’s one reason EA hate you going with multiple EA as they lose control
My wife's parents (rip) house is currently for sale.
I was sceptical, that within 2 days of being instructed the agent had found a buyer, and was suggesting taking it at 5k below asking. Before it had gone on right move.
Turns out the potential buyer had a first time buyer lined up via the same agent.
It's all academic. Probate was fked up by the solicitor and will now take an extra 8 weeks and the buyers buyer has pulled out causing the buyer to pull out.
I suspect this is for the good. I think it will go for more than the asking price, and the fact that it didn't get to right move suggests that the agent only targeted one person initially. To obtain 2 lots of commission.
I was sceptical, that within 2 days of being instructed the agent had found a buyer, and was suggesting taking it at 5k below asking. Before it had gone on right move.
Turns out the potential buyer had a first time buyer lined up via the same agent.
It's all academic. Probate was f
ked up by the solicitor and will now take an extra 8 weeks and the buyers buyer has pulled out causing the buyer to pull out. I suspect this is for the good. I think it will go for more than the asking price, and the fact that it didn't get to right move suggests that the agent only targeted one person initially. To obtain 2 lots of commission.
147GTA said:
Sadly in London at least there's a lot of shady stuff going on.
This has been my experience:
I went to view a property and the sellers were there to do the viewing, I was happy and offered them what they were happy with and a deal was done with the cash waiting, which is what they wanted as they wanted to fly off ASAP to the USA to be with their daughter who had cancer, they even showed me the packed suitcases. I shook on it and gave them my solicitor's details to pass on to theirs, they even threatened to come after me if I pulled out of the deal. A few days later I got a call from the estate agent saying even though the sellers had agreed with me, that's not how they do things and the property was then sold again to someone else. When I last checked it was sold for less than I had offered and took a very long time to complete too.
I then looked at another property that I really liked and was offered it for £25k less than advertised by an agent, even though I was happy to pay the asking price, as long I paid him half of the saving, so a £12500 backhander. He even said he would ensure the other offers did not get to the seller and would sort out the surveyor so I didn't have to worry about the valuation. I didn't have any of it but sure enough the house sold for £25k less than advertised even though the buyer had also offered the full asking price, and I know there was no shortage of offers too. I know someone else who had a similar conversation when putting in an offer for a property, except he was smart enough to record the agent. No surprise he got the house after walking in to the agent's office a few days later and playing back the recording. It's quite common with so many buyers around for the good properties available in certain areas.
The third house, the one that really irks me still, was one belonging to a friend's father who was selling his property as he was moving back to his home country. The agent wouldn't accept my calls or even call me back to take my offer for weeks even though I had already passed on the offer and had it accepted through my friend. This led to 3 weeks of chasing and making a formal complaint with the regional manager, only for the agent to finally call me to tell me there was another buyer who was willing to pay more. This led to "give us your highest bid", which strangely then still went back and forth. I knew what the other buyer's offers were through my mate, so my offers were £1k higher each time and yet the agent was still coming back. In the end the father got fed up and had enough of the agent's shenanigans and took the other party's last offer as my holiday time was up and I had returned to my job abroad and he wanted a quick sale. I should have known given the agent's name had Con in it that there was going to be some funny stuff going on.
The fourth attempt to by a house, I met an agent who was completely above board and honest, with a seller equally as much and who was patient enough to do the deal with me even though I was abroad throughout the whole process. I guess I lucked in finally as I've had the property rented out while I've been working abroad since buying it and it has cost me very little so far too.
I know plenty of others with similar stories, having the money just doesn't cut it anymore in the desirable areas and we are talking about properties upwards of £500k here too, which doesn't really buy you much in London but that's another story.
Second agent broke the law. The others you can’t tell if it’s the agent or the seller, most likely a combination of bad advice and greedy seller. That doesn’t mean shady, it means incompetence. They are differentThis has been my experience:
I went to view a property and the sellers were there to do the viewing, I was happy and offered them what they were happy with and a deal was done with the cash waiting, which is what they wanted as they wanted to fly off ASAP to the USA to be with their daughter who had cancer, they even showed me the packed suitcases. I shook on it and gave them my solicitor's details to pass on to theirs, they even threatened to come after me if I pulled out of the deal. A few days later I got a call from the estate agent saying even though the sellers had agreed with me, that's not how they do things and the property was then sold again to someone else. When I last checked it was sold for less than I had offered and took a very long time to complete too.
I then looked at another property that I really liked and was offered it for £25k less than advertised by an agent, even though I was happy to pay the asking price, as long I paid him half of the saving, so a £12500 backhander. He even said he would ensure the other offers did not get to the seller and would sort out the surveyor so I didn't have to worry about the valuation. I didn't have any of it but sure enough the house sold for £25k less than advertised even though the buyer had also offered the full asking price, and I know there was no shortage of offers too. I know someone else who had a similar conversation when putting in an offer for a property, except he was smart enough to record the agent. No surprise he got the house after walking in to the agent's office a few days later and playing back the recording. It's quite common with so many buyers around for the good properties available in certain areas.
The third house, the one that really irks me still, was one belonging to a friend's father who was selling his property as he was moving back to his home country. The agent wouldn't accept my calls or even call me back to take my offer for weeks even though I had already passed on the offer and had it accepted through my friend. This led to 3 weeks of chasing and making a formal complaint with the regional manager, only for the agent to finally call me to tell me there was another buyer who was willing to pay more. This led to "give us your highest bid", which strangely then still went back and forth. I knew what the other buyer's offers were through my mate, so my offers were £1k higher each time and yet the agent was still coming back. In the end the father got fed up and had enough of the agent's shenanigans and took the other party's last offer as my holiday time was up and I had returned to my job abroad and he wanted a quick sale. I should have known given the agent's name had Con in it that there was going to be some funny stuff going on.
The fourth attempt to by a house, I met an agent who was completely above board and honest, with a seller equally as much and who was patient enough to do the deal with me even though I was abroad throughout the whole process. I guess I lucked in finally as I've had the property rented out while I've been working abroad since buying it and it has cost me very little so far too.
I know plenty of others with similar stories, having the money just doesn't cut it anymore in the desirable areas and we are talking about properties upwards of £500k here too, which doesn't really buy you much in London but that's another story.
Edited by 147GTA on Monday 21st June 21:09
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