Flat sold for 40k less than advertised. Wrongdoing by agent?
Discussion
I attempted to buy a local flat nearby a few months ago. It was advertised as " offers over 170k ", and when I enquired, was told there was already 9 other interested parties. I figured that being the case I would probably not end up with it, but left contact details. Fast forward to a few months later, and it's appeared on various websites as having been sold for 132k.
After a call to the selling agent, this has been confirmed. Anything's possible, there may well obviously be nothing wrong with this, but having had negative experiences with agents previously, part of me wonders how this situation has come about.
After a call to the selling agent, this has been confirmed. Anything's possible, there may well obviously be nothing wrong with this, but having had negative experiences with agents previously, part of me wonders how this situation has come about.
Frustrating, but probably nothing wrong IMO. The agent is obliged to pass on all offers however high or low to the seller, so that may have been the best offer - or at least the best offer from someone who was actually proceedable, and if that suits the seller it is up to them. Annoying though if you were able to pay more. It's a strange market at the moment.
Heaveho said:
I attempted to buy a local flat nearby a few months ago. It was advertised as " offers over 170k ", and when I enquired, was told there was already 9 other interested parties. I figured that being the case I would probably not end up with it, but left contact details. Fast forward to a few months later, and it's appeared on various websites as having been sold for 132k.
After a call to the selling agent, this has been confirmed. Anything's possible, there may well obviously be nothing wrong with this, but having had negative experiences with agents previously, part of me wonders how this situation has come about.
Possibly £132k was the best offer the owner had had and the EA advised him to accept?After a call to the selling agent, this has been confirmed. Anything's possible, there may well obviously be nothing wrong with this, but having had negative experiences with agents previously, part of me wonders how this situation has come about.
It sounds like you hadn't made an offer. I don't think the EA is obliged to contact everybody who has expressed an interest tbh (although we were recently contacted about a property we had inquired about).
Countdown said:
Possibly £132k was the best offer the owner had had and the EA advised him to accept?
It sounds like you hadn't made an offer. I don't think the EA is obliged to contact everybody who has expressed an interest tbh (although we were recently contacted about a property we had inquired about).
Strange situation to advertise it for offers over 170, have 9 people interested and take 132. For the sake of a few phone calls you would imagine they would ring interested parties on behalf of the seller. The only reason I didn't get involved further is because of the way it was advertised. They had initially placed it at 125k ( to get the phone ringing, I imagine ), then, upon inquiry, were telling interested parties the 170 and above story.It sounds like you hadn't made an offer. I don't think the EA is obliged to contact everybody who has expressed an interest tbh (although we were recently contacted about a property we had inquired about).
I would have given 150. It's in a very sought after lettings part of the city, I already own 2 properties here ( I live in one ), am currently extending the lease on both for sensible money, and the properties concerned are subject to monthly maintenance fees which cover the cost of repairs to the structure, so there won't be any issues with regard to buyers being put off for such reasons. As said though, who knows what may be going on that I don't know about.
I've owned here for about 10 years. I was hoping to buy it for my MIL. Sometimes things aren't to be.
Heaveho said:
Strange situation to advertise it for offers over 170, have 9 people interested and take 132. For the sake of a few phone calls you would imagine they would ring interested parties on behalf of the seller. The only reason I didn't get involved further is because of the way it was advertised. They had initially placed it at 125k ( to get the phone ringing, I imagine ), then, upon inquiry, were telling interested parties the 170 and above story.
So it was never advertised at offers over £170K?Does seem a bit weird - perhaps someone submitted a "blow-out" offer, then dropped on Exchange and the buyer accepted. But taking a near £40K hit seems unlikely.
I've never understood how this business of EAs passing on other offers is supposed to work. In practice, once they regard a sale as under way they stone-wall other interested parties.
Sheepshanks said:
So it was never advertised at offers over £170K?
Does seem a bit weird - perhaps someone submitted a "blow-out" offer, then dropped on Exchange and the buyer accepted. But taking a near £40K hit seems unlikely.
I've never understood how this business of EAs passing on other offers is supposed to work. In practice, once they regard a sale as under way they stone-wall other interested parties.
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.Does seem a bit weird - perhaps someone submitted a "blow-out" offer, then dropped on Exchange and the buyer accepted. But taking a near £40K hit seems unlikely.
I've never understood how this business of EAs passing on other offers is supposed to work. In practice, once they regard a sale as under way they stone-wall other interested parties.
av185 said:
99 year lease with onerous terms?
Wasting asset with less than 85 years lease remaining?
The lease is in the 90 year area, but they are cheap to extend. I'm paying between 2-3k for my flat and 3-4k for my house in the same complex to extend the leases on them. The flat I missed is in exactly the same situation.Wasting asset with less than 85 years lease remaining?
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