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darrude

Is What The Estate Agent Told Me Legla

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hi,

I put an offer in on a house about a month ago and it got rejected. I've just had an answer phones message from the EA saying that they have just had an offer accepted and would I like to make another offer.....

hardly fair on whoever is buying the other house is it!

i wondered is this legal, if they want to sell it that way send it to auction.

Darren.

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Yes, it's legal.

I dunno why the agent wants to do his job twice though.

Maybe the vendor told him to do it. Maybe the offer is through another agent...

And yes, it's a silly system.

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hi,

I put an offer in on a house about a month ago and it got rejected. I've just had an answer phones message from the EA saying that they have just had an offer accepted and would I like to make another offer.....

hardly fair on whoever is buying the other house is it!

i wondered is this legal, if they want to sell it that way send it to auction.

Darren.

Best thing to do is put in another higher offer. Say you're doing your own conveyancing, so you don't provide a solicitor's name. String them along for as long as possible and then pull out.

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They are trying to set up a classic trap..only one person interested but lets try and get the offer up... :(

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I put an offer in on a house about a month ago and it got rejected. I've just had an answer phones message from the EA saying that they have just had an offer accepted and would I like to make another offer.....

Someone has made an offer but it is probably less than your previous one, vendors are now desperate and would be glad to get what you originally offered.

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hi,

I put an offer in on a house about a month ago and it got rejected. I've just had an answer phones message from the EA saying that they have just had an offer accepted and would I like to make another offer.....

hardly fair on whoever is buying the other house is it!

i wondered is this legal, if they want to sell it that way send it to auction.

Darren.

Its legal providing its true.

If not, then some Estates agents regs come into play...proving it is an issue though.

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Of course, if the mysterious offer has been accepted there should be some paperwork somewhere.

You could always tell the EA you think they are lying and ask them to fax a copy over to you.

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The EA is desperate for a sale, they probably haven't got anyone else and want you back and think they may be able to tempted to raise your offer. Play hardball Either say your previous rejected offer still stands, or drop your offer as prev poster suggests.

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Happened to friends , phone call to say "had an offer but will you make a higher one"?

As another poster said, how do you know if they are telling the truth?

I would have thought if they thought your original offer was anywhere near what the seller would accept they would

have come back at the time.

I would call their bluff.

How much above your original offer is the offer they now say they have? Got to remember agents are selling about 1 house per month! There was a thread this week about people suddenly getting phone calls from desperate EA's , easy to see the scenario in your case.

You put in an offer of 25% from peak in April , it wasn't accepted.

Spring /Summer bounce now over, agents books clogged with overvalued unsold properties that they know valuations will come in 25% + from peak, so they return to people who put in offers earlier with the story "we have had a higher offer ....but would you increase yours."

We have quite a few friends, all cash buyers, put in offers months ago at 25% from peak, would't be interested now at anything higher than 30% from peak.

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Call their bluff and just say 'no thank you.'

We are just in the eye of the financial storm. House prices still have a lot further to fall to reach fundamentals.

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Oh, and this happened to me with a house, the EA said higher offer... I called their bluff, and I lost the house.

But it was a crazy bargain, another one if on the market now for 40k more (I offered 175k - stamp duty threshold).

You need to decide what you will offer, and stick to it. You won't get a bargain being emotional about a house...

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Think you may need to move away from the traditional property model. There are a whole raft of funds (life and pensions) in development which will buy property for the express purpose of long term letting. Best yielding properties are 1/2 bed properties so first time buyers will be less of a factor in the future.

Not sure which EA is clogged up with property - the agents I deal with can't get enough on their books - which is pushing prices up for now so I can see it may prove not to a be self supporting rise in prices.

I think it is probably genuine that another offer has been made - any decent agent (expect scorn) will be looking to get the best price for his Vendor.

I think there is going to be a fundamental shift in the mechanics of the property market, and a lot of chartists will get caught out.

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put another offer in 20% lower than your original offer

Make that 2% rather than 20% and it might get accepted. That is, if you're still interested.

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Oh, and this happened to me with a house, the EA said higher offer... I called their bluff, and I lost the house.

But it was a crazy bargain, another one if on the market now for 40k more (I offered 175k - stamp duty threshold).

You need to decide what you will offer, and stick to it. You won't get a bargain being emotional about a house...

Just a few short years ago (2001) a house on an estate in Ringwood Hants for instance would cost you under £100000, that was considered EXPENSIVE, a home valued at £250000 would be referred to as being worth "a quarter of a million."

NOBODY ABSOLUTELY NOBODY thought a property valued at £100000 was a BARGAIN!

When property has lost its 35 - 50% people and interest rates are back up, NOBODY will think "what a bargain " when they buy the property that was £250000 at peak, is now (or should be), £187500 and will be £162500 (if it lose 35%) or £125000 if it loses 50%.

Property is HUGELY overvalued , the correction does not make the property A BARGAIN.

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it's one of the big reasons i'm looking forward to eventually getting a house - so i don't ever have to deal with these slimeballs again. some of the vendors aren't much better, but jesus, i feel dirty just dealing with 99% of EAs.

i put an offer in a couple of months ago, which was rejected. the vendors have accepted a higher offer, but have also left it on the market until exchange, in case they get a better one*. either the agent is lying, or the seller is just a contemptible sh!t. maybe both, but almost certainly not neither.

if i'd had an offer accepted and they pulled that one i'd tell them to p!ss off or limit the offer to 24 hours

*it's not a repo by the way

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it's one of the big reasons i'm looking forward to eventually getting a house - so i don't ever have to deal with these slimeballs again. some of the vendors aren't much better, but jesus, i feel dirty just dealing with 99% of EAs.

i put an offer in a couple of months ago, which was rejected. the vendors have accepted a higher offer, but have also left it on the market until exchange, in case they get a better one*. either the agent is lying, or the seller is just a contemptible sh!t. maybe both, but almost certainly not neither.

if i'd had an offer accepted and they pulled that one i'd tell them to p!ss off or limit the offer to 24 hours

*it's not a repo by the way

So they want as much as they can get for their house - where's the crime? If you don't like their terms find another house.

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Think you may need to move away from the traditional property model. There are a whole raft of funds (life and pensions) in development which will buy property for the express purpose of long term letting. Best yielding properties are 1/2 bed properties so first time buyers will be less of a factor in the future.

Not sure which EA is clogged up with property - the agents I deal with can't get enough on their books - which is pushing prices up for now so I can see it may prove not to a be self supporting rise in prices.

I think it is probably genuine that another offer has been made - any decent agent (expect scorn) will be looking to get the best price for his Vendor.

I think there is going to be a fundamental shift in the mechanics of the property market, and a lot of chartists will get caught out.

pension funds buying property??? AAA?

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The agent could also be lying.

Shocking behaviour, but they are estate agents...

Yes, I'm pretty sure that some Agents have lied to me along these lines before. One told me that he had an offer very close to the asking price on a property and would I like to better it. When I told him that I wouldn't have considered an offer anywhere near the asking price he sounded very disappointed - but why would he care if an offer had already been accepted? I think the offer he had was total bullsh*t and he just wanted to push/panic me into a quick offer - wouldn't trust em one bit.....

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For sure - been involved with the design of a couple - L&G in talk with government to build whole estates.

course they are, L&G are developers...silly me.

been bear hunting long?

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I think there is going to be a fundamental shift in the mechanics of the property market, and a lot of chartists will get caught out.

I agree. It is going to be a lot worse than the property bulls expect ;) Would be worse already if the government/BoE were not printing money to bail out the banks. But it looks like they have stopped that madness now. Next leg down is about to begin ;)

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So they want as much as they can get for their house - where's the crime? If you don't like their terms find another house.

This is highly likely to be a crime, though it is difficult to prove. Let's recap: The agent passed on the OP's offer and the vendor was likely to have been delusional about his assumed value, and therefore insulted by the offer. He probably told the agent to tell the buyer to F off. The agent translates this and politely tells the buyer his offer was not up to the mark, but do call back as we have other properties etc etc.

The vendor lets time pass and after other possible offers equally dismal or perhaps no offers at all, he begins to panic and 'phones up the agent, telling him to get off his backside and asking why there are no takers - after all the agent "valued" his house at the "correct" price.

The agent, now under pressure to appease his vendor and knowing there is at least one buyer who might still play the game, engineers a fantasy scenario by inventing a mythical buyer from whose fictional offer he can now promote a Dutch Auction. The first thing to do in this situation is to immediately enquire of the agent if he has written records of the offer and the name and address of the other buyer. Of course the agent is, prime facie, not compelled to reveal this, and indeed might well be breaching the Data Protection Act in doing so.

But that one question gives the OP the opportunity to gauge the pitch, tone and mood of the agent's voice by putting him on the defensive. As likely as not the agent might be lying through his teeth and this could be quite easy to pick up.

In essence, I smell a rat.

Edited by VacantPossession

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