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Zante

Dodgy Ea - What's Going On?

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So I set about making an offer on a 2 bed apartment last year, my offer was accepted in October. My solicitor and I have had things sorted for months, waiting to exchange contracts. A few days ago I sent a letter to the EA stating that in light of the delays and market changes that I intended to reduce my offer. I then received a response stating that my frustration was understood and that the delays were due to the management company in charge of the freehold not being forthcoming with critical information and that everything should be ready by the 18th of Feb.

I received a letter from my solicitor on Friday stating that the owner (leasehold owner) could not move to completion after the 11th of February and that we should commit to an exchange sorted before then!

My response to that was to write back to the EA (today, on Sunday) stating that I have decided to commit to the intention of lowering my offer in light of delays, market changes and a short term deadline being placed on the availability of purchase. It being Sunday, I did not expect a reply to my email until Monday. I was checking rightmove, with the property bee extension, about 10 minutes ago and see that the EA has put the property up for sale/listed as available again. I have yet to receive a reply back from him.

If the current owners cannot move to completion after the 11th of Feb, re-listing it doesn't seem like a useful strategy. More like the EA trying to keep the prices from falling through the market. I've sent a letter to my solicitor stating that I want ALL parties fully informed of the recent events and that I expect a duplicate of the letter the estate agent 'intends' to send to the current owners reflecting my reduced offer.

On a similar note, I saw that the property hadn't had its availability changed to 'sold' until around mid-Jan.

Have they been trying it on and are they breaking any laws by doing so?

Edited by Zante

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So I set about making an offer on a 2 bed apartment last year, my offer was accepted in October. My solicitor and I have had things sorted for months, waiting to exchange contracts. A few days ago I sent a letter to the EA stating that in light of the delays and market changes that I intended to reduce my offer. I then received a response stating that my frustration was understood and that the delays were due to the management company in charge of the freehold not being forthcoming with critical information and that everything should be ready by the 18th of Feb.

Something doesn't ring true here (rereading it again, many things don't ring true here!).

Firstly the average STC transaction time is 10-12 weeks. You've had the christmas shut down and you're buying a leasehold which is always more complicated for solicitors, so you shouldn't be getting antsy yet. If "the delays were due to the management company in charge of the freehold not being forthcoming with critical information" on the house you are buying then you and your solicitor couldn't possibly have been ready to exchange and couldn't possibly "have had things sorted for months".

It is perfectly reasonable to allow someone a fortnight between exchange and completion, to organise for packing and get time off work. To make it sound that your vendor is being unreasonable is disingenuous.

My response to that was to write back to the EA (today, on Sunday) stating that I have decided to commit to the intention of lowering my offer in light of delays, market changes and a short term deadline being placed on the availability of purchase.

You are nothing more than a cheap lowlife gazunderer, waiting until the eve of exchange to scupper the deal and renege on previous agreements! The delay has not been unreasonable and as an HPCer you should have been more than capable of factoring any anticipated drops in your original offer.

It being Sunday, I did not expect a reply to my email until Monday. I was checking rightmove, with the property bee extension, about 10 minutes ago and see that the EA has put the property up for sale/listed as available again.

Good for him, he has called your bluff and now you are getting worried.

If the current owners cannot move to completion after the 11th of Feb, re-listing it doesn't seem like a useful strategy.

The agent and vendor don't trust you, your word is now worth less than an Irish gilt. The vendor clearly now can't afford to buy the property they were buying or doesn't want to take a hit off you and is looking for a fresh buyer.

Have they been trying it on and are they breaking any laws by doing so?

Are you for real? You are the wrong-doer in this situation. If you still want this flat, I suggest you phone the agent in the morning, apologise for your actions and see if the vendor still wants to sell to you!

:angry: :angry: :angry:

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Absolutely, I don't want the property anymore at the original asking price. I was perfectly prepared to swallow the bad deal until they started imposing deadlines on me after I said I might reduce my offer!

180k for 2 bedrooms ;) hardly. Especially when in the last few months prices have fallen by an average of 5k in that area. You are right about one thing though, my solicitor couldn't complete their report until after they received the remaining information. Not to mention the recycling plant being built down the road, no one told me about that until after I got the results from the environmental survey.

I wont lose sleep over this, I just want to make sure everything is done by the book.

Ps. Are you an estate agent, as your name suggests. If anything, I'm calling their bluff?

Edited by Zante

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Management companies are often notoriously slow. Some are better than others. One national company based in Hertfordshire manage blocks all over the uk and I have first hand experience of how they take WEEKS and months to even reply to asimple call/query when something needs attending too such as a dodgy door catch on acommunal entry door. That matter took 12 weeks to even get a man out to see plus afurther 8 weeks before it was fixed. I will name them - they were called CPM. And are now RMG.

When you come to sell and need info from them it took my solicitor 8-9 weeks to get info needed from them. At this time of year they will be hopelessly slow as it is the time of renewals ie paying money for this year and your solicitor will have wanted accounts info for recent year in hand which they willnot yet have, as your solicitor will be trying to ensure last years costs are finalised as he will have to get a sum of money to be kept from your seller to protect you from amy late costs that appear - without thus being done you will be liable for costs incurred before your ownership.

Rest assured last years costs can still be accrued for most of this year until they get finances finalised.

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Absolutely, I don't want the property anymore at the original asking price. I was perfectly prepared to swallow the bad deal until they started imposing deadlines on me after I said I might reduce my offer!

180k for 2 bedrooms ;) hardly. Especially when in the last few months prices have fallen by an average of 5k in that area. You are right about one thing though, my solicitor couldn't complete their report until after they received the remaining information. Not to mention the recycling plant being built down the road, no one told me about that until after I got the results from the environmental survey.

I wont lose sleep over this, I just want to make sure everything is done by the book.

Ps. Are you an estate agent, as your name suggests. If anything, I'm calling their bluff?

Yes I am an estate agent. Gazunderers like you make my blood boil. Why should anyone have mentioned the recycling plant? Agents work for the vendor - that is what searches are for.

I was perfectly prepared to swallow the bad deal until they started imposing deadlines on me after I said I might reduce my offer!

Well clearly you weren't or you wouldn't have said you might reduce your offer. I notice they started issuing the deadlines after you threatened them.

You should either exchange at the price you agreed or withdraw.

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Yes I am an estate agent. Gazunderers like you make my blood boil. Why should anyone have mentioned the recycling plant? Agents work for the vendor - that is what searches are for.

Well clearly you weren't or you wouldn't have said you might reduce your offer. I notice they started issuing the deadlines after you threatened them.

You should either exchange at the price you agreed or withdraw.

I actually wrote a brief reply to the EA, after he responded to my initial statement of intent to lower the offer, reading "I'll hold on a bit longer then". It was after my solicitor came back to me with a 'forecast' (deadline) that was earlier than as stipulated by the EA that I decided I'd had enough ********.

You're an estate agent, it's your job to be economical with the truth/lie. I don't expect useful advice from you.

Edited by Zante

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I just looked up what "gazunderer" actually means, you're talking out of your pooper. I intended to lower my offer before a definite completion date, not at the last minute. They're the ones attempting to trap me into acting out of haste.

Go con someone else out of their money. Trying to make me feel bad...bloody hell. I'm sympathetic to the owner's plight but I'm not going to put my finances at stake.

Edited by Zante

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Yes I am an estate agent. Gazunderers like you make my blood boil. Why should anyone have mentioned the recycling plant? Agents work for the vendor - that is what searches are for.

But I bet, regardless of what you'll say now, you had no problem with gazumping when it was all the rage... <_<

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Yes I am an estate agent. Gazunderers like you make my blood boil. Why should anyone have mentioned the recycling plant? Agents work for the vendor - that is what searches are for.

First two sentences, fine (though I hope you said the same of gazumpers when they were in fashion).

Third and fourth sentences - that's a lot of what's wrong with the whole business, and stresses everyone out. Withholding information just imposes costs and delays. If my search turns up something I don't want to live near then at the very least your client (as well as me) have both wasted our time, and whatever we've spent[1]. You're saying you deliberately make the whole transaction more difficult!

[1] unless perhaps your client is totally dishonest and continues to market the house after accepting an offer.

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Hi All,

Quick question. Do Estate agents have to confirm all offers by letter? What happens if the owner of the property is an estate agent?

The reason I ask is that I made a slightly cheeky offer on a property that I had seen on sale for a while, I offered 250 , it's on at 300 (by an independent agent who always over values properties). The EA got really aggressive and told me that I was way off mark. I argued that it was a buyers market and I was making a genuine offer with a mortgage in place and could complete swiftly.

I want the letter for my records. Am sure they have to keep records of such things as well.

What do you think?

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Hi All,

Quick question. Do Estate agents have to confirm all offers by letter? What happens if the owner of the property is an estate agent?

The reason I ask is that I made a slightly cheeky offer on a property that I had seen on sale for a while, I offered 250 , it's on at 300 (by an independent agent who always over values properties). The EA got really aggressive and told me that I was way off mark. I argued that it was a buyers market and I was making a genuine offer with a mortgage in place and could complete swiftly.

I want the letter for my records. Am sure they have to keep records of such things as well.

What do you think?

This is exactly what happened to us 2-3 weeks ago. We offered, increased the offer and a week later had still not had anything in writing so we suspected something fishy going on - the agent who was driving round in his liveried company mini was obviously ignoring the matter of writing to us .... so we dropped an email to them and reminded them that we had not heard anything from them in writing in respect of the offer, and that the offer remained in place for a further few days. Whereupon 3 hours later a hand delivered letter arrived ......

We have still yet had no further response follow up call from the agent - and cannot contact the vendor either - and the property still sits empty and has not appeared on any rental lists again, and is not listed as sold etc.

We are going to wait until 28 days have lapsed and then contact the agent at 25 days and say the offer will still stand for a few more days - ie to the 28 day mark and after that we will offer a different figure to reflect the monthly drop in market. If the agent is to be believed, we have been told that we are currently around 5-7k short of what they are after, but our offer is 6% below their asking price. If we get it, at the price we have currently offered, it would be the same as it was purchased for new at the peak.

So we understand from speaking with a (now retired) surveyor that our price is more than fair for the market and in view of the property needing a complete redecorate throughout and some other minor repairs etc as a result of it having been rented out for over 2 years to at least 3 different rental people.

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So I set about making an offer on a 2 bed apartment last year, my offer was accepted in October. My solicitor and I have had things sorted for months, waiting to exchange contracts. A few days ago I sent a letter to the EA stating that in light of the delays and market changes that I intended to reduce my offer. I then received a response stating that my frustration was understood and that the delays were due to the management company in charge of the freehold not being forthcoming with critical information and that everything should be ready by the 18th of Feb.

I received a letter from my solicitor on Friday stating that the owner (leasehold owner) could not move to completion after the 11th of February and that we should commit to an exchange sorted before then!

My response to that was to write back to the EA (today, on Sunday) stating that I have decided to commit to the intention of lowering my offer in light of delays, market changes and a short term deadline being placed on the availability of purchase. It being Sunday, I did not expect a reply to my email until Monday. I was checking rightmove, with the property bee extension, about 10 minutes ago and see that the EA has put the property up for sale/listed as available again. I have yet to receive a reply back from him.

If the current owners cannot move to completion after the 11th of Feb, re-listing it doesn't seem like a useful strategy. More like the EA trying to keep the prices from falling through the market. I've sent a letter to my solicitor stating that I want ALL parties fully informed of the recent events and that I expect a duplicate of the letter the estate agent 'intends' to send to the current owners reflecting my reduced offer.

On a similar note, I saw that the property hadn't had its availability changed to 'sold' until around mid-Jan.

Have they been trying it on and are they breaking any laws by doing so?

I'm in exactly the same position as you, except in my case the vendor's see me as the guilty party because I won't exchange in spite of the MA's inability to provide me (via them) with copies of previous year's accounts.

(and no they haven't broken any laws)

tim

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Management companies are often notoriously slow. Some are better than others. One national company based in Hertfordshire manage blocks all over the uk and I have first hand experience of how they take WEEKS and months to even reply to asimple call/query when something needs attending too such as a dodgy door catch on acommunal entry door. That matter took 12 weeks to even get a man out to see plus afurther 8 weeks before it was fixed. I will name them - they were called CPM. And are now RMG.

Thanks for that useful information.

This is the company giving me the run around and one of the problems that I thought was causing the difficultly was the change of management company.

Now I know that they are the same company .....

tim

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Estate agents are legally required to make the offer in writing. Don't trust them though as a lot of the time they don't. It happens mostly when the owner is difficult to contact (renting out the flat he intends to sell). DEMAND that the offer be put in writing and that a duplicate be sent to your address. Short of that, see the owner of the property, ask if they received the offer and, if not, arrange to do it all via your solicitors if it seems reasonable to them.

Estate agents are not on your side, their only agenda is to make as much money from an exchange as possible. If they can't even do what is legally required of them then take them out of the picture, it's sufficient grounds to. A lot of the time these people need pushing around.

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But I bet, regardless of what you'll say now, you had no problem with gazumping when it was all the rage... <_<

exactly my thoughts. With gazumping the EA know it is odds on they will still get a sale and may earn a little extra cash in the process. With gazundering it is highly likely the deal will collapse and the EA won't get paid.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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