Estate agent making up bids

[perplexed 10]

I suspected an agent of doing this to me years ago, and I also suspected collusion on the part of the vendors. So I kept "bidding" up to about £16K above the asking price, then bailed out, letting the "imaginary" buyer have it.

 

It was still on the market 6 months later. Every time I drove past, I nearly wet myself laughing. Serves 'em right.

[Cyclone 10]

Its called gazumping and its standard practise

 

3 years ago yes.

 

Edit - also, gazumping is making a higher offer on a house that has already got an agreed sale.

Estate agents making up bids is called lying and fraud, and it's not standard practice, or at least not if they get caught as they can't sell houses from jail.

[mosaic 10]

Thank you so much for your advice. I'm afraid when I heard about this "friend" I panicked, and I'm embarrased to say I offered some money over the asking price on fixtures and fittings. This offer was accepted.

 

I know, I'm stupid. Now that I have a clearer head, I feel I've been taken in big style, as quite clearly this "friend" was probably never in the picture. In my defence, I can say there are quite few houses of this size in the area, and it is ideal for my family for a number of reasons. We really want it. Also, all in all is not really overpriced, even in the current market; but still, I feel the vendors got this price from us through deception.

 

Now my question. As I have only agreed to this money on fixtures and fittings on the phone, is there anything I can do anything about it now? I feel awful about going back on my word: I have never done it and it feels wrong. On the other hand, I think this is appalling professional practice, although this "friend" idea could have come from the vendors and not the EA.

 

And of course, there is also a possibility that this friend does exist, and that we could potentially lose the house for the sake of a small amount of money. What do you think? Should I just swallow my pride and turn a blind eye?

Edited April 3, 2009 by mosaic

[watchcoll 10]

nah, i think you should go back with a lower than asking price offer (lower than you gave before) and tell em you have seen another property that has also taken your eye and are reconsidering over cost etc

 

play em at their own game.

 

it sounds like the friend never existed. if they refuse that offer then go back with your original at asking price and then tell em you wont budge from that.

[ukdobby 223]

Thank you so much for your advice. I'm afraid when I heard about this "friend" I panicked, and I'm embarrased to say I offered some money over the asking price on fixtures and fittings. This offer was accepted.

 

I know, I'm stupid. Now that I have a clearer head, I feel I've been taken in big style, as quite clearly this "friend" was probably never in the picture. In my defence, I can say there are quite few houses of this size in the area, and it is ideal for my family for a number of reasons. We really want it. Also, all in all is not really overpriced, even in the current market; but still, I feel the vendors got this price from us through deception.

 

Now my question. As I have only agreed to this money on fixtures and fittings on the phone, is there anything I can do anything about it now? I feel awful about going back on my word: I have never done it and it feels wrong. On the other hand, I think this is appalling professional practice, although this "friend" idea could have come from the vendors and not the EA.

 

And of course, there is also a possibility that this friend does exist, and that we could potentially lose the house for the sake of a small amount of money. What do you think? Should I just swallow my pride and turn a blind eye?

 

If you def wanted it I think you did right,there was a chance you could have lost it and now you have it,at the end of the day its about what your dream house is.

[chris24747 10]

i am in this situation at the minute...

 

-rang up saturday for a second viewing on a house, also asked if there was any interest, feedback etc. EA said mainly negative feedback, and NO OFFERS.

-i look at the property, by this time EA has closed.

-ring up monday (5 business hours after last call) to put an offer in 9k below asking. i get told that someone put an offer in LAST WEEK for 7k below. So thats conflicting info already!

-i put in 6 below (got rejected) so went to 5k below.

-then i get told yesterday that i have been outbid by 100 quid!! which seems a small increment, so once again i have upped it.

 

However i am very suspicious of being ripped off by the EA.. some things just dont tie up and this place has been around since last October on and off. My feeling is that the EA is just trying to nudge me a bit higher. should also mention something very similar happened on a previous property which i pulled out of in the end.

 

any thoughts?

[scottf 21]

I would drop my price again and tell them to get stuffed- they are obviously lying to you in order to get there commission up.

[perplexed 10]

You could always leave your offer on the table, but tell 'em it's for a limited time only, say a week. Gives them time to come to their senses, and for the "other buyer" to "drop out". Saves their face, and you get to pay the price you want to pay.

[mikeydolenz 10]

does not surprise me they wanted nearly £5k to sell my house!

[L00b 441]

I'd combine scottf

I would drop my price again and tell them to get stuffed- they are obviously lying to you in order to get there commission up.

with perplexed

You could always leave your offer on the table, but tell 'em it's for a limited time only, say a week. Gives them time to come to their senses, and for the "other buyer" to "drop out". Saves their face, and you get to pay the price you want to pay.

by reverting to your £7k-under-asking level, valid-for-a-week-then-deemed-withdrawn.

 

As main (and single) justification, I'd be as brunt as needed and just tell the EA that the sequence doesn't tally:

(i) Offer of 9k, get told at same time an offer of 7k has been made within 5 working hours spread over a weekend, which moreover is inconsistent with the information they gave you in the first place

(ii) Improve that by £1k but get rejected (not outbid?!?)

(iii) Improve that by £1k again but get outbid by £100 (how did the 'other buyer' happen to know so precisely at what level to pitch their offer?!? I've yet to deal with an EA who will tell me what they 'other buyer' has offerred, at any rate with enough precision that I can outbid by a mere £100!)

 

Basically, call them liars to their face, but keep an offer in so they can swallow their pride and still go after their commission.

Edited July 8, 2009 by L00b

[chris24747 10]

as said before i upped it by £500 to £4500 below asking.

couple of notes:

when i put 6 below in they said it might take 1 or 2 more grand.

whenever the 'mysterious bidder

 

get this: they rang me today and have said the seller wants £2k below asking 'to fit in with their budget plans'

no word of this 'mysterious bidder' either...

 

ive backed off at this stage.. someone is messing me about, either the seller or EA. my guess is the EA!

told them my last offer stands but they cant keep asking for a bit more and a bite more after that!

Edited July 8, 2009 by chris24747

[scottf 21]

I would follow L00b's advise- revert back to your old offer and tell them that its there for a certain period.

 

Is there any chance you can call the seller directly and explain the situation to them and see what they say?