AIBU to think this Estate Agent's behaviour is unethical

[albertcamus]

(Warning : I KNOW it's none of my business, but I care about his interests & welfare)

Our neighbour of many years is a shy, kind, old-fashioned, honourable guy. He lives in a small starter home & would like to move to a bigger house with a garden now that he's married. He contacted one EA (from a large local chain), who came out & told him she could find a buyer immediately; within 24 hours an offer was made by a man whom she introduced as her partner, who wants it as Buy To Let. He shook on a price (which was the same as a similar house in the same road was sold for back in April). He has tried so hard to find a property in our area that is a step up the ladder, but cannot find/afford anything if selling at that price. I gently suggested that it should have been marketed more widely, but he said: 'My word is my bond'. He's now looking at a tiny house 40 miles away which would mean a nightmare & expensive journey to work for both of them. He is really stressed over the situation.

AIBU to feel that this EA has been unethical & has not acted in his best interests ?

Since when do EA act in anyone's interests except their own?

YANBU

An unethical Estate Agent? Whatever next?

Seriously though, I'd suggest your neighbour gets another EA (or two) around to price his property before he agrees to this - it definitely does sound rather dodgy.

What has the ea done that is unethical? Neighbour accepted an offer, is struggling to find somewhere to buy. Not the ea's fault?

That doesn't sound great. If you wanted to help him, I wonder if you could contact other estate agents for an informal "ball park" idea of what a house like his would go on the market for at the moment. Then (assuming that's a hell of a lot higher figure) tell him and let him know how much he's being ripped off by. In those circumstances your word doesn't have to be your bond and it's ok to change your mind.

It sounds like the EA has been open about her relationship to the buyer and the price agreed is based on a similar, recently-sold property, so I'm not sure she's really done anything wrong.

That's a good idea, PP I could will tell him that our adult DC have been told to expect to pay £20k more, minimum in this area (true).

Thanks to all for your thoughts, your sardonic wit is appropriate !

tell him to log onto zoopla and put his post code in, then select his house number - it will give him a better ball park figure of the current value.

then suggest that while he may be honorable, not everyone is - and is he will to let himself and his family be ripped off in order to let this EA cherry pick properties before they have even been put on the market.

www.zoopla.co.uk/home-values/?search_source=top_nav

I also bet it will be back on the market quicker than you can say 'Gotcha'

"Also, shaking on a price does not a contract for the sale of land make, they have to be in writing. Up until exchange he has no moral or legal obligation to go through with it if he has been conned."

No-one has suggested otherwise, have they? If OP's neighbour wants to operate on the basis of "my word is my bond" that's his prerogative.

Thanks all

Feck according to your linked Zoopla, it is estimated at 10k more than has been agreed, I am going to tell him this

I agree with you Idiot it's a sad world where seemingly unethical behaviour prevails over a kind & decent person

so he's an 'old fashioned' type who has been taken advantage of by the EA....i would go and get him valuations from other EA's and then also tell him that he owes himself and his his future family ( i presume that is something they want?) a decent family home - which he will not get if he allows himself to be ripped off.

Anyway, as his whole point of selling is to upscale then how does he think he can afford that if he's not selling for the most he can get for it? i'd also put in a complaint about the EA - she must have spotted him a mile away and knew exactly how to manipulate him

Not unethical. She was open about her relationship, said she had a buyer lined up - easy quick sale. If that is what he wanted then everyone is happy.

If he wants more money and is happy to go through the whole marketing/viewings/ offer/ negotiation etc process - then that is his choice.
Depending on how much more he thinks he could get - it is a reasonable trade-off.

I sold my flat at slightly below market price as it was empty and a long process would have cost me money. I could possibly have got an extra 10K but I couldn't do the viewings and didn't want it empty for four or five months.

However if your neighbour is not in a hurry and is happy to go through the process then he should try for more money.

Happy to help- remember it is an estimate - based on number of rooms, average value for area etc - if he has made any improvements and its in a better than average condition it may be worth even more. House prices have been on the move again recently - not shooting up, but demand is high and people are moving.

That's true Sugar he was putty in her hands

I can see what you're saying Orange, he's not the type to negotiate

I'm hoping he realises from the Zoopla approximation that he could do better

Not unethical. Presumably she sold it privately not actually through the estate agent, so she's saved the vendor a lot of time and thousands in estate agent's fee. It's his own lookout if he didn't get it valued properly.

You are good to look out for him though. And if you do think he could do better it is kind of you to try to help him.

It's almost certainly a violation of the Code of Practice the Estate Agents are signed up to (they have to be signed up to one) All of them require any agent who introduces an associate to remove themselves from the transaction.

YANBU, It's utterly inappropriate, how big is the agency, can you talk to someone else in it, to just warn them right off and that you are looking out for your neighbour.

Also find the code of practice the EA is under, and show the parts to the NDN and why he's getting taken advantage of.