Is the estate agent screwing my mother?

[dodgyestateagent]

DM, who is elderly, has just had to put her family home up for sale, she is moving to assisted living. She is 78 and has lived in this house for over 50 years - my father's recent passing has meant she can no longer cope with the house by herself. She has no idea about market value, valuations, selling a house, so we have been dealing with the estate agent ourselves.

The house went up for sale on Friday, and we were told it was inundated with interest. So much so that the estate agent held an 'open viewing' for viewings on Saturday, for one hour. We were told that over 200 people had come to visit the house!

We've just been told the highest offer, and it's below what would be expected for the area (we are South East, detached, 3 bedroom, large south facing garden). Especially since he said they'd been inundated with viewings and interest. When we queried the estate agent on how he got the offers, he told us that due to having so much interest, he was doing an anonymous 'best and final offer'. The highest offer (and best position) we've been given is supposedly the highest of all of the 'best and final'... However, when we enquired whether or not he'd gone back to any of the other interested parties to see if they'd like to improve on it, he said he hadn't to ensure 'fairness for everyone involved.' It doesn't seem like he has tried to get the best price for my DM. Myself and DH have purchased a couple of properties, and each and every time we've been told about other 'higher offers' and been asked if we'd like to improve on our offer... It just seems a strange way of doing things and I am worried the estate agent has got some sort of back hander going on... AIBU?

If he's selling to a mate for development the fees he'd get when selling the flats will more than cover the loss he's make on a lower offer sale.

‘Best and final offers’. Note the words best and final. That’s why the estate agent hasn’t gone back to the other bidders to improve their offers. Standard practise when selling a house like this, so in that respect the estate agent isn’t trying to screw your mother.

However estate agents tend to be economical with the truth. Your Mother needs to hold out for the price she wants and not be swayed by any of the estate agent’s BS.

If it doesn’t sell maybe consider an online estate agent in future. My sister sold her house through Purple bricks. The offers came directly to her from the buyers via an online Portal, where she got the chance to decline or accept them.

Tbh just get a further valuation. If you aren't happy with the price then say you will wait til you get what want for it

Ok - hitting the ground running here - not rtft but -

FFS. The guy has to show you on paper or by email every offer. He can't have his own little 'best and final' and then tell you the result. WTF??????

Of course not. This is a major asset. Don't fuck around. Stop any sale and get this sorted.

And sell it for more.

Maybe he’s trying to bag a bargain for himself.

@dodgyestateagent

To say I am livid in an understatement...

Got a friend to ring up today and put in a higher offer. She was given the same spiel about needing to put a 'best and final' offer in straight away as the property has had so many offers and is so popular. The estate agent then did his very best to put my friend off . He told her that she should 'only offer what's she's absolutely happy with, she's got to feel comfortable with her offer and not to go above that'. Even worse, he told her that 'the elderly woman who lives there needs to find somewhere else to live, therefore it won't make the stamp duty holiday, and to bear that in mind when she puts her offer in'... DM is going into assisted living, so that is a flagrant lie to put potential buyers off!!

So shocking OP! I hope you’re going to sack him. He doesn’t deserve a second chance. You should give him an honest review online, too.

This sort of behaviour needs to be named and shamed so other more vulnerable people don’t fall for the scam. How utterly despicable.

And review online too. People get away with these scams because people don’t share this info.

But honestly - and I know I said it before upthread - this sounds like it’ll be an easy sale. I would do this yourself with an online agent. You’ll save the agent fee and have ALL the control. You’ll have to do the viewings though, but it sounds like that’ll be only one Saturday afternoon of work as it is such a desirable property.

Just seen your last update 😲 make sure you report the greasy fucker!

200 people in one day, let alone one hour, is pure bollocks. How could they even do safely social distanced viewings for that many people in that time?

ask him to forward to you all the offers he has had

Jesus, he sounds like a right shady one! Can you change estate agents?

In recent times I have undertaken a number of property transactions. I have never met an estate agent I genuinely liked, or one that i thought was wholly ethical, and I have seen some evidence of attempted fraud. So I would test, check and challenge what ever I was told, and I would also hold out for a price you are comfortable with, and it is a good market to be selling in just now.

@dodgyestateagent

Nope.

Do not go with what is patently an undervalued property.

Estate agents can and do sell houses cheaply for a quick sale often to their mates.

You are right to be suspicious.

Sounds like you are being played.

Wow. Just clicked this thread. So angry on your behalf.

Do's best friend is an ea and would never behave like this. Then again, only the mediocre need resort to dishonesty.

@Doris86

‘Best and final offers’. Note the words best and final. That’s why the estate agent hasn’t gone back to the other bidders to improve their offers. Standard practise when selling a house like this, so in that respect the estate agent isn’t trying to screw your mother.

However estate agents tend to be economical with the truth. Your Mother needs to hold out for the price she wants and not be swayed by any of the estate agent’s BS.

If it doesn’t sell maybe consider an online estate agent in future. My sister sold her house through Purple bricks. The offers came directly to her from the buyers via an online Portal, where she got the chance to decline or accept them.

The vendor did not ask the agent to sell the property on this basis.

Best and final offer is all very well, but it was the first day the property went up for sale. Accepting a best and final offer on day one was not what was agreed between the vendor and agent.

The agent is supposed to be acting on behalf of the vendor to negotiate and obtain the highest possible price, not knocking it down to the bidder of their choice on the day it goes on the market,

The OP's mother isn't dealing with the sale, the OP and her DP are doing it on her behalf.

Did you give them sole agency for a period of time ?

But even if you did I would get some other agents in for up to date valuations in preparation to change .

What an arsehole! Preying on an elderly, vulnerable woman. Thank goodness you’re on to him OP. I’d plaster social media with reviews of this charlatan 😤

Wouldn't be at all surprised if the estate agent was buying it himself.

Def get friend to put in higher offer and see if gets to you

We have bought a 4 bed property less than 2 years ago in Teddington for 550k. It was in a very bad state, but since then we insulated the house from outside, insulated the attic, changed roof over extension, rewired, changed Lino flooring into oak wood and porcelain tiles, new bathrooms, new kitchen, replastered walls and ceilings and put a beautiful bifold doors to patio.. according to property price index, the value of property went up to 588k (did not take into account any work we did), but in the meantime we had 3 estate agent valuations between 680k to 735k (this one last week).
As we are planning to remortgage soon, we requested property valuation from our current mortgage providers, for which we were charged over £500, and we estimated the property value at 700k based on previous valuations. They sent a 20-sth year old girl who obviously was very inexperienced (she asked whether the house was built in 1998, when it is built in 70s and previous surveyor even gave us an exact year based on the specific way it was constructed). I can add that the house is in Teddington 5 minutes from Thames and bushy park, so definitely not an area that decreased in value recently. We got valuation updated today to 580k!! Less than what property price index would suggest!!! And after all the extensive renovations we did.
I called the bank and asked whether they can request a reasoning behind going that low, especially that the house next door is on the market for over 700k, but they refused to do anything or provide any details behind this valuation.
AIBU thinking that since I paid £500 for this valuation, I should have a document showing the reasoning behind it?
What do I do now? Can I put a complaint? I think it is just a blatant incompetence OR bank trying to get more expensive mortgage out of me. Anybody can advice ? Mumsnetters, please help, I am just gobsmacked!

Apologies, I thought I was creating another thread:(

@ klaudiagal.

I had the exact same issue last year when I was remortgaging. The mortgage company came back with a ridiculously low valuation - I disputed it with 3 properties all within 500 yards that were similar and had either sold within the last 6 months or were currently on the market with way higher prices. The mortgage company refused to budge. They also wouldn’t allow us to see the surveyors report or speak to the surveyor. I think it is a huge racket run by the mortgage providers to deliberately under value properties to push you into the higher loan to value brackets and higher mortgage rate. It’s a total con.