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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Is the estate agent screwing my mother?

371 replies

dodgyestateagent · 12/04/2021 20:06

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?

OP posts:
Dindundundundeeer · 13/04/2021 21:45

There is no ‘fair’ in house buying!

2ndtimemum2 · 13/04/2021 21:46

Wow op.i would be fuming!!

Angrywife · 13/04/2021 22:08

We got a lot of offers for our house so with our agreement, the agent went to all prospective buyers and asked for their best and final offers.
Surprisingly, some reduced their offer! So lower than expected is possible, but as others have said, I would definitely be questioning his side of events

TheDogsMother · 13/04/2021 22:08

I heard a story with a friend where her elderly mother was selling her house. It turns out the buyer had links with the estate agency, got the house at a good price, developed it and sold iat a good profit. My friend tried to take it to court but got nowhere.

ceilingsand · 13/04/2021 22:13

I'd suggest your mum withdraws from the sale. No sale, no fee. Someone else will do a better job representing her.

EvilPea · 13/04/2021 22:16

Fucker.
This makes me so cross. I rent and would love to buy and families who would love that house are being screwed over as much as your mum.
It’s so shit.

FartleBarfle · 13/04/2021 22:38

I really hoped from the title that this thread was going to go in another direction. I clearly have a dirty mind!

Mummyyyyyyyyyy · 13/04/2021 22:48

@Klaudiagal @Tooshyshyhushhushioi
Refer to banking ombudsman?

Klaudiagal · 13/04/2021 23:19

@Tooshyshyhushhushioi

@ 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.

Thank you! They are disgraceful!
Klaudiagal · 13/04/2021 23:20

[quote Mummyyyyyyyyyy]**@Klaudiagal* @Tooshyshyhushhushioi*
Refer to banking ombudsman?[/quote]
Sounds about right. Thank y ok for suggestion, will do!

fairydustandsparkle · 13/04/2021 23:40

[quote Mummyyyyyyyyyy]@Klaudiagal @Tooshyshyhushhushioi
Refer to banking ombudsman?[/quote]
@Klaudiagal Your complaint does not relate to your existing or prospective lender. It arises from the valuation which has been instructed by the lender. Although the valuer is acting on behalf of the lender, it will usually be an entirely separate company acting (as an agent). The bank will be unable to change the valuation. I think your complaint/query will be better directed to the Property Ombudsman. Or if not, they will be able to point you in the right direction

RandomMess · 13/04/2021 23:54

He is so definitely selling it cheap to someone he has connections with AngryAngryAngryAngry

Tooshyshyhushhushioi · 13/04/2021 23:56

@fairydustandsparkle I do wonder though why they will not permit us to see the surveyors report or to be allowed to give his contact details. I honestly think they have taken his report knocked off 20% than then issued that figure as “their” valuation as opposed to the surveyors valuation. This is a large, very well known and major player in the mortgage/banking industry

londonscalling · 14/04/2021 02:42

Get a friend to pretend to put in a very high offer. Ask the agent to make contact with you immediately to get your thoughts. See if he does!

Sjdmcfeet · 14/04/2021 03:03

I thought this was a thread about your mum having an affair with an estate agent lol

Overdale · 14/04/2021 04:26

Open House viewing is contrary to Government Covid guidelines, if the Agent is not respecting the interests of prospective buyers then it is likely that the Agent is probably not respecting the interests of your Mother. Take control of the process, the Agent should be working in the best interests of your Mother

84wood · 14/04/2021 06:41

So sorry to hear. Must be terribly stressful for your poor mother. Something very unusual here. Bought and sold multiple times and this is not correct. Sack the agent and rehire a new one. You’ve lost confidence and I certainly wouldn’t trust during the selling process. Good luck

vickyq1983 · 14/04/2021 06:46

I've not read the whole thread but I'm in the south east and houses are selling over the asking price at the moment. I'd consider a new agent.

DobbyTheHouseElk · 14/04/2021 06:55

@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 Shock. 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!!

Bloody hell. I hope you sack him.
msgreen · 14/04/2021 07:30

HE IS I am sure from what you have said .ripping her off,I used to be an estate agent, ( a good one not a shark) this is not right get some help ask around any friends contacts etc
get 3 different valuations, use a bigger agent even if you pay higher commission you will get more over all anyway in this situation.
the market is so so hot now,
re .Offers.. they all need to be qualified ie have the buyers got a mortgage

offer in place . if cash buyer ok to ask for proof etc bank statements
buyers lie...
bad agents lie..all the time
I wouldn't allow any in person viewing until they are in a position to
proceed.
Its likely that the current agent ,has a mate/devloper who will give him a kick back it is awful but happens all the time.
trust your gut, get on it now, don't be fearful you can do this ,don't leave it to your mum, help her stay clam ,it will sell the agent will spout some
rubbish about getting it done quickly before stamp duty holiday ends or anything to hang on to the listing.
I wish I could help guide you though this, Good luck

Judith3012 · 14/04/2021 07:59
Smile
AWamBamBoom · 14/04/2021 08:02

@vickyq1983

I've not read the whole thread but I'm in the south east and houses are selling over the asking price at the moment. I'd consider a new agent.
Vickyyq1983 is quite right, obviously we don't know where you are but just to give you some perspective, I'm in the SE and people are resulting to asking on local FB groups if they know of anyone who is thinking of selling /houses coming onto the market etc
Roszie · 14/04/2021 08:43

My BIL in the SE put his house on the market at the weekend and sold the first day at 10k over asking.

It's a nice 4 bed but next to a failing school so we were all surprised.

stablefeet · 14/04/2021 08:43

There are companies who specialise in sourcing properties for BTL investors. They have teams of property sourcers who work on commission and cultivate profitable relationships with estate agents. Yes, the agents will do devious things to get extra money from these people and yes the properties do get sold under value. I know this because I attended a seminar on property sourcing from one of the biggest companies in this business. Op's mum is exactly the sort of person they would see as an easy target.
Op - get this deal stopped now and find another agent.

Nightshade26 · 14/04/2021 08:56

I'm also in the SE and it's unheard of for anything to be going so low at the moment. Everything is going over the asking price and reasonably priced properties aren't hanging around for long. Absolutely find someone else to represent this sale, this sounds beyond corrupt. Also, leave a terrible review for this company online once you get away from them. I wouldn't be surprised if others have suffered the same way as you.