Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
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:
titchy · 12/04/2021 20:21

@Slippy78

'Best and final offers' means exactly that. There's no point in the EA calling it that if they are then going to accept further offers...

The EA has done nothing wrong, it's a common method of selling when there is a lot of interest.

Best and final is perfectly reasonable IF THATS WHAT THE VNDOR IS HAPPY WITH. If vendor agrees then each interested party should be given say three days to submit their best offer. THEN ALL HAVE TO BE PRESENTED TO THE VENDOR. Then the vendor makes the decision.

It is clearly very dodgy if they have asked for, received and selected the 'best' offer in less than one working day, without consultation.

200 people through within an hour isn't physically possible either in normal times, let alone in a covid safe manner so clearly he's bullshitting.

Are they member of the professional body?

Tell your dm to tell them she's like to keep it on the market for a while longer and tell her to get another couple if agents to value.

peak2021 · 12/04/2021 20:23

Even Boris Johnson would not lie like that.

I'd be inclined to visit the Estate Agent and ask for evidence of his claims, standing at the door so he cannot escape. As aggressive a line of questioning that would come from a prosecuting council in a court room.

2bazookas · 12/04/2021 20:24

Tell the agent you will only consider offers in writing and each offer must include the names of the buyers, the price offered, and the contact details for themselves and their lawyer. They also need to say if they have a property that's on the market, have already sold, or if they are cash buyers. (Those are important factors when deciding which offer suits you best).

YOU will choose which offer to accept so you need to see all of them. .

Hoop148 · 12/04/2021 20:24

What’s the estate agent’s fee?

Can you take it off and go with another agent you trust?

Two hundred people and you got below what you were expecting... something fishy there with the EA.

CrumpetsForAll · 12/04/2021 20:25

@Runway @HandsIntoTheFire me too! I thought it would be all ‘the estate agents is always there’ ‘I found his For Sale board in her bedroom’ ‘the Right Move pics have him in the mirror naked’

mindutopia · 12/04/2021 20:26

Definitely sounds fishy. I’d opt for a different estate agent. Yes, it would be possible to have 200 people inquiring about and possibly even viewing a property right now. The market is very hot for certain types of property. We’ve been to lots of viewings in the past year where we were one of up to 20 viewings that day and they did viewings for a week or two.

I can’t see that happening in one day. Everything has to be COVID safe, staggered appointments with 30-45 minutes between them. All pre-booked. They should only be going to best and final offers on your instructions and they should give you details of all offers and buyers. Usually best and final happens when there is a lot of interest and existing offers already at or above guide price (unless you’re really trying to offload it fast).

If he is some sort of lone cowboy who isn’t with an established estate agent, I bet he has a friend or family member who buys houses cheap to make fast money and he’s trying to pressure you into some quick deal with a mate.

PatsyJStone · 12/04/2021 20:26

Say you’d like to leave it on longer and see if there are any further viewings And offers. You aren’t under any obligation to accept an offer.

I’d be worried he’s got a mate who will buy it cheap and renovate and sell at a great profit. Nothing wrong with anyone doing that but if it’s his mate and you’ve been pushed into accepting an early offer then I’d be concerned.

Also... 200? Bollocks. Maybe ask to be around for some future viewings

Bananadramallama · 12/04/2021 20:26

List with another agent

hogangog · 12/04/2021 20:27

i’ve seen this happen before from estate agents. houses being snapped up under market value “for a quick sale”, turns out it’s the estate agent / one of their family / one of their friends who’s bought it.

as it’s your parents’ house i assume it could do with some modernisation? whoever buys it will flip it and make loads on it, then sell it again via the same agent. double commission at worst, slice of the profit at best. i’m not being dramatic, i’ve seen it being done more than once (i lived in the naice part of a city, they were making a fortune).

tell the EA you’re not happy with the price. how many agents did you get round to value the house before you decided on this one?

hogangog · 12/04/2021 20:28

crossed posts with @PatsyJStone

Kiitos · 12/04/2021 20:28

I bought my house with a vest and final offer. But it didn’t happen like this. There was lots of interest and people submitted offers, as there were 4 offers at the asking price, it then went to best and final offers between those of us who had offered the asking price. The vendors got to choose as well. So your situation sounds highly suspicious. I’d be asking for written proof of the offers, and then find another agent regardless.

Kiitos · 12/04/2021 20:29

*best, obviously 😄

Sadsiblingatsea · 12/04/2021 20:30

Please instruct another agent.

DoubleTweenQueen · 12/04/2021 20:31

Wouldn't surprise me if it's going to a developer friend.

Kiitos · 12/04/2021 20:31

My agent also declared that one of the asking price offers was from someone who had previously worked for them. So there are obviously certain proper ways of doing things.

Sally2791 · 12/04/2021 20:34

Sounds very dodgy. Either EA has a mate lined up or they just want a quick sale. It’s a few hundreds less for them, but several thousands for your Mum. Try another agent

DoddleandFelix · 12/04/2021 20:34

I run an estate agency brokerage and act as an agent in the Midlands. Sadly there are a lot of sh@t EAs that give the decent ones a bad name. Happy to give any advice you need offline if it helps. To reiterate: agent is legally bound to communicate all offers to vendor in writing. If they get shirty, say you'll report them to ombudsman and if they don't behave, demand they release from contract so you can instruct with someone else.

WinterIsGone · 12/04/2021 20:35

This happened to a house in our road. I notice the EA's son lives in it now. Shock

GettingItOutThere · 12/04/2021 20:35

no. i smell bullshit, hes selling it to his mate on the cheap

i would also request all in writing.

Ariela · 12/04/2021 20:35

Get a friend to be interested and enquire what the position would be and offer above - see if it gets passed on

Piptastic · 12/04/2021 20:35

As PP said, "The agent legally has to submit ALL offers in writing"

lanthanum · 12/04/2021 20:36

200 people in one hour has to be illegal at the moment. Do you know the neighbours, to ask them if they saw all this activity?

WiddlinDiddlin · 12/04/2021 20:37

Aye, the only reason he'd do this is if he or a close mate want the property at well under the market value.

Thats the only way it benefits him to do this.

Call his bluff, get your mum to sack him and find a different estate agent.

bumbledeedum · 12/04/2021 20:38

I would definitely be looking at another agent. We have been house hunting since last August and not a single agent of the dozens we have dealt with are doing open houses as it's completely against covid guidelines for the industry. Can't see how they also lined up 200 people in 24 hours?? Even in this market. All sounds like complete shit and like him or someone he knows is interested.

WilsonMilson · 12/04/2021 20:39

Call me an old cynic, but sounds like he might have a mate throwing him a few quid to submit a low offer.

I know property in the SE is going like hot cakes, but 200 people is ridiculous, and even more to not get a decent offer from it. Fishy!