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?

First of all , did you have valuations in writing from different estate agents . You need that first .

Then you do need in writing as advised the situation of the most interested parties .

Take your time and think about this . Recently sold a family house after probate and the valuations varied by £60000 and we achieved at the higher end .

There will be interest because I expect mum’s house is not a new build, no garden estate house. They usually have bigger plots/decent parking etc.

But I’m betting the whole house needs modernisation - wiring, plumbing, central heating, possibly windows, prob new kitchen, bathrooms etc

The offers will reflect that.

I bet that bid is from someone he knows.

I've had similar with a property I let out. After several weeks of marketing the property my agent told me they only had one person who wanted to rent it and it was for a lower rent which they felt was a reasonable offer. Turns out it was their friend and they were daft enough to drop that in a conversation saying what a nice guy he was.

I switched agents and got a much more professional service and a full rent offer on the first day of the new agent's viewings.

Switch agents asap.

I often hear of people getting these beautiful homes for fuck all and wonder about the sheer brass neck of people.
This is how

Get it in writing what these offers are. Your in the fortunate position of saying “we need to discuss it as a family”.

Things are going over and above and quickly at the moment. House prices are going mental. Ok don’t be greedy. But if the agent valued it correctly in the first place you should be getting near to that

Change - my elderly dad became a target amongst two local estate agents, with one undervaluing a lot for someone lined up to buy it cheap! They wanted him as he was a cash buyer.

You would be daft to carry in with this man.

He is treating you like idiots.

200 in an hour - even in family groups of 4 that is 50 viewings in an hour? Just over a minute each? So many interested it went to "best and final"and it's below what you were expecting. I call major BS. Please push back on this. There is a similar thread in the Property section about viewers being turned away whilst the EA is pushing for the seller to accept an offer below asking price.

Ive just sold my house using the 'best and final offers' method...however i got 30k over the asking price.

@VaizyCrazyDaizy

Change - my elderly dad became a target amongst two local estate agents, with one undervaluing a lot for someone lined up to buy it cheap! They wanted him as he was a cash buyer.

And was giving them a bung.

@Bunnyfuller

There will be interest because I expect mum’s house is not a new build, no garden estate house. They usually have bigger plots/decent parking etc.

But I’m betting the whole house needs modernisation - wiring, plumbing, central heating, possibly windows, prob new kitchen, bathrooms etc

The offers will reflect that.

How on earth do you know that?

And if work needs to be done then the valuations should have reflected this. My late MIL's house needs to be sold, in it current state we know it will be valued a lot lower than other properties in the area due to the work needed. I therefore wouldn't put it at the top end of the local prices.

I bet he is selling to a friend or someone has given him a backhander- you are right to not trust them

So many dodgy agents about. Find a new agent and tell them why you sacked the last one.

We've just sold our (deceased) mother's house in the SE.

Needs totally gutting- the road is popular with young couples/families looking to get a foothold in what is a very expensive village to renovate/extend.

6 viewings over 2 days, offers from all. The estate agent suggested best and final offers to us, we agreed. All offers were submitted by email, within a 48 hour window. We then got a breakdown of each offer- each potential buyer's mortgage situation, their deposit, whether they were in a chain, how much they were offering etc. He then offered his suggestion as to the best candidate. We discussed it as a family and responded accordingly.

It sold for 10% over the agent's valuation.

Your ea sounds very dodgy and needs to be sacked off.

After being inundated with people wanting to view our house our estate agent hosted an open weekend with best offers to be in by the Wednesday after. We were given the full list of all the offers. Estate agents have to pass on all offers - they can offer advice on the best offer and should look at cash buyers versus who is in the best position to proceed, who has a mortgage in principle offer etc

It is not for them to decide the winning bid - the final decision should be your mothers.

Agree with everyone else - sounds dodgy and I bet he's tipped off a friend to get it at a low cost.

Our first EA did this to us- sold it to his brother with a sob story. Unfortunately for him, in his excitement he hadn't actually got us to sign the contract. That meant he was on a sticky wicket when we declined to pay £1400 to sell a flat to his own brother.

Definitely ask for the offers in writing and I'd be finding another agent.

@CrumpetsForAll

Not helpful to you but I only clicked on to see if they were having an affair...

Me too. Definitely disappointed.

Complete rubbish - no way could it have so many viewings & as others have said you would get all offers in writing and confirmation of their position

What made your Mum choose this agent and how long do they have the contract for ? I would be sussing out the competition and doing my own research /contact other agents to get a feel for what house is worth

Is yr Mums house on their website ? Get a friend to email for a viewing and see what they get told ....

@HandsIntoTheFire

Disappointing thread.

What????

Also he can't do best and final unless owner of property selling it has instructed him to and even then you get full info etc not just him telling you verbally

This stinks

Unless it's in a godforsaken Shithole everything is selling like hotcakes at the moment
I was on a Devon beach today and overhead 2 locals marveling at how things are selling within 24 hours... My mum jokes she could sell her shed. I'm Devon born and bred and it is lovely in parts but I honestly don't get it. Seems like a crazy bubble, I'm sure they'll all be buggering back to the home counties before too long.
Ditch the EA op, they aren't getting your mum the best price (which presumably she needs for retirement)

@Shodan

We've just sold our (deceased) mother's house in the SE.

Needs totally gutting- the road is popular with young couples/families looking to get a foothold in what is a very expensive village to renovate/extend.

6 viewings over 2 days, offers from all. The estate agent suggested best and final offers to us, we agreed. All offers were submitted by email, within a 48 hour window. We then got a breakdown of each offer- each potential buyer's mortgage situation, their deposit, whether they were in a chain, how much they were offering etc. He then offered his suggestion as to the best candidate. We discussed it as a family and responded accordingly.

It sold for 10% over the agent's valuation.

Your ea sounds very dodgy and needs to be sacked off.

Something like this sounds like the transparency you need.

I’d be surprised if there was 20 in 1 hour.

@Fuckingfuckssake I would start a thread on Chat or 30 days only x

Are you sure he doesn't mean Rightmove views?

Go on, post a link to the listing. We will all take a peek and push the viewing numbers up.
Go on , go on go'won!