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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:
DblEspresso · 13/04/2021 01:18

With multiple offers, did the final selected one not exceed your listed price for property ?
If you provide your list vs offer price details, it will be easier to judge if the offer is too low or your expectation is too high.

expat101 · 13/04/2021 01:19

I agree it sounds like he is on the lookout for mates, and not wanting too many of the general public to get a look in.

At the end of the day it is listed ''for sale'' and not for him to run a ''dutch'' auction on his own. By all means purchasers should submit their offers, but not within a set time frame by him.

I would leave it on the market and see what comes in over the next fortnight (and how well he works the listing too).

PyongyangKipperbang · 13/04/2021 01:35

@londonscalling

How many valuations did your mum get?
I am sorry for laughing so hard at your mum getting valuations on the back of the EA screwing her. I am going to hell.

However.....yes, he is taking advantage of her. I would think that you having POA on this on your mum's behalf would be a good thing, that way no one can bamboozle her into signing anything without your say so.

Penners99 · 13/04/2021 06:42

That agent is as bent as a nine Bob note.

Get rid of him now.

Didicat · 13/04/2021 07:54

So many properties as selling in 24 hours, I can’t imagine much that doesn’t hit asking price in the current market.

How did his valuation compare with other agents you approached?

sorryiasked · 13/04/2021 08:01

@dodgyestateagent does the agents name start with W?

Tombero · 13/04/2021 08:33

Did you agree to his ‘best and final offer approach’? It does sound unusual.

I’ve only known that happen further on in the process if you have 2 or more interested and then move to sealed final bids.

JayAlfredPrufrock · 13/04/2021 08:43

We had three offers around the asking price and then went to best and final which gave us more than the asking price.

1starwars2 · 13/04/2021 08:50

We once tried to purchase a house which was supposedly best and final offer but agent wouldn't take our offer or pass it on to vendor...Definitely dodgy.

PrudenceDictates · 13/04/2021 08:52

"Fairness for everyone involved" ???

He's supposed to be working for your mother, not the potential buyers. And 200 views in an hour is a bare faced lie.

Don't bother trying to fix this with the agent, you already know he's a con artist/liar.

Go to another agent but get a few round to guage them and get several valuations.

gurglebelly · 13/04/2021 08:52

I would be going back to him declining the offer and saying to him that things don't really add up and frankly it all looks a bit dodgy - covid rules being broken, no agreement to go down the best and final route and not enough information provided. Trust has been broken and you want out of the contract (hopefully there isn't a exclusivity period).

If there was genuinely that much interest I would expect at least asking

HedgePutty · 13/04/2021 08:54

He’s selling it cheap to his mate to sell to make a profit.
Although I was expecting a different thread from your title!

NoseinBook3 · 13/04/2021 08:58

I also think this is dodgy

IamtheDevilsAvocado · 13/04/2021 09:05

@2bazookas

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. .

I'd absolutely do this...

And I'd watch him squirm...

But also I wouldn't trust him and bin him... He's already seemed to be a bullshitter...loathe people who take advantage of vulnerable folk... I'm pretty sure he'll know the best and final offer person....

If it's such a hot market where you are... Why don't you market it yourself?? Save their fees... Then you can be sure who's offered what and who you want to accept...

Pal was doing similar in Cornwall... Went on market and sold within 36 hours... She did best and final... She had a handful of decent offers. She didn't go with absolute highest... She went to the ones who were proceedable and also who had links to the area...

CuriousaboutSamphire · 13/04/2021 09:07

Do you have any of that in writing? What he has done, why he hasn't done other things

Do you have anything that tells potential buyers it is full and final offers only?

And do you have the contract your DM signed?

Yes, ask for sight of the offers and anything else he says he has had.

Collect it all and send it to whichever Ombudsman he is registered with - it is law that he is registered.

Then go and talk to another local agent and explain the situation fully and get them to sell the house!

WhatATimeToBeAlive · 13/04/2021 09:10

How much under the asking price was the offer? I presume the house was listed at market value? You are well within your rights to refuse the "best offer" - if it was so popular you are very likely to get better offers than the one you've had.

Twoforthree · 13/04/2021 09:14

Definitely sound dodgy. Houses are selling so well now, that it's unlikely to be true.

billy1966 · 13/04/2021 09:22

Asking for the list of every single bidder as @2bazookas suggests.

If he can't give that information he's trying to commit fraud on your mother and that is a police matter.

I have heard of this several times in the past 25 years.

There is no doubt some EA look after their friends.

I would be so careful with my choice of EA after hearing a few stories that I know are true.

Age Action might give you some advice because this is elder abuse IMO.

Waspie · 13/04/2021 09:24

I've just sold my late aunt's house in the West London 'burbs and we had the same experience that Shodan describes. All the offers were over asking and so the EA recommended, and I agreed, to go to best and final including a statement of position. The EA and I then went through each one discussing it's merits before accepting one.

We also had three valuations ahead of choosing the EA.

I'd suggest you and your mum do something similar. After all she doesn't have to accept the offer the EA is putting forward.

IamtheDevilsAvocado · 13/04/2021 09:30

If you get further dodgy vibes from current one... I'd suggest a referral to ombudsman unless you're released immediately from contract.

saltychoc · 13/04/2021 09:36

The estate agent had has a back-handed or is selling it to a friend/family.
It happens ALOT (I'm dating an estate agent and they have many many stories like this)

Change agent and don't accepted sealed bids - just offers

saltychoc · 13/04/2021 09:36

*back-hander

Tinydinosaur · 13/04/2021 09:43

The only person benefitting from the best and final offer system is the estate agent. Because its fast and easy.
I'd go with a different estate agent tbh.

rainbowstardrops · 13/04/2021 09:49

I'd definitely not go along with this because it does sound dodgy.
I'd guess he's got someone lined up that he knows (or himself).

Hoop148 · 13/04/2021 09:55

@dodgyestateagent

It seems the general consensus is that he is being unscrupulous - which we suspected.

The house should easily get the asking price - if not over and above. I am going to ask to see all of the offers, in writing, as has been suggested. To be honest, I am not particularly happy with this 'best and final' offer system either. It doesn't seem to be in my mother's best interests at all. She clearly isn't going to get the best price possible if he's not going back to other interested parties and seeing if they want to up their offers. We suspected it was some sort of 'scam', with him having a friend / builder / relative involved. It's an absolute prime property to be renovated, extended, turned into flats... so I could easily see him accepting cash on the side from a developer to be the 'highest bidder'.

If you don’t trust him, sack him. You’ll never trust him.

It sounds like a fantastic property, another agent will sell it for the price it’s worth. Or you could even sell it yourselves using an online agent. That way, you know EXACTLY what’s going on.

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