Do estate agents lie about offers they've had in negotiations ?

[arghhhhhhhhhkkk]

They must do, surely ? Eg:

• we've had two offers at asking price

• your offer is too low and seller went with another offer already

Is this bluffing or truth ?

Ugh, there’s no way to know really, it’s infuriating. Obviously if the market’s on your side you can call their bluff but it’s a risk if things are moving quickly.

It's so tough! You have to be prepared to walk away and see what happens I guess.

I thought that too once untill I met the other party a year later!

@arghhhhhhhhhkkk

It's so tough! You have to be prepared to walk away and see what happens I guess.

I walked away from a house recently. Bidding war with one other person. We walked away. A week later, we got a call to say they’d withdrawn and house was offered to us at our last bid.

There’s no way of knowing but my advice would be to set yourself a budget and tell yourself “we’re either going to buy at this price, or walk away”.

Then securing for anything lower is a bonus.

I wouldn't be surprised if they are, but this is what it's SO important to set your budget before you enter a negotiation. Then it doesn't matter what anyone else is doing. If the house is worth x to you, then you start by offering less than x. If that offer is rejected, you increase your offers until you hit x. At that point you walk away. The vendor will either come back to you to accept it, if they are able to and haven't had a better offer or they won't.

I think they'll do whatever they have to to inflate offers (and earn a larger commission).

This house went on the market at 5pm on a Tuesday. We were the second viewing at 10.45am on Wednesday. The first viewing was at 10.30 and we saw him leave.

We put in a full asking offer at 11.15 as soon as we got home. We kept ringing the agents all day to find out if it had been accepted, but the person was always in a meeting or out of the office.

At school pick up, I saw the vendor so I went over and asked her to put me out of my misery. The agents hadn't even told her that we'd offered! She rang them when she got home to find out what they were playing at.

Turns out that the 10.30 guy had rung them to express interest but wanted to arrange a second viewing so that his wife could come too. They wanted to do that viewing in an attempt to get a bidding war started.

The vendor told them absolutely not as they wanted a quick sale, having found their new house already.

They didn't bank on us having children at the same school and having conversations with each other. Can you speak to the vendor directly?

@MaggieFS

I wouldn't be surprised if they are, but this is what it's SO important to set your budget before you enter a negotiation. Then it doesn't matter what anyone else is doing. If the house is worth x to you, then you start by offering less than x. If that offer is rejected, you increase your offers until you hit x. At that point you walk away. The vendor will either come back to you to accept it, if they are able to and haven't had a better offer or they won't.

Provided of course that there isn't a second interested party who doesn't play games but comes in with a sensible offer at the start.

I have refused to accept third offers in the past. The trust has gone and I am sure they are likely to try and get money off later in the process.

It sounds as if you're offering too low. If you're in Scotland, the "asking price" expects a higher offer.

You need to do some online research into recent sold prices of neighbouring properties of ones you're looking at. ( Rightmove is free)

Assuming you're employing a local solicitor for conveyance. they know the local market well and can advise you where to pitch an offer. That and other advice is all part of the service you're paying them for.

Half and half. My experience was I got half truths and half lies.

I find it helpful to decide my exact position initial and final before even talking to the EA. That way it's all just noise.

@2bazookas

It sounds as if you're offering too low. If you're in Scotland, the "asking price" expects a higher offer.

You need to do some online research into recent sold prices of neighbouring properties of ones you're looking at. ( Rightmove is free)

Assuming you're employing a local solicitor for conveyance. they know the local market well and can advise you where to pitch an offer. That and other advice is all part of the service you're paying them for.

This is bad advice. Your solicitor/conveyancer is not qualified to act as a valuer and that is not what you are paying them for.

Any solicitor/conveyancer who advises on value should not be doing so and should be referring you to a qualified and regulated agent.

I’ve been an EA for 20 years and worked for a number of different firms. In short, no, making up offers is not something done by reputable agents working for decent firms. I’m sure there are a few arsehole EAs but really, there can’t be as many as MN seems to think. Inflating commission? Unless you’re in super prime territory the difference of £5,000 on an offer isn’t going to make any difference to the agent whatsoever. Mostly the agency earns 1% of the sale fee and the negotiator might be lucky enough to get 5% of that. Mostly they’re just trying to get the best price for the vendor, which is their job. Not lie and try to swindle people into making higher offers by making up bullshit offers. The market in most areas is flying at the moment, it’s not unusual for things to sell above asking price after stiff bidding competition between several parties.

Yes, so I'm property solicitor and I used to be an agent. I couldn't do it, I left because I couldn't lie.

I was told by my boss, for example, if you were selling your house for £300,000 and we got a genuine offer for your house at 290,000 to call the vendor / seller and advise them that we have an offer for 280,000. Then when it was declined leave it an hour or two and go back to the seller and be like, "it was really hard for me but I managed to get it to 285,000." (Fully well knowing that it was always offered at 290k). Then eventually give a full and final offer to the seller at 290k but the point is it makes u look like you've been working hard to get it! Terrible.

I hated it.

They lie all the time they have lots of tricks.

I would recommend getting all offers in writing or it didn't happen.

Yes we were selling once and had a letter through the door with an offer for full price. Offer had not been put forward as they were able to afford slightly more expensive place up the road & he wanted someone else to buy ours for £5k under our price, then sell them the more expensive place. At the time £5k was a lot of money. Dodgy as fuck!

I’ve had estate agents try to bounce me into offering above the asking price by saying someone else was just about to put an offer in. Didn’t work because I didn’t want the house anyway 😉

Any solicitor/conveyancer who advises on value should not be doing so and should be referring you to a qualified and regulated agent.

It’s a different system in Scotland, which the PP mentioned. Solicitors do the whole thing.

@MintyMabel

Any solicitor/conveyancer who advises on value should not be doing so and should be referring you to a qualified and regulated agent.

It’s a different system in Scotland, which the PP mentioned. Solicitors do the whole thing.

Happy to be corrected, but I don’t think the OP is in Scotland though.

Estate agents are far worse than car salesmen in my experience. They will say anything to make a sales, and can be remarkably condescending if you are a single woman. One told me, “Your husband will worry about the shared septic tank.” I don’t have a husband. Even if I did, sharing a septic tank with a stranger is a deal breaker. If maltreated, a bad septic system can be very expensive and tiresome.

Yes.
My ex was an estate agent.
It’s a sales job. They need to make commission. They ( not all l am sure..) massage both the seller and buyer to agree the deal so they can collect their commission.
It’s obvious isn’t it ?

I am going to bed...maybe l should start a thread with some of his stories one day. Enough to make your hair curl.
Don’t believe everything your agent says.

How do you know when an estate agent is lying ?
Their lips are moving

@MummytoGeorgie

Yes, so I'm property solicitor and I used to be an agent. I couldn't do it, I left because I couldn't lie.

I was told by my boss, for example, if you were selling your house for £300,000 and we got a genuine offer for your house at 290,000 to call the vendor / seller and advise them that we have an offer for 280,000. Then when it was declined leave it an hour or two and go back to the seller and be like, "it was really hard for me but I managed to get it to 285,000." (Fully well knowing that it was always offered at 290k). Then eventually give a full and final offer to the seller at 290k but the point is it makes u look like you've been working hard to get it! Terrible.

I hated it.

They lie all the time they have lots of tricks.

I would recommend getting all offers in writing or it didn't happen.

That is terrible, I have worked as an estate agent for 20 years & never experienced anything like this, honesty is always the best policy, I would never dream of lying to vendors or buyers.

Do estate agents lie?

Yes, yes they do. Do not be swayed by them.

The whole industry is a mess.

I think most countries it is against a licensed estate agents code of conduct or against their regulatory body to lie to sellers and buyers.

So while yes, some do lie, I don’t think it is the majority. Especially if you go with a reputable agency.

Well they seem to tell all sorts of untruths... room sizes, schools, nice neighbourhood, attractive garden, superb opportunity, beautiful decor... so a 'higher offer' is only a small step away.

? estate agents code of conduct - I think the Mafia have something similar!

@SappysCurry you beat me to it! Only when their lips move!