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Original poster

Can you ever trust an estate agent?

46 replies

Cassie258 · 06/05/2015 14:36

So, I've just had a visit from a 'chain' estate agent who sold our neighbours house in three days. He said he has people who put an offer in on that property and missed out. He called his office, who then called one of the people, they apparently put in an offer. I said that I wouldn't feel comfortable getting an offer until the person had seen it. They called the office again and arranged a viewing tonight.

Did I just get played by him? Was it like when you get your friend to call about an emergency whilst on a date?

OP posts:

DressedUpJustLikeEdie · 06/05/2015 20:08

I also agree with Mintyy re: the fee. Given how little work they've had to do there is no way I'd be signing to pay them the full fee when it's fallen into their lap with no work whatsoever.

You can ALWAYS negotiate with EAs on fees and terms. So may people don't realise that. If they are confident they can sell if quickly and easily they's rather agree to 1% for a quick sale and an easy life than hold out for 2% and lose the custom to a competitor. The other thing I would NEVER do is agree to exclusivity for 12 weeks. Why on EARTH would anyone agree to that? I'd give them four to six weeks max before taking it elsewhere.

DressedUpJustLikeEdie · 06/05/2015 20:11

Lynette it's always a tricky one, everyone wants a quick sale but when they get one they feel the agent hasn't worked hard for it. Whereas when the house in on the market for six months or more you begrudge the full fee because you think the agent is useless and has advised you badly!

But in this case I am getting the impression that the agent approached the seller directly with a ready made buyer in which case he's done fuck all really.

Original poster

Cassie258 · 06/05/2015 20:12

I called them this morning because they sold my neighbours house in three days. I called a few agents and arranged appointments. He was the first valuation and got an offer before anyone has even had chance to value.

I've done a lot (read a hell of a lot) of research and all three beds that are similar to ours are up for 114,995. We expected £110,000 as sale price so are obviously happy. All three beds around have sold for between 108-111,000.

I know he was valuing correctly. I am confident of this. I am not confident of the rest

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Original poster

Cassie258 · 06/05/2015 20:13

The reason he found a buyer so quickly is because three people put an offer on the neighbours house so two people lost out and he 'knew' they'd be interested.

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LynetteScavo · 06/05/2015 20:14

Well, there's nothing to lose by negotiating a lower fee.

LynetteScavo · 06/05/2015 20:17

Although the agent has found a buyer, and hasn't had to market the property, there are still negotiations to be done, so it's not that the agent will do nothing.

Original poster

Cassie258 · 06/05/2015 20:22

He apparently has already knocked 500 off plus the extra vat that 500 would mean. 2500!!!!!!!!! We will pay 2000 plus vat. We are happy because we estimated 110 including 1100 fee. We've got 112 so are technically better off

OP posts:

LynetteScavo · 06/05/2015 20:29

So, you're still paying nearly 2%?

Sounds high, but I don't know what other agents in your town are charging.

If this person really wants your house they will buy it when advertised through another agent. It depends how desperate you are to sell.

Mintyy · 07/05/2015 08:14

Well, they haven't had to do any photographs or marketing, or advertising online, but will still do the sales negotiations. I don't think you should be paying any more than 1% tbh, but am glad you are happy!

StampysLoveGarden · 07/05/2015 08:17

wow. quick result!

HahaHarrie · 07/05/2015 08:25

The only people EA are acting for are themselves...

Original poster

Cassie258 · 07/05/2015 10:41

Well, I seem to have fallen on a problem. It seems the EAs are fine and trustworthy.

We got a AIP with Halifax. DP just went to clarify. They dropped it by 131k. We need to go to a broker but may not be able to progress now.

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pilates · 07/05/2015 11:52

Sorry, are you saying you had a mortgage agreed in principle and the Lender has now reduced the amount they are going to lend by 131K?

Original poster

Cassie258 · 07/05/2015 13:07

Yes shockingly thatis what we've been told today.

Fucking Halifax. They will lend us a whopping 8k

OP posts:

redautumnleaves · 07/05/2015 13:11

No. Estate agents are maggots.

pilates · 07/05/2015 13:42

Cassie, that is awful!

What reason did they give?

Howaboutthisone · 07/05/2015 13:43

That's terrible! What reason have they given? Madness!

mandy214 · 07/05/2015 14:20

Cassie if you need to go through a broker, I am currently using London and Country Mortgages after a recommendation on MN. They don't charge you for acting on your behalf, they are whole of market and to date I've been really impressed by them.

Original poster

Cassie258 · 07/05/2015 17:52

I have no idea why. DP spoke to them but I assume it's my credit rating. It's quite bad but they did a credit check prior to the AIP so I'm unsure.

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Howaboutthisone · 07/05/2015 18:45

That's frustrating! You'd think they'd do the necessary checks then instead of building hope then pulling the rug from under you! I hope you manage to get it all sorted soon.

Original poster

Cassie258 · 07/05/2015 19:49

Thank you.

It'll probably be just in DPs name now We'll see but u thought the whole point of an AIP was that they just had to make sure what you were saying was correct and truthful.

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