Estate agent ethics

[bottle1]

We were interested in a house which sold for more than we offered.
The chain is failing and the estate agent has come back to us. They want to exchange in 4 weeks and so to ensure we are good for the money we had their financial consultant round. She has told the estate agent that not only are we good for the money, but in her eyes we can afford alot more (we don't think we can) and so now the estate agent won't go back to the vendor until we have agreed to full asking price. This can't be right can it?

[milly143]

Tell them to stuff it!

[ubasses]

The estate agents job is to get the best price for the vendor, but he has a duty to put your offer to them and let them make up their own mind, it may be that after negotiation you can meet in the middle.

[Jan1957]

No, tell them you will only buy at the original offer you made.

[bibblebub]

Don't let them pressure you, stick to what you offered and no more.

[trionam]

I agree that you should offer no more seems like you are in the driving seat here the estate agent will be back once they realise you wont budge.

[jackthehat]

In fact................tell them you CAN exchange in 4 weeks but at a *lower* price........!

[Eve]

If the agent is after the best fee possible, the more money the property sells for, potentially the higher fee (if done on a percentage of sale price as is common).

Then again, no sale, no fee either so they are probably trying their luck.

[bimbo123456]

did you get the financial advisor's name. all information given to an advisor is private. There should be no information given to an estate agent. report them to the IFA. And I agree with Milly...tell them to get stuffed. Or offer lower!!

[bottle1]

Thanks, I am so shocked that the financial consultant has told them how much we've got, but the thing is her card is branded from the Estate Agent and has Financial Consultant on not Independant Financial advisor so I don't know whether we have any grounds for complaint. I'll ring the IFA body tomorrow though.
I feel like telling them to stuff it! But then that won't get us the house!!!!!!!
Also, because it is already 5 months stuck in a chain, I don't know if the same rules about putting offers forward apply.
Lets hope Mary Portas is good tonight!!!

[Mosaic]

I think you missed out 'has no' from the title.....

[237SJ]

I think the estate agent is obliged to put your offer to the vendor. I would be naughty and suggest to the estate agent if he doesn`t put my offer forward, I might consider doing a private sale with the vendor.

[DTCwordfan]

Lower your offer and use your solicitor to send the offer across with the message. "On further consideration, and following the meeting with the financial consultant of the estate agent, we have decided to offer £x; this offer is valid for a period of -- days from today." The solicitor will toughen it up for you. I got a house with damp problems lowered by 175 to 145 when I realised (i) the problems (ii) that the vendor was on a bridging loan (iii) it was a buyers market (1995) - that was a combo of personally being tough and my lawyer. The owner objected when I said my offer at the lower level would be off. I responded "Well, you have a problem as you now have to disclose the damp; you have to start your selling again, and you have a new house on your books already. Your choice." Went to walk out and he said "well, accepted but don't tell my wife." Title exchanged within ten days and they were very civil about it all.

[DTCwordfan]

the complaint about the adviser can wait - the key thing is if you want the house, focus on that.

[DTCwordfan]

Estate Agent Ethics is an oxymoron, of the highest quality by the way.....and up there with Military Intelligence.

[bottle1]

thanks all.
We won't move. We lost the house before, we are no worse off then are we! And we will put a note through to ensure the vendor is aware of the offer-they can do what they like with that then.

[meglet]

Just to add, even if you put a note through the door and arrange to sell privately, it's likely the estate agents will still charge the vendor the fees as they were involved in the process, even if they don't agree the sale. (Vendor should check their Ts and Cs). I once listed a property with an estate agents but subsequently found my own buyer and negotiated my own sale. However, as I was at work when the buyer wanted to view the property, I got the agent to show them round. That 10 minutes meant they could charge their 1.5% fee (£1000+, nice work if you can get it).

[geno500]

Never trust a estate agent they are only interested in there comission,never tell a estate agent anything when you are selling like your need to sell or you have to get a quick sale they will sell you out to the buyer,always remember they are not your friend,with regard this situation thell the vendor direct that you will be pulling out of the deal because of the estate agent and mean it ,or give them 24hours to put things right if they come back in 36hours tell them no deal at the old price and offer a lower price and mean it