Bad Practice?

[kriskwery]

I had an email from a relative yesterday who is suffering from the recession. I quote: ".... so we have no alternative but to sell up as we still have quite a large mortgage left, we got an estate agent round to give us a valuation last week so we would know what sort of money we would be left with to play with and got the shock of our lives when four hours later she sent round a viewer and they have decided they would like to buy the house so it never even went on the market so to speak, but we cannot get our heads around it such a shock."

I am somewhat suspicious about this estate agent taking advantage of someone who is not familiar with the process of house-selling. What do you think?

[boxtops]

I too would be suspicious if your relative hasn't even signed a contract with the estate agent yet, only given them an initial valuation. Viewings should be by prior appointment, not just sent round. I think they should be very careful, and agree to nothing until their solicitor has checked it out. They need to know that potential buyers actually have the cash, too!

[albaqwerty]

If the property appeared on the web, then it's feasible. Some people pounce on the internet before they are advertised in the newspapers.
We had a lot of viewings in the first week before it appeared iin the Window or the paper, but 4 hours is quick.

[sandyRoe]

They should get independent valuations of the property and not rely on just one.

[dasherman]

Ok so the estate agent sends an interested party round before they've had chance to print off the particulars! Sounds perfectly normal to me.

[rockyracoon]

Absolutely normal (unless they haven't signed contracts), the estate agent is being aggressive in marketing the property, that's his job.

[RATTER15]

As long it has been valued correctly I dont see a problem.

I once put a house on the market in the morning, it was sold by afternoon at the asking price.

[RATTER15]

I wish the house we have on the market now would sell!!

[mrs_overall]

This is suspicious - they hadn't instructed the estate agent to sell on their behalf and hadn't completed any paperwork.

[Buenchico]

That sounds perfectly normal to me. The estate agent might recently have provided details of other properties to Mr X and, when a new property comes onto the market, he thinks "This would be ideal for Mr X; I'll give him a call straight away".

Even if that didn't happen, it might simply be that Mr X saw the property advertised on the internet and shot round there straight away. Many years ago (in pre-internet days) a Sheffield couple went into an estate agents on a Tuesday, to put their house on the market. The ad appeared in that Saturday morning's newspaper. By the Saturday evening I'd viewed that house and agreed to buy it. Quick sales really do happen!

[IggyB]

I made an offer on my flat a few hours after it had been given to the estate agent to market. It hadn't made it onto the Internet, shop window or actually been seen by the agent... I happened to be there at the right time so the agent took the chance.

[woofgang]

Same here with the house before this. It was before the days of internet and I was dealing by phone from Somerset to Surrey. The agent had sent us some particulars and when i phoned on the friday to make arrangements to view that weekend, he said oh and we've got another one, no paperwork on it yet. We viewed on the sunday and offered on the monday.

[237SJ]

That happened to someone in our village. He got an estate agent around to get an idea of the price and the next thing he knew, the agent was trying to make appointments for viewings. He was an outspoken old boy and told them in no uncertain terms that his property wasn`t on the market. Your relative could play the estate agent at their own game though. As there has been no contract with the estate agent, they could go straight to the buyers and arrange a private sale thus saving themselves and the buyers some money.

[SeaJayPea]

I'd certainly get another valuation. It wouldn't be the first time an estate agent has undervalued a property, got somebody to buy it on their behalf, then sold it on for a profit.

I'm not saying that is what's happened, just that it's possible. Can't hurt to check.

[mrs.chappie]

I once sold a flat in a week. This was in the days before the home internet. I typed out about a dozen postcards and took them round the local newsagents.

I went off to Oxfordshire for the weekend and came back to several messages on the answerphone. They were all from the same man, wanting to come and view. As soon as he saw it he said he'd have it.

[Barmaid]

As long as the right value has been achieved, I see no problem.

WHen I rented out and then sold my last house it never actually went on the market for either event.

[muchlovex]

SOunds dodgy to me.

Have they thought about renting their property out?

[boxtops]

How do they know the valuation given to them was fair? They need to get more than one.