Technology1 min ago
estate agent duty of care
Is the estate agent allowed to tell a viewer of my home:
' It was valued before Christmas so with the market as it is it would now be valued at �***,***' ?
And 'They would probably accept an offer of �***,***' or anything like that?
Why would someone not prepared to pay over the stamp duty boundary view something worth �50,000 more unless they are told it's not worth that, and to make an offer? Not that they did make an offer but asked outright about the stamp duty level! Are my estate agents in breach of the 12 miserable and unfruitful week contract?
' It was valued before Christmas so with the market as it is it would now be valued at �***,***' ?
And 'They would probably accept an offer of �***,***' or anything like that?
Why would someone not prepared to pay over the stamp duty boundary view something worth �50,000 more unless they are told it's not worth that, and to make an offer? Not that they did make an offer but asked outright about the stamp duty level! Are my estate agents in breach of the 12 miserable and unfruitful week contract?
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I've bought and sold many times and my experiences of estate agents have never been good. I once found my own buyer, negotiated the price and did ALL the solicitor-chasing but, as they hade ONCE shown the guy round whilst I was at work, I had to pay them.
All they want is the sale and therefore the commission and sometimes, although they act for you and not the buyer, they tell potential buyers what they think will get them that sale. I have been told on many occasions by estate agents what they think I should offer but usually only after then property has been on the market a while and isn't getting any offers.
You may have a point about sending round buyers who are not prepared to pay the higher stamp level, but have you put it on the market at their valuation or your own? If they have told you they thinks its worth A and you put in on the market at B (i.e. more than they think) then they know they are going to struggle to get the sale at price A, and so will send buyers round who may offer less to tempt you to take a lower offer. You say that you haven't had much interest - so could it be overpriced?
In answer to your question I unless is actually written in the contract, they aren't in breach. If I were you I would serve notice now to end the contract. If they are past the 12 weeks, just get another agent. If you are still in contract then they know they've only got x weeks to sell the property. I served notice 10 weeks into a 12 week contract once and, lo and behold, they got their fingers out and it was sold before the contract expired.
All they want is the sale and therefore the commission and sometimes, although they act for you and not the buyer, they tell potential buyers what they think will get them that sale. I have been told on many occasions by estate agents what they think I should offer but usually only after then property has been on the market a while and isn't getting any offers.
You may have a point about sending round buyers who are not prepared to pay the higher stamp level, but have you put it on the market at their valuation or your own? If they have told you they thinks its worth A and you put in on the market at B (i.e. more than they think) then they know they are going to struggle to get the sale at price A, and so will send buyers round who may offer less to tempt you to take a lower offer. You say that you haven't had much interest - so could it be overpriced?
In answer to your question I unless is actually written in the contract, they aren't in breach. If I were you I would serve notice now to end the contract. If they are past the 12 weeks, just get another agent. If you are still in contract then they know they've only got x weeks to sell the property. I served notice 10 weeks into a 12 week contract once and, lo and behold, they got their fingers out and it was sold before the contract expired.
There could be a number of reasons for this - most of which demand some upfront truth from the estate agent with his client - the vendor.
It might be that the prospective purchaser states that he wants a house size similar to yours but claims his budget is smaller - in which case the estate agent might be trying to help them understand they can't get what they want unless they pay more. But he needs to explain this to the vendor and ask if they want to show this person around.
It might be that they believe your house is overvalued - but once again they ought to be honest about this.
Who did the price appraisal - that estate agent? If they are now saying they believe it is worth so much less, perhaps you can have a tough conversation along the lines of "look, you over-inflated what I could get for my house just to get my business - I want out of this contract".
Out of interest how many more weeks to go?
Suggetst just signing up for 8 weeks next time - agents will try it on to get as long a period as they can but will usually accept 8.
It might be that the prospective purchaser states that he wants a house size similar to yours but claims his budget is smaller - in which case the estate agent might be trying to help them understand they can't get what they want unless they pay more. But he needs to explain this to the vendor and ask if they want to show this person around.
It might be that they believe your house is overvalued - but once again they ought to be honest about this.
Who did the price appraisal - that estate agent? If they are now saying they believe it is worth so much less, perhaps you can have a tough conversation along the lines of "look, you over-inflated what I could get for my house just to get my business - I want out of this contract".
Out of interest how many more weeks to go?
Suggetst just signing up for 8 weeks next time - agents will try it on to get as long a period as they can but will usually accept 8.
Thanks everyone,
Yes it is on at the value of the estate agent. I worried they overvalued to get the work and hence the lack of interest. Actually I don't think it is over valued and two other agents have confirmed this. I even had to challenge the agents that I don't even appear on their own web-site! Their excuse ? 'Hardly anyone looks at our own web site, they all use right move!' But the deal was that it was on both! I think they are not trying and I may say I don't want any numbers mentioned when suggesting an offer is made. I would accept an offer �20-�30,000 less than the price but if they go round advertising that I'll never get offered more than the least will I? I will serve notice two weeks prior to the end of the contract, unless I can wriggle out earlier!!!! I certainly won't recommend them .....
Yes it is on at the value of the estate agent. I worried they overvalued to get the work and hence the lack of interest. Actually I don't think it is over valued and two other agents have confirmed this. I even had to challenge the agents that I don't even appear on their own web-site! Their excuse ? 'Hardly anyone looks at our own web site, they all use right move!' But the deal was that it was on both! I think they are not trying and I may say I don't want any numbers mentioned when suggesting an offer is made. I would accept an offer �20-�30,000 less than the price but if they go round advertising that I'll never get offered more than the least will I? I will serve notice two weeks prior to the end of the contract, unless I can wriggle out earlier!!!! I certainly won't recommend them .....
I don't know who your agents are but our own experience with an "independent" (KFH) was almost criminal - sold our house to a Property Developer whom they knew and house is now on market at 52 per cent uplift in just 18 months. Had to pay them a 1.5 per cent fee because they said "THEY HAD A DUTY OF CARE TO THE PURCHASER" even though we had to pay them and their "cash buyer" is not someone who is ready to go ahead with a sale but someone who has a property to sell ..... yes, unbelievable but all too horridly true! Independent estate agents should be avoided at all costs and folks should only deal with ones who are members of the "Estate Agents Ombudsman" or some reputable regulatory body - chem the agents FIRST and also their CONTRACTS.
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