estate agent ethics

[dragon71]

My parents are buying a house, and are in a chain. They were contacted by their estate agent telling them that the first time buyers at the start of the chain have had the flat they are buying valued at 10K less than the asking price (210K). So the mortage lender will only lend them 200K instead, as they are asking for a 100% mortgage they are stuck. My parents estate agent is asking everyone in the chain for 2K to make up the difference to keep the chain moving!!! a) is this legal? b) shouldn't it be up to the first time buyers to contact the people they are buying off to renegotiate the sale price?

[mrs_overall]

I've never heard of anything so ridiculous!
If the first time buyers have a problem it's up to them to sort it out.
Tell your parents not to part with a penny.

[redcrx]

cant see why it would be legal.

Of course they could try and renegotiate, but then it would have repercussions of what the vendor of their house was buying and so on so eventually someone may lose �10k or the chain just falls apart. Leaving your parents and everyone else with no way of moving up

[redcrx]

sorry, that should say I cant see why it WOULDNT be legal

[sense4all]

The world is full of chancers who are hoping that the fact that every one else in the chain has laid out fees and invested time and emotions , that they will help. Bluddy cheek in my opinion! I have heard of it before tho' - despicable of the seller ( to them ) to pass the buck. How much do they want the chain to proceed? Will they be gaining more than the new outlay figure, there-in lies the intrinsic value to your folks.

[Reverandfunk]

They are chancing it and as far as I know its not illegal.

I watched property chain the other week and there was someone who did the same, said he was 5 grand short and the next 2 people in the chain put in 2500 each. It turned out the bloke already had properties that were buy to let and he got away with it.

Stand your ground.

[gina32]

i wonder if the estae agents is the same person who is acting for your parents and the first time buyers, if they are theya re probably asking because of teh commision the will lose if it all falls through

[flyciderman]

So what is the problem?

The agent is only attempting to get the chain moving.

Think about this if you refuse are you positive that you can sell your house at the same price, prices are dropping?

[sense4all]

Yep the estate agents are trying to secure movement out of the goodness of their hearts, has nothing to do with trying to secure payment of commisson in pre christmas pay packet... ho ho ho!