Estate agents (BBC 2 last night)

[Badger]

The buyer could pull out regardless of the state in which the buyer is when the offer is put in.

If you put an offer in on a house for the asking price. The agents told you it was off the market, you spend £2k for survey etc, would you be happy that the agent kept marketing the property and if the vendors accepted another higher offer?

My parents once had an offer accepted on a house below the asking price, then a few days later the house was in the paper saying something along the lines of "offers over 80k". Needless to say they didn't pursue the purchase and luckily they hadn't spent any money on a survey yet.

 

[pasty]

Do Estate Agents in Brighton and Hove actually share all the details with potential buyers, via the web, email alerts etc?

Or especially with flats to they offer them to the cash buyers and buy to let people without giving all buyers a chance on the property?

Am finding the whole process of dealing with estate agents fraught at best.

Again referring to my last experience, no mine didn't! After changing agents, it turned out that the person we actually ended up selling to had been on our previous agents books as a buyer all the time, yet they hadn't been given details of our property! Useless twonks.

 

[Uncle Buck]

Again referring to my last experience, no mine didn't! After changing agents, it turned out that the person we actually ended up selling to had been on our previous agents books as a buyer all the time, yet they hadn't been given details of our property! Useless twonks.

That is my suspicion.

Certainly Rightmove and Zoopla are there for all the crap they cannot shift.

The agents websites seem to be filled with Sold Subject to Contract.

Then it seems pot luck as to whether they send you the details of the half passable stock.

Oh and the one that turned up late to show me round and flat and did not have the good grace to apologise for his time keeping, took my growing issues of his profession as a whole, to a new level.

 

[The Wookiee]

The buyer could pull out regardless of the state in which the buyer is when the offer is put in.

If you put an offer in on a house for the asking price. The agents told you it was off the market, you spend £2k for survey etc, would you be happy that the agent kept marketing the property and if the vendors accepted another higher offer?

Once the buyer has shown commitment to the purchase, eg paid for a survey, then I would be happy for the house to not be removed but marked Sold Subject To Contract.

1 in 4 sales fall through so I would want my property marketed for as long as possible, even if the agent just notes interest in case of a fall through.

 

[pasty]

I like the Scottish law that is something along the lines of once an offer is made and accepted, it is legally binding, and if a buyer pulls out they can be legally held responsible of any vendor loses - or something like that anyway.

 

[Badger]

I like the Scottish law that is something along the lines of once an offer is made and accepted, it is legally binding, and if a buyer pulls out they can be legally held responsible of any vendor loses - or something like that anyway.

What about if the seller pulls out? Does it work both ways?

 

[nwgull]

Letting agents are the scummiest of property agents. They provide very little value to the whole process. Marketing of a rental property can now by done - so that an ad is put on Rightmove - via a number of online agencies for a flat £40-50 fee. All of the other stuff, such as getting refs., drawing up an AST, and making an inventory etc. is fairly straightforward. However, an agent will have you believe that it's some sort of dark art and will charge a minimum of £500 (+VAT), and many will charge your tenants an 'admin' fee as well as up to £100 to do the reference checks, whereas these checks actually only cost £30. They will even try and charge the tenant an admin charge for an AST to roll over onto a periodic tenancy after the initial 6 month term, even though this is something that happens automatically by statutory law and requires zero admin from anybody.

Most of the info you need is out there on the net, including legal templates for AST agreements, but if anyone wants any advice on letting their property, please feel free to PM me; I'd be happy to help take away the business of your local agent.

 

[Vegas Seagull]

The buyer could pull out regardless of the state in which the buyer is when the offer is put in.

If you put an offer in on a house for the asking price. The agents told you it was off the market, you spend £2k for survey etc, would you be happy that the agent kept marketing the property and if the vendors accepted another higher offer?

All it takes is a look at the companies website, Rightmove and a anonymous call to the agent a couple of days after being 'withdrawn'. 5 mins THEN instruct sols if off

 

[Vegas Seagull]

I like the Scottish law that is something along the lines of once an offer is made and accepted, it is legally binding, and if a buyer pulls out they can be legally held responsible of any vendor loses - or something like that anyway.

This can be done here, a say £10/20k non returnable deposit can be lodged AS offer is accepted & either party forfeits if they withdraw for any reason.

 

[Bozza]

That is my suspicion.

Certainly Rightmove and Zoopla are there for all the crap they cannot shift.

The agents websites seem to be filled with Sold Subject to Contract.

Then it seems pot luck as to whether they send you the details of the half passable stock.

The market is over-heating massively at the moment - the agents have to do next to nothing with anything half-decent they get. No need to measure up, take photos and market - just call up a few of the eager buyers they have and see how much over asking price the property goes for.

 

[Uncle Buck]

The market is over-heating massively at the moment - the agents have to do next to nothing with anything half-decent they get. No need to measure up, take photos and market - just call up a few of the eager buyers they have and see how much over asking price the property goes for.

I agree with that, however, it is being on that list of those they call that seems to be the struggle.

 

[Bozza]

I agree with that, however, it is being on that list of those they call that seems to be the struggle.

I know first-hand...

Two weeks ago a house appeared on my daily RightMove email one evening - it looked perfect for what we want, so I phoned at 8:30 the next morning to arrange a same day viewing. I had heard nothing by 11 so called back. It had sold to the first and only viewer the previous evening (the time I received the email).

I refreshed my RightMove search this Tuesday afternoon and the same house appeared as being newly listed. I called them up and the sale had fallen through so it was back on the market. They'd made no effort to call, and I'd made it very clear it was something we were interested in.

I won't name the agent in question as we're still looking, but my experience with this particular agent,from a buyer's perspective, is that I would never use them when I next come to sell.

 

[Paddy B]

Once the buyer has shown commitment to the purchase, eg paid for a survey, then I would be happy for the house to not be removed but marked Sold Subject To Contract.

1 in 4 sales fall through so I would want my property marketed for as long as possible, even if the agent just notes interest in case of a fall through.

Isn't that splitting hairs on the timing though? It could be a matter of minutes from having offer accepted to instructing surveyors and solicitors. We all know how long the house buying/selling process takes and most of us will want to get it moving as quickly as possible.

Expressions of interest could still be recorded as you suggest, but this is a question of integrity and there won't be many that argue that Estate Agents have some work to do on that front.

 

[Uncle Buck]

I know first-hand...

Two weeks ago a house appeared on my daily RightMove email one evening - it looked perfect for what we want, so I phoned at 8:30 the next morning to arrange a same day viewing. I had heard nothing by 11 so called back. It had sold to the first and only viewer the previous evening (the time I received the email).

I refreshed my RightMove search this Tuesday afternoon and the same house appeared as being newly listed. I called them up and the sale had fallen through so it was back on the market. They'd made no effort to call, and I'd made it very clear it was something we were interested in.

I won't name the agent in question as we're still looking, but my experience with this particular agent,from a buyer's perspective, is that I would never use them when I next come to sell.

I think I have now seen 15 plus and not one is suitable.

Part of me does not want to seem dismissive, but I am now at the stage of getting bored with the whole thing.

Also, once I have stated an area, why constantly try and get me to look at rubbish in another place?

 

[Biscuit]

I know first-hand...

Two weeks ago a house appeared on my daily RightMove email one evening - it looked perfect for what we want, so I phoned at 8:30 the next morning to arrange a same day viewing. I had heard nothing by 11 so called back. It had sold to the first and only viewer the previous evening (the time I received the email).

I refreshed my RightMove search this Tuesday afternoon and the same house appeared as being newly listed. I called them up and the sale had fallen through so it was back on the market. They'd made no effort to call, and I'd made it very clear it was something we were interested in.

I won't name the agent in question as we're still looking, but my experience with this particular agent,from a buyer's perspective, is that I would never use them when I next come to sell.

I'm currently looking to buy in the Peacehaven/Seaford/Newhaven area and I've had this twice.

 

[mwrpoole]

When buying a house most people (myself included) would start the process of surveys / home buyers reports as soon as the offer is accepted.
If the property is still on the market and able to attract other bids, there is the risk of the initial purchaser being gazumped, and of course costing them money in the wasted fees etc.

A good EA should advise the vendor the state of play with buyer, and allow them to make up their mind wether to accept the offer based on buyers circumstance.

It does cut both ways. My 90 year old gran is selling her house and had an offer within £5k of the asking price on day 1. There were several viewings scheduled for the same day and for the next few days after. Without asking the EA cancelled all the viewings and took the property off the market. 10 days later the prospective buyer contacted the EA and said they thought they had offered too much and withdrew their offer and offered another £10k less. I then got involved and the buyer was told to do one. Luckily some of the would be viewers were still interested and and a few days later we received an offer for the full asking price. This time we wouldn't take it off the market until we had contact with their solicitor. They agreed, solicitors made contact shortly after and it was taken off the market.

Lesson is never trust the buyer. The original buyer did return with their original offer ha ha ha.

 

[dragonred]

I'm not an agent, I do however do some work with them as part of the property buying/selling process so can perhaps see both sides. Programmes like that make good TV but as with all such reality TV, if you pick the extreme examples you'll get extreme behaviour that doesn't reflect real life. Like any business there are definitely good and bad ones of that there is no doubt, but the true test of a good agent (or mortgage broker) is who was able to get sales through in the last 5 years when the mortgage market has been almost dead and where real leg work, experience and knowledge was needed to make any deals happen. If anyone is looking to buy why not ask a mortgage broker or local solicitor as they will know which ones in the area you are looking at get results and which ones are just riding the crest of a wave of a mini boom and when the wave stops, will fail. What's happening at the moment is unfortunate but it is a reality of an overheated market where the number of buyers far exceeds the number of sellers and properties are literally disappearing as soon as they are advertised, in some cases even before advertised as agents have waiting lists of people ready to go and willing to pay asking price (or more). It is not nice and it is not pleasant but if you know your area sought and price can pay, then work out which agent covers it best and then invest some time making sure when a property comes up, your name is first name they contact. End of the day its all about getting the property/home you want and working the 'system to your advantage, it's not about being best friends with an agent but no doubt it improves the chances to at least be on working terms.

 

[Westdene Seagull]

The problem is that many agents get bored about a property if they don's sell it quickly. I has my house on with Mishon Mackay a few years ago. Got a few viewings in the first 3 weeks or so but then it went quiet. I was suspicious so asked my Dad to go in pretending to be looking to buy and looking for a property that matched ours almost exactly. Did they hand over the details of my house ? Did they heck ! Needless to say the property was removed from them the next day ( despite still being in contract ).

 

[spongy]

Letting agents are the scummiest of property agents. They provide very little value to the whole process. Marketing of a rental property can now by done - so that an ad is put on Rightmove - via a number of online agencies for a flat £40-50 fee. All of the other stuff, such as getting refs., drawing up an AST, and making an inventory etc. is fairly straightforward. However, an agent will have you believe that it's some sort of dark art and will charge a minimum of £500 (+VAT), and many will charge your tenants an 'admin' fee as well as up to £100 to do the reference checks, whereas these checks actually only cost £30. They will even try and charge the tenant an admin charge for an AST to roll over onto a periodic tenancy after the initial 6 month term, even though this is something that happens automatically by statutory law and requires zero admin from anybody.

Most of the info you need is out there on the net, including legal templates for AST agreements, but if anyone wants any advice on letting their property, please feel free to PM me; I'd be happy to help take away the business of your local agent.

I agree. I've been dealing with one regularly with my current flat and finding a bigger 2 bed one as I have a baby on the way.

I had to pay £350 in credit reference fees, a signing on fee, 6 weeks rent as deposit and the month in advance when I got this place. I'd have been here 2 years in June, a rolling 6 month contract which has cost me £50 every time it's time to renew and they've put the rent up £50 every time too. They're not interested in helping tenants out, they're only interested in how much they can screw me for and inflating the prices, they don't think "what is it worth" they think "how much can we get" and it right royally pisses me off.

I've spent the last 3 months looking for a 2 bed flat in or around Burgess Hill that isn't tied up with a letting agent. I've now found one through word of mouth, no credit checks, no fee come renewal time. We are even talking regularly and drafting a contract that we both like. The new landlord is also happy to wait til we get our deposit back to give to him so we are not getting stressed trying to get nearly 2k together in 2 months to move in June.

It's all been rather pleasant and I vow to never use a letting agent again.

 

[Westdene Seagull]

I agree. I've been dealing with one regularly with my current flat and finding a bigger 2 bed one as I have a baby on the way.

I had to pay £350 in credit reference fees, a signing on fee, 6 weeks rent as deposit and the month in advance when I got this place. I'd have been here 2 years in June, a rolling 6 month contract which has cost me £50 every time it's time to renew and they've put the rent up £50 every time too. They're not interested in helping tenants out, they're only interested in how much they can screw me for and inflating the prices, they don't think "what is it worth" they think "how much can we get" and it right royally pisses me off.

I've spent the last 3 months looking for a 2 bed flat in or around Burgess Hill that isn't tied up with a letting agent. I've now found one through word of mouth, no credit checks, no fee come renewal time. We are even talking regularly and drafting a contract that we both like. The new landlord is also happy to wait til we get our deposit back to give to him so we are not getting stressed trying to get nearly 2k together in 2 months to move in June.

It's all been rather pleasant and I vow to never use a letting agent again.

As a landlord I'd suggest looking at Friday Ad and Gumtree. The only tenants I got through a letting agency trashed a flat. The idea that the tenant has to pay those fees to a letting agent is a pure and utter rip off. It's the landlord that should pay them if they are stupid enough to use a LA.