estate agents.

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thefanwithnoname

thefanwithnoname

Well-Known Member
Jun 1, 2011
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anyone on here work as/with/used to for an estate agents?

I was interested in buying a house (mortgage repossession) was told you cant put in an offer without viewing, went to view and found out someone had put in an offer.
They hadny viewed, and the guy wouldnt tell me wht the offer was.

Now 'gazumping' doesnt apply to repossessions and anyone can out bid you until the contracts are signed

I now find out that the woman dealing with the property is know for accepting backhanders. basically give her cash and ensures you get the sale

can this be done? and how do you do it?
 
There are some/many dodgy ****ers out there. Report her, don't know who to but presumably there is some national body that investigates this type of thing. If no one does, she'll continue to do it.
 
Hmm I am an estate agent..

Anyone can make an offer on a repo whether viewed or not.. Though the way they are dealt with depends on the individual bank.. Some advertise the price offered for say two weeks after accepting the offer then it is taken off the Market..

The majority are as you say left on the Market until contracts are exchanged. . So all offers have to be put forward to the lender in question. The offers legally have to be confirmed in writing. You cannot prove whether the agent in question has taken a back hander.. If she has all she will be doing is not putting forward your offer to the lender.

Also most of the time they have to advertise what the offer was they accepted mostly in the local paper on their own advert or a single advert or they change the asking price to offers in excess of what has been accepted.

If you are concerned your offer has not been put forward there should be a notice displayed on the house saying which lender the agent is acting on behalf of. So you could try an contact them directly..

The majority of agents that get repos are generally the national companies an they carry out mystery shops on themselves an people get sacked if they don't do it by the book as having repos given to the business makes them millions..

So either go to the head office of the agents an report it if it's a national.. If it is an independent then they pay a subscription to be given the business from certain lenders.. If this is the case go dire t to the lender.. But again proving she has done anything may prove difficult..

Also bear in mind that for the sake of say 2k higher of an offer from someone buying with a high mortgage an small deposit is not as good as a buyer paying cash who could complete quicker without needing surveys.. So to gazump a cash buyer you will need to offer a serious amount above what they have accepted.

From a personal perspective it is highly unlikely the agent has or is doing anything wrong.. As you just can't get away with this sort of **** an it's not worth being banned from being an agent for sake of a grand in ya back pocket.
 
I have bought a couple of houses quite cheaply.I select those that look good value for money and keep them in my file on Rightmove.When one of them has a price reduction I regard this as a sign they are keen to sell and go in with an offer.The last one I bought was on at £129,995.Reduced to £119,995 and I bought it at £111,000.The advantage of not buying repo's is that they don't get the low offer publicised so someone can up you a grand.
 
returnofthesweatband said:
Hmm I am an estate agent..

Anyone can make an offer on a repo whether viewed or not.. Though the way they are dealt with depends on the individual bank.. Some advertise the price offered for say two weeks after accepting the offer then it is taken off the Market..

The majority are as you say left on the Market until contracts are exchanged. . So all offers have to be put forward to the lender in question. The offers legally have to be confirmed in writing. You cannot prove whether the agent in question has taken a back hander.. If she has all she will be doing is not putting forward your offer to the lender.

Also most of the time they have to advertise what the offer was they accepted mostly in the local paper on their own advert or a single advert or they change the asking price to offers in excess of what has been accepted.

If you are concerned your offer has not been put forward there should be a notice displayed on the house saying which lender the agent is acting on behalf of. So you could try an contact them directly..

The majority of agents that get repos are generally the national companies an they carry out mystery shops on themselves an people get sacked if they don't do it by the book as having repos given to the business makes them millions..

So either go to the head office of the agents an report it if it's a national.. If it is an independent then they pay a subscription to be given the business from certain lenders.. If this is the case go dire t to the lender.. But again proving she has done anything may prove difficult..

Also bear in mind that for the sake of say 2k higher of an offer from someone buying with a high mortgage an small deposit is not as good as a buyer paying cash who could complete quicker without needing surveys.. So to gazump a cash buyer you will need to offer a serious amount above what they have accepted.

From a personal perspective it is highly unlikely the agent has or is doing anything wrong.. As you just can't get away with this sort of **** an it's not worth being banned from being an agent for sake of a grand in ya back pocket.
Click to expand...

I realise its cash offers on repo's

This isnt the first time I have had this happen. I know at least 2 occassions where 'backhanders' have been paid. although one wasnt cash. I will explain

One fella paid to buy 2 properties
one fella was being evicted by the local authourity under a clearance scheme and basically was 'told' how much to offerr and was 'guaranteed' the house

bot times the sales happened. the first time there was a cost as in back hander

the 2 properties were 'withdrawn' from auction and sold for something like £15k
the other was a repossession

both times it was BJB agents
 
I used to be one...made a fortune.

Nothing is a done deal until contracts are exchanged, anything can happen until that point though most agents would not actively encourage any sort of underhand actions, we didn't that's for sure.

A lot of it is to do with greedy vendors, and they can insist that the property stays on the market until the point of exchange...combine that with weak agent and you could be in for a shock.

Not very up on Repo's unfortunately so apologies.
 
thefanwithnoname said:
I realise its cash offers on repo's

This isnt the first time I have had this happen. I know at least 2 occassions where 'backhanders' have been paid. although one wasnt cash. I will explain

One fella paid to buy 2 properties
one fella was being evicted by the local authourity under a clearance scheme and basically was 'told' how much to offerr and was 'guaranteed' the house

bot times the sales happened. the first time there was a cost as in back hander

the 2 properties were 'withdrawn' from auction and sold for something like £15k
the other was a repossession

both times it was BJB agents
Click to expand...

You can buy a house for 15K?????? where?? whats the rent on something like that?? 50p and a packet of hobnobs.....



If you think you are right re the agent being dodgy, find out who the lender is and approach them directly...
 
returnofthesweatband said:
You can buy a house for 15K?????? where?? whats the rent on something like that?? 50p and a packet of hobnobs.....



If you think you are right re the agent being dodgy, find out who the lender is and approach them directly...
Click to expand...

The 15k ones were before the boom tbh

currently let at £350 a month
 
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