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Offer values shown by agents on website

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Offer values shown by agents on website

Postby Dunkin_Donuts on Thu Jan 12, 2012 12:30 am

Hi All,

I've come across a couple of properties listed where they openly state what offer has been made, and encourage you to put one in higher if you are interested... I thought this wasn't something they were allow to do?

Perhaps i'm totally missing something here, but I would be completely against dealing with an agent like that, knowing that you may well get gazumped by someone who knows your offer and can open a bidding war...

Example: http://www.rightmove.co.uk/property-for ... 27030.html
Dunkin_Donuts
 
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Re: Offer values shown by agents on website

Postby vectistim on Thu Jan 12, 2012 12:56 pm

This is generally the case only with repossessions, I think this is because the bank as mortgagee in possession needs to demonstrate to the repossessed mortgagor that they obtained the maximum amount possible for the property, so the agent is given instructions to display the offer received and invite higher offers.
After the sale of the property the proceeds may still insufficient to completely pay off the mortgage so the lender will pursue the repossessed owner for the balance, and these notices help to demonstrate that they achieved the maximum possible price for the property and didn't just flog it off to their mate for a fiver.

In your example the property is empty and there are do not use stickers plasted across everything, which suggests to me a repossession.

Theoretically, when an agent is selling any property, unless they receive instructions from their client to cease marketing, they are supposed to carry on, as their job is to get the highest available price. In this sort of situation the agent is merely reflecting the owner of the property and it is down to the owner as to whether any gazumping takes place.
vectistim
 
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Re: Offer values shown by agents on website

Postby Dunkin_Donuts on Sun Jan 15, 2012 12:58 am

Thanks vectistim

Your explanation sounds like it makes a lot more sense. I didn't imagine the agents would be breaking any rules so flagrantly!
Dunkin_Donuts
 
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Re: Offer values shown by agents on website

Postby LarryPaul on Tue Sep 18, 2012 10:07 am

That is true. Agents are tend to be more concerned than us. As this is their duty and it is the matter of their reputation, they will never violate any rules.
LarryPaul
 
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