Sep 27,2012
By: 'Fair trade'
Sep 27,2012
1 people found
this helpful
The two named people are not professional and have taken advantage of vulnerable aged people by manipulating offers in order to favour certain buyers for certain reasons.

During an open day in August on a property in Norreys Avenue in Wokingham. I first put my offer on the day for the full asking price straightaway to one of the named guys, after 3 days waiting I still hadn\'t heard a word back from them although I spontaneously contacted them a couple of times. The next day, without any update, I had to approach the vendor myself to put my new offer, which was 5k higher than the full asking price (£225k). The vendor contacted them to refer to my better offer with my present, the manager didn\'t professionally proceed it but frightened the vendor by telling her that she couldnt consider my better offer or their favoured buyer would sue her.

They didn\'t equally and fairly update me with the process and didn\'t pass my offer to the vendor at the first time, their unprofessional approach has abused the vendor\'s trust and disordered the market. That vulnerable lady couldn\'t appeal due to her poor health condition.

As a result, the agency sold the vendor\'s house at a much lower price than the one that the fair market could offer. Such a bullying behaviour is not acceptable.
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By: Ian Macbeth - Director Prospect Estate Agency
Oct 16, 2012
We are very disappointed that this purchaser (Miss X) did not come to us before posting this factually incorrect version of events!

We received 3 offers for this property and the vendor was informed of ALL offers.

Miss X was told that she needed to provide us with proof of funds, so that we could ensure that she was in a position to proceed with the purchase financially, to protect our vendor’s interests. Miss X was notified that until we received proof of funds, other offers would also be considered from other buyers.

We also had an offer from First Time Buyers, who offered full asking price and who immediately showed us proof of funds/deposit, so that we could assure the vendor that they were in a ‘proceedable’ position. These First Time Buyers are not known to us and were not ‘favoured by us’ , but chosen by the vendor due to their position.

The sale was then agreed with these buyers, as we had not heard back from the Miss X, although she also offered full asking price, but without any progress on obtaining proof of funds.

Miss X then turned up at the vendor’s house unannounced, (to the dismay of the vendor) and pressured her in to accepting her offer increased offer instead. The Vendor rang us while Miss X was in her home and we advised her to say whatever she needed to, to get Miss X out of her house.

Miss X then called us and said she was sending us proof of deposit and mortgage agreement in principal. We received a letter from a financial advisor simply saying that the buyer could proceed. There was nothing from any mortgage company to back this up. Miss X also stated that her parents were flying over from China with cash to lend her for the deposit. We highlighted to Miss X that this was potentially a Money Laundering issue, as the bank would want to investigate where such a large amount of cash had come from.

For the Vendor this posed possible delays and uncertainty regarding this offer.

We explained the situation fully regarding the position of both buyers to our Vendor, and our advice was to proceed with the original offer, as we had proof that these buyers were able to financially proceed, which is extremely important in the current economic climate.

The Vendor made the choice to proceed with the first purchasers, who had given us all the information required without hesitation, as she had more confidence in their ability to meet her timescales.

Never at any point was our Vendor told by anyone at Prospect Estate Agency, that anyone would ‘sue’ her, as this is obviously not something that could happen when purchasing a property in the UK. A Vendor can legally refuse an offer at any stage in the proceedings, until exchange of contract and no party can sue the other party.

Quite the contrary to the statement made by Miss X, the vendor was not bullied, was not taken advantage of and even though she may be physically frail, she is extremely sharp and perfectly capable of making her own decisions as to which buyer was in the best proposition to achieve a sale quickly.

Obviously Miss X is disappointed that her offer was not accepted, but she needs to be aware of the facts of how this Vendor chose which offer to proceed with and English law, before posting these comments.

An offer, even above asking price, that is not substantiated by written proof of mortgage offer and when deposit is being flown in from China in cash, is not in every vendor’s opinion as good as one that is full asking price and where the purchasers can proceed to complete the sale and have their deposit available in the UK.

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