Nov 21,2013
Minithumbdown
By: 'Marcel'
Nov 21,2013
1 people found
this helpful
James Pendleton: unethical and unprofessional the worst of their breed.
My wife and I had found a property in Balham over the summer period which we immediately fell in love with at the open viewing. High interest was generated on the day and throughout the weekend, our offer was amongst many others in or around asking price and under these circumstances prospective buyers are invited to a sealed bid process.
There were 22 bids and ours was considered the strongest with an offer of 8% above asking price.
Over the ensuing days we appointed solicitors, finalized our mortgage paper-work and had a survey completed on the property, acting promptly as my wife was also 5 months pregnant at the time.

Two months into the process we were contacted by the agent and were informed that one of the previous bidders hadn\'t found what he was looking for and had increased his offer adding a further 5% to our sealed bid amount.

Now, as far as my wife and I are concerned sealed and final bids are just what they claim they are: FINAL! (no matter what the law says or doesn\'t say rather on the matter).
There is no amount of naivety that can flaunted by an estate agent that would have you believe that this gazumping or any other can happen without them playing an active part in the process, despite any claimed legal obligation they may have in respect of their client.
It is an utter disgrace that such misguided, unethical and unprofessional behavior should be tolerated or even allowed.

A number of estate agents we have subsequently talked to have all condemned this behavior. Although the property market may be buoyant, there should be still a modicum of moral and ethical conduct that obviously at this particular estate agent, James Pendleton, has been lost in favour of a fat cat mentality.

Our advise: stay clear and watch rip off britain, they\'d make good fodder for the show!
Was this helpful? Yes
By: James Pendleton
Dec 12, 2013
We sincerely regret that you were gazumped on this property and it is certainly not something we ever would or ever have encouraged. James Pendleton will always stay within the law, which currently states ‘You must give your client written details of all offers received from potential buyers - except those which the client has told you in writing need not be passed on (for example, those below a certain price).’ Go to this link for more information: http://www.oft.gov.uk/shared_oft/business_leaflets/general/oft031.pdf

Unfortunately in your individual case one of the other people who offered got back in touch and insisted he wanted to make a revised offer. As we had not been instructed in writing by the owners of the property that they did not wish to know of any higher offers (it is very unusual that a property owner will put this in writing), we had to tell our clients of the revised offer; it is their property and their decision to make. They gave you the opportunity to match the offer, as they felt very bad about not proceeding with you however the extra money made a huge difference to them.

It is a misconception that as agents we would benefit from this, it hardly altered our fee, and indeed would mean more work, yet we have to act according to the wishes of our clients and within the law. Please understand that we are not the decision makers. We completely empathise that you must feel very disappointed and indeed angry that the vendors have withdrawn from the sale to you.

We wish you all the best with your property search and should you still require our assistance we would do our utmost to help.
By: James Pendleton
Dec 12, 2013
We sincerely regret that you were gazumped on this property and it is certainly not something we ever would or ever have encouraged. James Pendleton will always stay within the law, which currently states ‘You must give your client written details of all offers received from potential buyers - except those which the client has told you in writing need not be passed on (for example, those below a certain price).’ Go to this link for more information: http://www.oft.gov.uk/shared_oft/business_leaflets/general/oft031.pdf

Unfortunately in your individual case one of the other people who offered got back in touch and insisted he wanted to make a revised offer. As we had not been instructed in writing by the owners of the property that they did not wish to know of any higher offers (it is very unusual that a property owner will put this in writing), we had to tell our clients of the revised offer; it is their property and their decision to make. They gave you the opportunity to match the offer, as they felt very bad about not proceeding with you however the extra money made a huge difference to them.

It is a misconception that as agents we would benefit from this, it hardly altered our fee, and indeed would mean more work, yet we have to act according to the wishes of our clients and within the law. Please understand that we are not the decision makers. We completely empathise that you must feel very disappointed and indeed angry that the vendors have withdrawn from the sale to you.

We wish you all the best with your property search and should you still require our assistance we would do our utmost to help.

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James Pendleton Estate Agents

53-55 Balham Hill London
Greater London
SW12 9DR

020 8673 7777

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