• Estate Agent Asking How Much Inheritance/savings

    By Guest on 22nd Feb 2016

    Hi, Put bid on a £325000 house £10000 over asking price ,We got out bid by cash buyer £350000(no chain),so increased bid by another £10000 .to £360000.00..,no joy . they then phoned us telling us cash buyer was slow so we put in another bid £5000 more £365000.00, (£40000.00 over and mentioned wife's inheritance)from death of her mother... and two days later estate agent (Sowerbys)phoned and asked how much inheritance we have. Low and behold they chose us and we started proceedings ,Just received phone call that cash buyer is back and has at least matched our offer(how they knew it was £15000 over theirs I don't know) and told us we have to give a last and final bid by Wed 24th 2016 3.00pm, They know how keen we were on the house ,and we have money ,does this seem legit or are we being conned in some way ,please advise

  • 2 Answers

    By Guest on 23/02/2016

    I couldn't possibly say whether you were being conned. Presumably you're wondering if the rival bidder really exists, or if he/she is working with the seller or the agent and has no genuine intention of buying the property? There isn't really any way to know. If this is what is happening then this would be misrepresentation and might be actionable however given that you are free to walk away from the deal if you wish it is questionable whether the courts would have any sympathy. If the agent is knowingly involved then Trading Standards might have something to say but realistically you need to assess whether the property is worth what you are being asked to pay. Think not only about how much you want it but about the fact that if you pay way over the odds you will immediately be in negative equity and will be for a while. If you decide not to proceed at this time then you could always keep an eye on the property to see if it comes back on the market (which it presumably will if the buyer isn't genuine) at least until you find something else

  • By Guest on 26/02/2016

    many thanks for the good advice I will bear that in mind

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