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How to check if an agency is lying?

Hello. A repossessed house was advertised by an estate agency - the owner passed away. The house price was £155,000 however, the house needs some proper attention. I wanted to put an offer of £135,000 hoping to buy if for £140,000, however the agent said an offer of over £140,000 was already placed. Now how can I check if the offer was really placed and was genuine? How can I know that it was not placed by some 'fake' client (i.e. a friend of the agent) to increase the price? as obviously if I want to buy it. I have to put an offer of over £140 and I have done that already. But I just discovered that the same house is also advertised by another agency. I was thinking to call them and put an offer of £135 via them but I guess it is too late now as already placed offer of over 140k with the first agency?

Asked on Aug 16 2011, General in West Wickham | Report content

Answers (3)

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  • You could speak with the other agent and see if their stories match. You could also ask to see the offer forms, all offers must be put forward with repossession and the final figures advertised in the local paper. Try and get the agent on side instead of alienating them.

    Answered on Aug 16 2011, Report content
  • It's your risk, isn't it, bit like an auction. The other offer will almost certainly be genuine. You can do one of two things - stick with the £135k and see if the £140k offer "pulls out". People do this a lot, they can't get mortgages etc. You will never know of course if the story is genuine. Obviously you can also offer £141k, get accepted, then cut your offer to £135k at the last minute.

    Answered on Aug 18 2011, Report content
  • If the property you want to buy is a reposssion, and if the offer of over £140,000 was an acceptable offer, then all banks will instruct the agent that the offer price is advertised to the general public, until exchange of contracts. Your will see the advert along the lines of..... An offer of £xxx pounds has been made on the above property, any person wishing to submit a higher offer should notify the selling agent within 7 days / or until exchange of contracts. Check the internet listing and local papers for such an advert.

    Answered on Aug 19 2011, Report content

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