Does the real estate agency not have some moral obligation to purchasers as well as vendors?
I don’t know whether this agent is a Jenman agent but I thought you might be able to offer an opinion on an experience my wife and I had today.
We had an offer on a property accepted a couple of days ago by a vendor with the verbal agreement that if my wife liked the property upon inspection ( I saw it alone initially ) we would proceed. We saw the property together this afternoon and were happy to proceed only to be told by the real estate agent an hour later that there were now counter offers. ( Which there always are it seems )
Long story short we were informed that the vendor was happy with all offers and that the first one to exchange contracts would get the property. It is the real estates view that when exchange takes place the full 10% deposit is to be paid also. I am assuming they would wish us to waive any cooling off period in this instance with a 66W.
My concern is this – I understand there are three offers on the property, of which we are told ours is the lowest. How can a real estate agency allow or expect three different parties to carry out pest / building inspections, engage the services of a solicitor and have a house valuation done, knowing that two of the parties will miss out and waste a significant sum of money.
Different if a purchaser pulls out and loses money, it’s their doing, but I can’t see how it’s right for an agency to promote this kind of activity knowing that prospective buyers WILL lose money through no fault of their own.
I don’t feel at all comfortable going through this whole process then finding out someone else exchanged contracts an hour before me for instance.
Does the real estate agency not have some moral obligation to purchasers as well as vendors? Is this just a hard sell tactic to make sure we go through with the purchase?
Thanks and kindest regards
You are quite right. What you describe is disgusting and immoral behaviour with total disregard for the feelings or welfare of you, the buyer. Contempt virtually.
I am certain this agent is NOT one of ours but if it is, then our Code of Client-Care FORBIDS this behaviour and, if you lose money because of it, the agent will have to financially compensate you for all your losses.
And if they refuse to compensate you, I will do it and then expel them from our group. Now, you can see why we only have 46 offices, eh?
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