Very frustrated dealing with estate agents

energy69

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EA's have really frustrated me over the last two years to the point of insanity. In selling my mum's house we ended going through 2 different EA's due to their incompetence. Ended selling it privately. This had its own challenges although the experience was overall really good. I trying to find an apartment for my mum we have had to deal with numerous EA's and have bid on 3 different apartments. In 2 situations we have been outbid. In one situation where we went 100k higher than the asking price, we were still out-bid due to a closed bid at the end. In the other, we decided to not go into a closed bid as we had already raised the price by 40k. We finally found a place that looked like we might get. There were no bids on the property for over a month. Then they got bids 30k lower than the asking. It ended up hitting the asking and we bid 5k above. (535k) They then told us the bidder below withdrew their offer. 3 weeks went by and no more bids We asked will the vendor close at this point. They said they will not bring the offer to the vendor and recommend that he closes unless we have cash in the account. It took another 3 weeks for our contracts to finally be signed. We emailed the EA to say contracts were being signed in 2 days. The following day he rings me and says that a cash buyer placed a bid for 550k that day. I asked him to explain had there being any other bidders. He got frustrated that I was questioning him and said, he didn't care what my questions were. The bid was the bid and that was it. After my experience over these two years, I have lost all fate in them. I do not trust any of them, especially when they become so defensive over some simple questions. I really believe there is a need for regulation and some sort of way of monitoring and recording bids so there is some form of fairness in the whole process. Someone asked earlier as to whether what is the perception by the public on whether people trust EA's and whether they believe that they are creating phantoms bids. It will make an interesting survey. Something needs to change and at this stage, I believe they will, as mentioned, loose their middle-man footing, very shortly.
 
It took another 3 weeks for our contracts to finally be signed. We emailed the EA to say contracts were being signed in 2 days. The following day he rings me and says that a cash buyer placed a bid for 550k that day. I asked him to explain had there being any other bidders. He got frustrated that I was questioning him and said, he didn't care what my questions were.

This has nothing to do with phantom bids, you were gazumped. I'm guessing the property was since sold to the cash buyer, so you know for sure it was a real bid. Monitoring or recording bids would do nothing for you here.

What happened during the 3 weeks from offer to signing contracts? Was there an issue or hold-up on your side that frustrated the vendor or agent? Did you have a survey carried out that discovered issues with the property? Did you make your offer subject to the property being taken off the market?
 
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