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Thursday, July 25, 2024
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SCHEMING PROPERTY AGENT HID NEW BUYER’S BID FROM SELLER TO SECURE HIS COMMISSION

Unethical property agents?

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Need some neutral opinions here.

Recently asked a friend doing property to help me look for a resale flat, and I saw a listing I loved so I sent it to him, and he went to engage the seller’s agent

Sat we managed to get a last min viewing. And the owners weren’t home. The seller agent told us the owners need 3 months extension to move out if we want the place.

And there are more viewings for the place next week, So in my mind, no hurry and we can slowly offer/ wait for people to offer so we can counter.

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However my friend helped to follow up and realise there may be someone who already offered for the place. We asked what is the amount exactly, so we can counter if we want to.

But the seller agent refuse to disclose and just inform us its around mid to high 600k. So essentially we had to guess. So we offered 688k.

The seller agent told us he will let the owners know. To my horror the very next morning the seller agent told us the house is sold and we lost the bid.

I was suspicious the seller agent intentionally undermined my efforts so he can close the deal full commission by himself and get his awards.

So I casually went to chat up the owners and they were friendly, and I realised they did not get a price they liked for their house as they did not get another offer. And they sold it at 690k.

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I was prepared to go up to 720k with my counter. Never given the chance as I had to guess the amount the other party gave.

And the owners informed they could move out anytime, no need 3 months extension. so they were ok with quick offers

So my question is , I may be wrong in approaching the owners direct, but I wouldn’t have found out that agent all along knew my offer was lower than his clients, but he kept quiet knowing I will lose the bid.

Did not tell me my amount was lower and kept quiet until the owners decide to go with 690k, the only other offer they had. Which is his full commission (There was another 640k offer but they rejected earlier )

If the agent had to co-broke with my friend, he will have to split his commission and earn less? And this is a clear case of fraudulent misrepresentation?

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