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Usually gazumping is another buyer coming along with a higher offer. This property had received no offers, except mine (at the asking price) and the estate agent told me they had a new policy of slashing prices to generate viewings but telling vendors to stick to their original asking prices.
Never heard of this new policy that an estate agent has dreamed up.
If anyone is interested I'm selling a brand new Pagani Zonda, asking price £1.
Sure, you're only allowed to hike the price 30% though.
I saw a house I liked the look of, it had been reduced considerably (thankyou Property Bee, what a useful bit of software).
Went and viewed it. Liked it.
Other half went with me and viewed it again. We both liked it.
Phoned the agent, and offered the full asking price.
Vendor said "No way, we only reduced to the price to get viewings, we want the original asking price (about 30% higher)".
Is this a new tactic, drop the price to £1, get a million viewings, but reject any offers below £1M?
Sounds like bait and switch* (which is illegal). You could probably sue the estate agent if you had any proof, perhaps tape a conversation with him?
Classical bait and switch is advertising a product or service you never intend to supply and then offering the customer something else more expensive. However in your case they are offering the same thing (pretty bloody stupid). I would guess this is even more serious in the eyes of the law.
The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”
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