'Sale agreed' means let's negotiate

jetski

The posting of a "Sale Agreed" sign outside a house usually signals that the deal is done, not fully signed off, but . . . well agreed. But not in the current market it seems.
Dublin agents are finding that "Sale Agreed" means, just maybe I'll buy it, but only if you drop the price a little bit more. Or then again, maybe not. According to one estate agent declaring "Sale Agreed" is just the beginning of the negotiating process and not the end.
Stephen Manek of Douglas Newman Good is like many agents around town having to deal with prolonged negotiations that only get going when a buyer pays a deposit.
After that, a whole range of advisors enter the picture, says Manek. "It might start with the parent saying, 'that's too much, I wouldn't pay that'. Then the surveyor will have a go and advise them to drop a bit more and finally, just as they are about to sign the contract, the solicitor might say, 'tell them you're just about to sign the contract, but you want €20,000 off'. It's heart-breaking." For the vendor that is.
For the buyer, it's a chance to hone negotiating skills and hold back some money for the soft furnishings.

© 2008 The Irish Times

http://www.irishtimes.com/newspaper/property/2008/0911/1221039060195.html

tricky D

I have little sympathy. If you take a look back through the archives on boards, you'll see plenty of truly heartbreaking tales of mysterious and dodgy gazumping over the last decade or so. Now the tables have turned, aww diddums, now they know how it feels.

nuac

there was a lot of unethical gazumping during the boom years - every auctioneer claimed ot have other bidders for every property. They made their commissions easily. Young lads and lassies just starting in the business calling themselves "negotiators" became property experst overnight.

In tougher conditions they now have to work for their money. My heart bleeds for them.

johnnyskeleton

tricky D wrote: »

I have little sympathy. If you take a look back through the archives on boards, you'll see plenty of truly heartbreaking tales of mysterious and dodgy gazumping over the last decade or so. Now the tables have turned, aww diddums, now they know how it feels.

There aren't separate classes of people - vendors and purchasors. A lot of people buy and sell property. So it's possible that you had a FTB who was gazumped when they bought their house a few years ago, and now that they are trying to sell it, they are being gazundered. So some people have probably been hit twice with dodgy dealings.

Weyhey

Gazumping and gazunding should be illegal. If the buyer and purchaser agree a price then thats the price that should be paid.

gixerfixer

tricky D wrote: »

I have little sympathy. If you take a look back through the archives on boards, you'll see plenty of truly heartbreaking tales of mysterious and dodgy gazumping over the last decade or so. Now the tables have turned, aww diddums, now they know how it feels.

Couldnt agree more. Take the rough with the smooth suckers.

bangersandmash

tricky D wrote: »

I have little sympathy. If you take a look back through the archives on boards, you'll see plenty of truly heartbreaking tales of mysterious and dodgy gazumping over the last decade or so. Now the tables have turned, aww diddums, now they know how it feels.

That's a pretty simplistic knee-jerk reaction - who are "they" exactly? As Johnnyskeleton said, vendors and purchasers are not two distinct classes of people. And why would you assume that all current vendors are the same people who were responsible for gazumping in the past? At least put the blame where it belongs.

Gazumping and gazundering are both dishonest practises which should be discouraged. It's more than a little inconsistent to be appalled by one of them, and in favour of the other.

tricky D

I'm referring to the estate agents. I do have sympathy for the ordinary vendors. Call me cynical, but I think when the estate agent says heartbreaking in the quote, he's thinking of his diminshing commission much more than the vendor's plight.

bangersandmash

tricky D wrote: »

I'm referring to the estate agents. I do have sympathy for the ordinary vendors.

That's a different story then, and I have little sympathy either. I've come across too many agents over the last decade who have been happy to treat both buyers and vendors with contempt. Unfortunately in these cases it's the vendors who'll suffer far more than the agents.

Solvent

A good estate agent is worth their salt in both good and bad selling/buying markets and do work for their money when aiding sales- the trick is to find a good one, which you do by asking friends/family to recommend one to you. Same as any professional- solicitors, plumbers, mechanics, architects, doctors, the list goes on.

The_Conductor

Given the previous post on this thread is almost 3 years old, I'm closing.

Kind regards,

SMcCarrick