Problems with Auctioneers

bongotime

We are having problems with auctioneers we have been looking for a house for 2 Years we made an offer on this house for 380000.

So we made an offer of 320000 and maybe even 330000 and basically the auctioneer laughed at us and said we’d be looking at more 350 or 360.

1 year later we have came across the same problem same auctioneer different house.

[FONT=&quot]What offer said we make the house price is 330000.[/FONT]

Victor

250k, and leave him sit on it.

EKRIUQ

If the other house sold for 350 or 360, maybe he's just doing his job, but in the rationalism of this board offer €150,000 and tell them it's only going to be worth half that next year.

dclare

Do a search on the property sites (Daft.ie, Myhome.ie, PropertyNews.com etc) for similar homes to get an idea of asking prices in the area.

Also try IrishPropertyWatch.com which shows house price drops on 1000's of properties.

The more research you do, the better position you'll be in when negotiating with estate agents - if you can go in and say there's a similar property with a guide price of €340,000 through estate agent X, they may be more likely to move on the asking price.

Small Change

It all depends on how the property is priced in relation to the rest of the market....no-one here can tell you what to offer based on asking price alone.

There is a perception on here that the problems with house prices is down to agents refusing to lower prices to reasonable levels. In reality, the final arbiter of the price is the seller, not the agent.
From what I have seen, (I recently sold my house) agents are happy to sell properties at any price, (particularly when the final selling price is not disclosed) but most sellers will have a minimum price that they are willing to sell at.

One thing I would suggest....if you are defenitely not willing to come close to the asking price and are just going to throw in a bid of 80% or less to "chance your arm", mention this to the EA before you go to view the house and you may save yourself, the seller and the EA a lot of wasted time.

By all means register your interest for them to contact you if they lower their expectations in the future, but don't put someone through the hassle of presenting the house, storing away everyday items, moving small children out of the house for the viewing, etc, when you could clarify things with a simple phone call in advance

gibo_ie

Victor wrote: »

250k, and leave him sit on it.

Based on what? What a stupid thing to say.
I assume you don't even know what house the OP is referring to.
This is the problem in the market currently, people saying "I can get a bargain here if i offer much less than asking" without even considering what the house is worth. This is encouraging the sellers to raise prices to allow for this in some cases. So basically you are not getting anything off in the end.

I have a house on at the moment which i have had to do this with. Offers are now coming in around the original asking price so guess who the losers are....

Small Change has it bang on, i have instructed my EA to immediately pass back stupid offers below my minimum price without disclosing that figure.
I have been buying and selling houses for a few years now (before the boom) and believe the prices which houses are being sold for now will reflect the discount buyers think they are getting by going on the market at higher than requested pricing!

bangersandmash

gibo_ie wrote: »

This is encouraging the sellers to raise prices to allow for this in some cases. So basically you are not getting anything off in the end.

I have a house on at the moment which i have had to do this with. Offers are now coming in around the original asking price so guess who the losers are....

Any buyer who has been following the market with care will know that this has been a common tactic for the last 12+ months. It's hardly a secret and it's usually quite obvious in an area unless (a) there are no other properties for sale, (b) all other vendors agree to follow suit.

While the tactic may work in some cases, as it becomes more common it will just prolong the stalemate between vendors and buyers. Buyers will start to factor in an additional discount into their offer, based on the (correct or incorrect) assumption that the vendor has pitched the property above the real asking price. Vendors are then back to square one. The only remedy to this stalemate would be an accurate public database of sales, but there seems no will to make any move on that front.

As for blanking low-ball offers below a minimum price, this is completely understandable. However the real losers may be the vendors whose minimum acceptable price is unrealistic and who end up continuously following the market down.

I'd agree that it's pointless to pick a figure or discount percentage out of thin air without knowing the specifics of the market in the area.

EKRIUQ

Small Change wrote: »

It all depends on how the property is priced in relation to the rest of the market....no-one here can tell you what to offer based on asking price alone.

There is a perception on here that the problems with house prices is down to agents refusing to lower prices to reasonable levels. In reality, the final arbiter of the price is the seller, not the agent.
From what I have seen, (I recently sold my house) agents are happy to sell properties at any price, (particularly when the final selling price is not disclosed) but most sellers will have a minimum price that they are willing to sell at.

One thing I would suggest....if you are defenitely not willing to come close to the asking price and are just going to throw in a bid of 80% or less to "chance your arm", mention this to the EA before you go to view the house and you may save yourself, the seller and the EA a lot of wasted time.

By all means register your interest for them to contact you if they lower their expectations in the future, but don't put someone through the hassle of presenting the house, storing away everyday items, moving small children out of the house for the viewing, etc, when you could clarify things with a simple phone call in advance

This is totally true, the vendor is also a part of the selling process but has employed an agent who usually gets the blame for everything in a sale from potential buyers but at the end of the day its the seller's decision. A seller is going to be more pissed off after cleaning the house from top to bottom, storing things away, doing odd jobs, everything possible to increase the chances of a sale and then get a ridiculous low ball offer. If a buyer keeps putting in unrealistic prices eventually their going to get ignored

bongotime

I think we are goin to go privately the auctioneers we are dealing with have the hand in nearly ever house in newbridge. and we've waited two years now. and prices have dropped.

sorry but I have no one laugh at me and have power over me like that.

and we shouldnt have to be having these problems with auctioneers in the first place.

Agent J

bongotime wrote: »

I think we are goin to go privately the auctioneers we are dealing with have the hand in nearly ever house in newbridge. and we've waited two years now. and prices have dropped.

sorry but I have no one laugh at me and have power over me like that.

and we shouldnt have to be having these problems with auctioneers in the first place.

Just smile back and tell them you'll see them on the other side of the recession.

Estate agents for the most part should be treated with contempt.

D3PO

bongotime wrote: »

I think we are goin to go privately the auctioneers we are dealing with have the hand in nearly ever house in newbridge. and we've waited two years now. and prices have dropped.

sorry but I have no one laugh at me and have power over me like that.

and we shouldnt have to be having these problems with auctioneers in the first place.

I dont see your complaint frankly. theres lots of housing stock and it will sell for what somebody is willing to offer and what the othe rparty is willing to accept.

if i told an autioneer i dont want to sell below X then what do you expect in response to a lowball offer made to the auctioneer whos under instruction from his client ?

bongotime

so what yea think goin private is the best option.

ever house we think we like and looks great its the same auctioneer dealing with it.

they sell at least 80 percent of newbridge