Agents buying from each other and reselling?

DrPhilG

To explain, I was asking a local estate agent the other day about a house. It was on the market at €165k. He said that an offer was pretty much accepted for €135k. Browsing earlier tonight and I found the same property, (definitely the same, not just similar) on another agent's site for €195k! It is definitely new on the second agent's site.

Is this common? Seems a little sneaky to me, €135k could have been a bargain for someone but instead another estate agent is trying to turn a quick profit.

Whether they manage to sell it at much of a profit or not, it makes life hard for people trying to find a bargain if the professionals are snapping them up when they're cheap and selling straight on.

Or have I got the wrong end of the stick entirely?

the groutch

it's not necessarily the agents doing the buying & selling.
could be anyone who bought it, and they're selling on straight away though a different agent rather than doing it themselves.

im invisible

have they not learned their lesson? either the buyer, or the seller???


or maybe thats how money makes the world go round?

DrPhilG

the groutch wrote: »

it's not necessarily the agents doing the buying & selling.
could be anyone who bought it, and they're selling on straight away though a different agent rather than doing it themselves.

Aye that's only occurred to me now...

That's what happens when you post at 5am!

FlashD

What makes you think the new agent will be able to sell it on at 195k

Market price dictates 135k, I wouldn't be paying a penny more but thanks for the heads up, sneaky games indeed.

Regards

dell1211

could it not be that the owner decided to switch estate agents, the old estate agent lied to try and look like he is actually selling something?

d15ude

what's sneaky a bout that?
it's a free market. parties can sign private contracts as they wish!

ShadowHearth

I think the owner just gave anather estate agent to sell his house.

In my area the fella is selling house. 3 biggest EA in area have it for sale and all 3 for different price. Then by luck I got in contact with the fella selling it, so he suggested me to buy it of him and skip EA agent. Funny enough his price was 9k bigger then lowest price on website from EA... Sneaky fecker.

Then had a talk to one of the EA who is not having that property on his adds. Was told that seller was a lunatic and wanted idiotic money for his gap. They just told him that they wont deal with him.

Treehouse72

The idea that EA's are secretly flipping property in Summer 2011 is absurd.

DrPhilG

Treehouse72 wrote: »

The idea that EA's are secretly flipping property in Summer 2011 is absurd.

I never said it was a secret, it's on the bloomin internet how could it be a secret?

And reading post 4 might help you relax.

DrPhilG

FlashD wrote: »

What makes you think the new agent will be able to sell it on at 195k

Market price dictates 135k, I wouldn't be paying a penny more but thanks for the heads up, sneaky games indeed.

True, but it's a fine looking house, and if you weren't aware of the previous one going at 135, then you might snag the 195k version for 165 and think you'd negotiated well!

dell1211 wrote: »

could it not be that the owner decided to switch estate agents, the old estate agent lied to try and look like he is actually selling something?

Dunno, apparently it was a bank repossession and they just wanted a quick sale rather than it sitting there. Fact that it was a cash buyer rather than needing a mortgage was the reason they accepted a low offer, as most people are struggling to get mortgages.

Of course this was all the agent's story. But I doubt he was lying, I called him to ask about viewing 2 properties and he turned me away from both! Said that in all honesty I wouldn't get anywhere on either until I had mortgage approval, so it's not like he was BS-ing to try and get my interest up.

Treehouse72

DrPhilG wrote: »

I never said it was a secret, it's on the bloomin internet how could it be a secret?

And reading post 4 might help you relax.

Don't get smart with me. I read the the OP and I have no idea why you think I didn't.

What you are suggesting is happening - EA's craftily finding "bargains" and flipping them on at a profit - is absurd.

DrPhilG

Treehouse72 wrote: »

Don't get smart with me. I read the the OP and I have no idea why you think I didn't.

What you are suggesting is happening - EA's craftily finding "bargains" and flipping them on at a profit - is absurd.

Good grief, why are you so agressive?

I'm not getting smart with you and I never said that you didn't read the OP. I said that you didn't read post 4. You are saying that my suggestion was "absurd"? In post 4 I agreed that it was a silly notion and suggested that I had been less than "compos mentis" at 5am when I posted it.

So long after I had admitted it was a daft notion, you come on like a bull in a china shop telling me what I had already admitted in post 4.

I know it's absurd
It was pointed out (in a much more polite manner) that it was absurd
I explained why I came up with such an absurd notion

Relax!

Treehouse72

Ok Phil, I don't want a fight and didn't realise my tone in that first post came across harsh. I don't see it myself, but no offence if so.

ShadowHearth

Drama...

DrPhilG

ShadowHearth wrote: »

Drama...

Nothin to see here... Move along now...