Gazumping

earlyevening

Anybody watching Frontline?

There was a young couple on who said they've been gazumped 4 times in recent months when bidding on property in Lucan.

Most recently they said the asking price was 239k and it sold for 270 I think.

Its all back on!! Double digit growth and killing each other to secure a property! :rolleyes:

Any other experience out there of gazumping?

(Gazumping occurs when a seller accepts a verbal offer of the asking price from one potential buyer, but then accepts a higher offer from someone else.)

athtrasna

I'm not overly surprised at the sellers, most sellers are desperate to get as much for their properties as possible as the likelihood is that they are in negative equity. However it's the purchasers I am surprised at, wasn't there a post on here last week from someone who was tempted to try, but decided not to after reading the replies?

Buying a house is no less stressful these days than it ever was, but I'm surprised that purchasers are still so willing to screw other purchasers over.

fasttalkerchat

I think I read somewhere that if you are in negative equity to a bank that you HAVE TO accept the highest offer.
Maybe I made it up...

riclad

I say there,s plenty of houses for sale in lucan,so just buy another house, Its just abit annoying when your transaction is stopped,and you have to start looking again.

jmayo

earlyevening wrote: »

Anybody watching Frontline?

No I gave up when I saw brendan "fill your shoes" burgess on it.

How the fook Kenny (or RTE not sure which) keeps dragging this fool out as some sort of expert says a lot.

earlyevening wrote: »

There was a young couple on who said they've been gazumped 4 times in recent months when bidding on property in Lucan.

Most recently they said the asking price was 239k and it sold for 270 I think.

Its all back on!! Double digit growth and killing each other to secure a property! :rolleyes:

Well what other stories would one expect from a show full of the property loving classes and the ones desperately trying to resurect the bubble :rolleyes:

Sorry to bust your bubble, but there is shag all gazumping, it has been replaced by more than a bit of gazundering.
Oh and there aint any economic indicators that point to double digit growth. :rolleyes:

earlyevening

jmayo wrote: »

Sorry to bust your bubble, but there is shag all gazumping, it has been replaced by more than a bit of gazundering.
Oh and there aint any economic indicators that point to double digit growth. :rolleyes:

I know. I was surprised to hear people reporting that houses were selling way above asking price...thats why I was trying to figure out if this was anybody else's experience.

kennyb3

Hand picked audience as usual from the vested interest that is RTE. Government has more money (via stamp duty) = maintains Pats wages.

Spin.

killers1

I've arranged mortgages for 8 properties purchased by clients of mine in Lucan over the past 3 months and every one of them sold for less than the asking price...

jmayo

earlyevening wrote: »

I know. I was surprised to hear people reporting that houses were selling way above asking price...thats why I was trying to figure out if this was anybody else's experience.

Sorry just getting peed off with all this sh**e every which way you look about bailouts, debt writeoffs, debt forgiveness, debt something or other for the mortgage holders who are in difficulty. :mad:

This topic is being flogged to death by the media and certain hacks in particular and just like the height of the property bubble mania I always wonder what is the ulterior motive.
Are these people so concerned about the mortgage defaulters or are they trying to shore up their own property investments by giving a lifeline to the property market ?
Are some of these people the ones who want to see section grants continue, etc ?

Yes some people are unable to pay off their massive mortgages and they need a way out, but that does not ever mean that they get a bailout/debt writedown and get to keep their property.
There is a large chink of the population out there suffering under this dillusion.

Last night from what I saw Kenny uttered the line about how some ordinary people reckon they should get a bailout basically because
a) some banks got a bailout
b) some developers got a bailout
c) an insurance company got a bailout, etc

For a start the muppets with this believe are forgetting the bailouts are being paid for yet more ordinary people, and in particular the ordinary people who were conservative and actually did not lead or jump on the credit binge.

Also I wish to fook people would not state that bankers got a bailout.
BANKS got a bailout, the top bankers got to walk away with their payoffs and pensions, but they did not get a bailout.
Sorry correction, one did get bailout when his securitising assets were transferred to the loans of his kids.
Funny the same guy used to play golf and have dinner with the ex leader of this state. :rolleyes:

Lyn256

killers1 wrote: »

I've arranged mortgages for 8 properties purchased by clients of mine in Lucan over the past 3 months and every one of them sold for less than the asking price...

Hi Killers1

I'm in the market for a 4 bed property in Lucan-without breaching confidentiality - can you tell me wither here or by PM what is the average sale price of 4 beds in Lucan at the moment-I'm particularly interested in St Thomas' parish so Finnstown/Hillcrest/Johnbridge/Old Forge/Westbury.

Many thanks!

Lyn

killers1

Lyn256 wrote: »

Hi Killers1

I'm in the market for a 4 bed property in Lucan-without breaching confidentiality - can you tell me wither here or by PM what is the average sale price of 4 beds in Lucan at the moment-I'm particularly interested in St Thomas' parish so Finnstown/Hillcrest/Johnbridge/Old Forge/Westbury.

Many thanks!

Lyn

Sent you a PM...

Not in Lucan, but have been looking at houses for 2 years and everything so far has sold for less than asking and in some cases by up to 70k less than original asking. We are looking at a few areas in south Dublin and I have been tracking absolutely every bit of information I've received.

However, there is still plenty of stupidity. We looked at a house recently, and in one day - two bidders managed to increase bids to the tune of 35k to push the price over the initial asking price. We have walked away from this one and expect that in 2/3 months it will show back up online or we will get an email from the agent asking if we are still interested as has happened before.

All I will say is - every single house we see, the agent is quite positive about the property and expects it to go for asking or higher as is their job to let on. I know most of the agents at this stage from so many viewings and it's almost a running joke that *this* house is going to go for asking.

Just play the game, know your limits and do your own thing.

killers1

Venjur wrote: »

.

Just play the game, know your limits and do your own thing.

+1 to this and take everything the Estate Agent says with a pinch of salt... Set a limit, don't exceed it & walk away...

killers1

killers1 wrote: »

+1 to this and take everything the Estate Agent says with a pinch of salt... Set a limit, don't exceed it & walk away...

As someone who has bid on 3 houses and walked away 3 times - I can say that we are glad we have done this and no house have we lost have we regretted. We have seen nicer and cheaper houses since and they are still trickling onto the market.

Also - as mentioned in my last post, if you see silly bidding on a house, it's either BS in which case walk away, or you are dealing with people who have more money than sense, and no understanding of negotiating so best walk away unless you have strong reasons not too.

Patience, common sense and nerve = House that matches your needs and is worth the money you pay.

Francie Barrett

fasttalkerchat wrote: »

I think I read somewhere that if you are in negative equity to a bank that you HAVE TO accept the highest offer.
Maybe I made it up...

That's rubbish.

Francie Barrett

jmayo wrote: »

No I gave up when I saw brendan "fill your shoes" burgess on it.

Who is he?

robd

Francie Barrett wrote: »

Who is he?

Guy who runs askaboutmoney.com web forum. Banned everyone from discussing property prices once it became obvious to most informed sources that market was about to tank. Still enforces ban on his site to my knowledge.


Belligerent type of guy, from my readings of his responses on that forum.

robd

riclad wrote: »

I say there,s plenty of houses for sale in lucan,so just buy another house, Its just abit annoying when your transaction is stopped,and you have to start looking again.

Seems a more realistic view point.

The problem with RTE running these VI pieces is that it does the market no favors. Most people buying are limited in what they can borrow to sensible amounts. Most people selling at the moment are selling inherited houses as executors. They see pieces like this which just entrenches their view that their house (often in need of complete refurbishment) is worth way more than it is (i.e what a buyer can afford to pay or borrow).

So the stale mate continues. Houses decline at 2% a month and the slow drip feed of credit continues. Hence we're a few years off bottom still.

Always think of RTE in terms of the people who work there. Hint. They generally support labour and wear woolly jumpers and sandals. ;-)

jmayo

Francie Barrett wrote: »

Who is he?

Ahhhh you dont' knwo the famous BB ?

Here do you want a good laugh nad then wonder why RTE continually have the guy on.
Sure they might as well wheel out ould Dan McLaughlin while they are at it.

https://www.youtube.com/watch?v=z2q7bBVAo74

BTWE this was back in autumn 2008 AFAIK.

Spiritofthekop

jmayo wrote: »

Ahhhh you dont' knwo the famous BB ?

Here do you want a good laugh nad then wonder why RTE continually have the guy on.
Sure they might as well wheel out ould Dan McLaughlin while they are at it.

https://www.youtube.com/watch?v=z2q7bBVAo74

BTWE this was back in autumn 2008 AFAIK.

Just to look at him. That face just says "DO NOT TRUST ME".

He has a face like a snake & he is one!

Mellio

killers1 wrote: »

I've arranged mortgages for 8 properties purchased by clients of mine in Lucan over the past 3 months and every one of them sold for less than the asking price...

Thats sounds more like it!

There is no way they are getting gazumped that much, you only have to look on daft or myhome at the amount of 3/4 bed houses there are for sale and 90% are semi-d so would not make any sense.


Bullsh*t is what I can smell......

ntlbell

Deleted User wrote: »

As someone who has bid on 3 houses and walked away 3 times - I can say that we are glad we have done this and no house have we lost have we regretted. We have seen nicer and cheaper houses since and they are still trickling onto the market.

Also - as mentioned in my last post, if you see silly bidding on a house, it's either BS in which case walk away, or you are dealing with people who have more money than sense, and no understanding of negotiating so best walk away unless you have strong reasons not too.

Patience, common sense and nerve = House that matches your needs and is worth the money you pay.

One of the most sensible posts I've seen on this forum for months

brava.

Mellio

ntlbell wrote: »

One of the most sensible posts I've seen on this forum for months

brava.

Have to agree an very sensible approach but hindsight is a wonderful thing.

if we were all like that from day one instead of believing these croney estate agents that there are fictiscous other offers in to make you put in a bigger bid the housing market wouldnt be in this mess
and perhaps, just perhaps the majority of people wouldnt have borrowed so much just buy a scabby 2 bed apartment for 400,000.

No one mentions the estate agent in all of this and most of them were part of a lot of property developments, they were more crooked than the banks for giving out false prices and valuations.

Spiritofthekop

Mellio wrote: »

Have to agree an very sensible approach but hindsight is a wonderful thing.

if we were all like that from day one instead of believing these croney estate agents that there are fictiscous other offers in to make you put in a bigger bid the housing market wouldnt be in this mess
and perhaps, just perhaps the majority of people wouldnt have borrowed so much just buy a scabby 2 bed apartment for 400,000.

No one mentions the estate agent in all of this and most of them were part of a lot of property developments, they were more crooked than the banks for giving out false prices and valuations.

New property price database will get rid of most of the bad eggs.

ntlbell

Mellio wrote: »

Have to agree an very sensible approach but hindsight is a wonderful thing.

if we were all like that from day one instead of believing these croney estate agents that there are fictiscous other offers in to make you put in a bigger bid the housing market wouldnt be in this mess
and perhaps, just perhaps the majority of people wouldnt have borrowed so much just buy a scabby 2 bed apartment for 400,000.

No one mentions the estate agent in all of this and most of them were part of a lot of property developments, they were more crooked than the banks for giving out false prices and valuations.

When you have common sense and patience there's no need for hindsight.

Plus as advice _today_ for people buying in the future it's exactly what is required.

Estate agents can't make you buy anything, nor can a bank manager or a newspaper.

In all of the mess, _no_ one _forced_ anyone to buy it was grown adults making decisions.

dory

Spiritofthekop wrote: »

New property price database will get rid of most of the bad eggs.

That's been talked about for ages. I can't imagine it ever being here at this stage.

Spiritofthekop

dory wrote: »

That's been talked about for ages. I can't imagine it ever being here at this stage.

I know but hopefully will be out by end of year as promised.

It will knock the property market right into shape!

Mellio

ntlbell wrote: »

When you have common sense and patience there's no need for hindsight.

Plus as advice _today_ for people buying in the future it's exactly what is required.

Estate agents can't make you buy anything, nor can a bank manager or a newspaper.

In all of the mess, _no_ one _forced_ anyone to buy it was grown adults making decisions.

So when I bought my first house at 24 I had loads of common sense and patience and knew exactly when the price of houses was going to fall again,had I waited for the price of houses to come down I would have being paying rent for 13 years now. I think everything you refer to is hindsight as you are talking about things that happened in the past and now obviously more obvious.

Estate Agents didnt make us buy anything but they could and did influence the price of properties for there own gains which over inflated prices as quick.

At the end of the day everyone has a responsibility in all of this from us the purchaser to greedy developers, government and Banks.

believe it or not we are going to pay for the mess the banks have gotten into for lending out such excesses to people. they are still responsible as lenders even though they dont accept any right now, why becuase the goverment will prop them up until they start earning huge sums of interest agin.

Thankfully I bought in 2001 so am not in that a position but there are a lot
of people worse off.

ntlbell

Mellio wrote: »

So when I bought my first house at 24 I had loads of common sense and patience and knew exactly when the price of houses was going to fall again,had I waited for the price of houses to come down I would have being paying rent for 13 years now. I think everything you refer to is hindsight as you are talking about things that happened in the past and now obviously more obvious.

I'm not sure why you're referring to me, all I did in this thread is a agree with a poster. maybe you're confusing me with someone else?

Mellio wrote: »

Estate Agents didnt make us buy anything but they could and did influence the price of properties for there own gains which over inflated prices as quick.

Right, but how does that make you buy? No one ever makes you buy. You decide to buy on whatever circumstances you have before you. If one of the circumstances is the average house price is 10 X the avg ind wage, well you don't need to be a rocket science to work out something is not right...right?

Mellio wrote: »

At the end of the day everyone has a responsibility in all of this from us the purchaser to greedy developers, government and Banks.

Right, but none of them made you or I or anyone else buy anything

Mellio wrote: »

believe it or not we are going to pay for the mess the banks have gotten into for lending out such excesses to people. they are still responsible as lenders even though they dont accept any right now, why becuase the goverment will prop them up until they start earning huge sums of interest agin.

We're paying all ready.

Mellio wrote: »

Thankfully I bought in 2001 so am not in that a position but there are a lot
of people worse off.

There's always someone worse off.

Harrr

We were gazumped in December - got the housE through sealed bid in the end - but for a lot more than our original offer and the asking price.

GetWithIt

Harrr wrote: »

We were gazumped in December - got the housE through sealed bid in the end - but for a lot more than our original offer and the asking price.

That doesn't sound like you were gazumped. That sounds like you engaged in a series of bids for a property that was for sale and eventually made the highest bid thereby securing the sale.

Amirite?

Mellio

ntlbell wrote: »

I'm not sure why you're referring to me, all I did in this thread is a agree with a poster. maybe you're confusing me with someone else?



Right, but how does that make you buy? No one ever makes you buy. You decide to buy on whatever circumstances you have before you. If one of the circumstances is the average house price is 10 X the avg ind wage, well you don't need to be a rocket science to work out something is not right...right?



Right, but none of them made you or I or anyone else buy anything



We're paying all ready.



There's always someone worse off.

Your original comment responded to me in an early post thats why Im referring to you.

Im not on here to get in a slanging match anyway but your generalised approach to being logical basing your idea on ten times the average wage being the cost of a house does not make any sense.

There are far more other circumstances as to why people bought not just becuase they were too stupid to realise it wasnt financially sound.

Some people could afford there mortgages and a lot still can but people have lost jobs, had kids e.t.c.

Completely going off topic anyway so I will say no more.

ntlbell

Mellio wrote: »

Your original comment responded to me in an early post thats why Im referring to you.

Yes but nothing I said was based on hindsight.

Mellio wrote: »

Im not on here to get in a slanging match anyway but your generalised approach to being logical basing your idea on ten times the average wage being the cost of a house does not make any sense.

I was just giving an example. if the cost of a house is 10 x's your salary. you cannot afford it. it's that simple. if a mortgae is 10 times your salary something is "broken" which should make you do some more research. no ?

Mellio wrote: »

There are far more other circumstances as to why people bought not just because they were too stupid to realise it wasnt financially sound.

Of course, there was also people who put more research into their summer holiday than they did buying a home. It's not about being too stupid. In most cases it was just pure lazyness and ignorance. but obviously, not in _all_

Mellio wrote: »

Some people could afford there mortgages and a lot still can but people have lost jobs, had kids e.t.c.

Completely going off topic anyway so I will say no more.

Which is why you shouldn't for example base the repayments of two wages.

for example you will potentially have kids and may lose one. One might lose their job. etc etc etc so their is lots of things you can take into account

Donadea Leo

There is no fool proof way to buy a house, lots of people think they know when is the right time to buy or to sell etc. and for every person who does you'll find an equal number to argue against this, just turn on the radio and listen to the so called experts. Everyone just has an opinion, nothing more nothing less - some maybe be better informed but they are not necessarily correct.

I admire people who are cool enough to walk away from a property when it becomes too expensive but we have these things got feelings that sometimes gets in the way. Being prepared is crucial but as much as you can think about what might happen you have to way up risks and think more about what is likely - some people are better at this than others. Also its sometimes hard to get the right information - when do you ever get a straight answer in Ireland.

5 years ago we all had more disposable income - there were more opportunities - we could change jobs, we could move if necessary -
all this has changed and people are trapped, you could think what would happen if I lost my job - but in the back of your mind you would probably think - well I'll get another one.

In my opinion this is what is sad, people's have no opportunity to change their situation - we can be smug and say well they shouldn't have paid 10 times their salary and of course that's true, but there's nothing worse than feeling hopeless - nobody deserves to feel like that.