Help dealing with an estate agent

Toffypop

My partner and I could do with some advise at the moment dealing with an estate agent. We saw a house Saturday that we really like and were present when another couple put a bid in. We went back to see the house Monday and Tuesday put our own bid in a couple of grand over the current bid but still below the asking price of the house.
The EA told us he'd be in touch by Wednesday (yesterday) however we haven't heard anything back on our bid. We're fully expecting the other couple to put in another bid but is waiting two days for feedback usual? We're both first time buyers and the waiting has been driving us mad!

Thanks in advance!

D3PO

play the waiting game. if you ring them the EA will know your very eager and will play you for every penny he can squeeze.

Toffypop

Is there a certain length of time we should leave it? I think we just hate waiting and I'd rather not leave it hanging over the week-end

davet82

Toffypop wrote: »

Is there a certain length of time we should leave it? I think we just hate waiting and I'd rather not leave it hanging over the week-end

a bit of pain could save you 10k though

Ritchi

I think it would be fine to ring for an update on Friday afternoon if they haven't got back to you.

If your offer is rejected, you should wait until next week until letting them know your decision.

Toffypop

Yeah if we don't hear anything today we'll give the EA a call tomorrow after lunch, we're aware that there's another couple interested who had put in the initial bid so we're expecting them to bid again. It's knowing how to play the EA game really isn't it!

Sunny Dayz

Ring them tomorrow looking for an answer, and mention to them they you would like to know today and spoof that you have a viewing of another house on Saturday and would like to know where your offer stands with that house before your "viewing on Saturday". That way you might not look too eager for that particular house.

Toffypop

Sunny Dayz wrote: »

Ring them tomorrow looking for an answer, and mention to them they you would like to know today and spoof that you have a viewing of another house on Saturday and would like to know where your offer stands with that house before your "viewing on Saturday". That way you might not look too eager for that particular house.

That's a really good idea actually, there's no way I could leave it hanging ober the week-end

groom

The EA is leaving you hanging on purpose probably to gauge your anxiousness.
A decent EA will be good with the basic psychology. Doesn't call back when they say they will. You call then call them. They know you're keen.
Resist!

groom

Toffypop wrote: »

That's a really good idea actually, there's no way I could leave it hanging ober the week-end

It's really not. Just relax and have some self control. Think about something else. Call the EA middle of next week if they don't call back first. The house will not be sold off and out of reach next week.

Toffypop

I think we're just conscious of another couple having a bid in. We were there when the couple put in the bid and the EA was fawning all over them

Ste-

Toffypop wrote: »

I think we're just conscious of another couple having a bid in. We were there when the couple put in the bid and the EA was fawning all over them

I've heard stories of Ea's inviting friends to come view a house so it appears busy also.

But yeah as others have said don't appear to eager, and if you get into a bidding war don't be afraid to walk away if it gets too much.
The right house will come eventually.

Toffypop

Thanks to everyone for the advice, it's pretty consistent in that we need to sit pretty and wait it out. Always thought I was patient but way way off

groom

The EA has your offer. It's better than the other one you were aware of. The EA knows you are somewhat interested. If there is a higher offer the EA will let you know to see if you'll bid higher. In the meantime he/she is letting you twist in the wind a little. That is their job.

What good could possibly come (from your POV) of desperately contacting the EA? What real harm will come of you leaving it a few days?

I've felt all this before having gone through a house purchase. I was able to control the urges but my wife couldn't. She's go ahead and ring the EA anyhow

Toffypop

groom wrote: »

The EA has your offer. It's better than the other one you were aware of. The EA knows you are somewhat interested. If there is a higher offer the EA will let you know to see if you'll bid higher. In the meantime he/she is letting you twist in the wind a little. That is their job.

What good could possibly come (from your POV) of desperately contacting the EA? What real harm will come of you leaving it a few days?

I've felt all this before having gone through a house purchase. I was able to control the urges but my wife couldn't. She's go ahead and ring the EA anyhow

I suspect that's why I'm posting in a panic and the OH is as cool as a cucumber

Pkiernan

Call the EA and tell him your offer expires Monday at 5pm.

Thousands of houses out there.

gmisk

Sunny Dayz wrote: »

Ring them tomorrow looking for an answer, and mention to them they you would like to know today and spoof that you have a viewing of another house on Saturday and would like to know where your offer stands with that house before your "viewing on Saturday". That way you might not look too eager for that particular house.

Also maybe arrange a few more viewings through the same estate agent....its amazing how quickly this information will filter back to your EA....putting an expiry date on a bid is also a good idea.

groom

Putting deadlines on bids and delivering ultimatums to estate agents are more likely to back fire on you because the estate agent is unlikely to be able to force a vendor to agree to your deadline.

When your deadline has past and you still have an interest / emotional attachment and good chance of getting the house, Your position is weakened if you have to row back from your own ultimatum.

Someone above said there are 1000s of houses out there. I think it is very unlikely that you will find more than 3 or 4 houses in a 6 month period that really suit you but get out there and view alternatives houses. Finding another suitable one is the best remedy to your anxiousness. It's a much nicer position to be bidding on 2 suitable houses than 1. Been there, done that in the last 6 months

Frank Black

I don't think there's any problem putting a specific time limit on an offer. You can say you are currently viewing other similar properties and want to be able to put in offers on these if you see one you like.
If the vendor turns down the offer, thank the estate agent and tell them you might contact them in the future.
This won't weaken your position - if anything it will strengthen it as it gives the impression you are not obsessed about this particular house and are looking at other properties.

Toffypop

I think it's the radio silence from the EA that's really bothering me. We put in a bid Tuesday and it's Friday now, the EA told us he'd call us Wednesday and it's two days later and nada.
At this stage I'm not calling him (I think I'm just annoyed at this point!) and we'll see if he rings us. We're still looking at other houses anyway in the interim

quad_red

Toffypop wrote: »

I think it's the radio silence from the EA that's really bothering me. We put in a bid Tuesday and it's Friday now, the EA told us he'd call us Wednesday and it's two days later and nada.
At this stage I'm not calling him (I think I'm just annoyed at this point!) and we'll see if he rings us. We're still looking at other houses anyway in the interim

I don't think you're looking at this right.

This is a negotiation. His client is the vendor, not you. The EA is going to try and extract the most cash out of you, particularly capitalising on your sense of impatience and emotional involvement - he/she has none.

Unless the vendor is in a screaming hurry, if they sense that you don't have alternatives and that you really want this house, they are perfectly willing to wait a few weeks and get 20k more off you.

EA's are a breed apart and normal manners and niceties don't seem to apply. Getting upset or emotionally involved will only benefit them. Stay calm - presuming you've made a reasonable offer and have made it clear you are serious (finance arranged etc.) then there's nothing you can do to 'hurry' the EA up. All you're doing is emphasizing how desperate you are to close. Which, conversely, may encourage the EA to string this out to get as much €€€ as possible.

ps. This is just based on our experience. My wife is pregnant and EA's light up when they see the bump. I know they're thinking 'these people need to get this deal done asap before the baby arrives etc'. This is the game you're playing.

It's frustrating and boring and grubby. But you're playing it whether you want to or not. Well, unless you're willing to offer 50k more than the asking or something

Toffypop

quad_red wrote: »

It's frustrating and boring and grubby. But you're playing it whether you want to or not. Well, unless you're willing to offer 50k more than the asking or something

No we're definitely not going down that road All advice received is to sit pretty and wait so, as much as it kills me, I'll be doing that. The OH is great, he's no bother waiting it out!

groom

black francis wrote: »

I don't think there's any problem putting a specific time limit on an offer.

What does Toffypop do when the deadline passes and she's (:p how's my assumption?) still interested?

black francis wrote: »

You can say you are currently viewing other similar properties and want to be able to put in offers on these if you see one you like.

There's nothing stopping Toffypop from putting in other offers especially if an estate agent hasn't come back with a response when they said they would.

black francis wrote: »

If the vendor turns down the offer, thank the estate agent and tell them you might contact them in the future.

A bit of radio silence from Toffypop is all that is required. The EA is a professional and deals with emotionally charged people daily. They aren't emotionally involved so keeping your cards close to your chest is best.

black francis wrote: »

This won't weaken your position - if anything it will strengthen it as it gives the impression you are not obsessed about this particular house and are looking at other properties.

No. Making ultimatums does give the impression of obsession.

Hold the line Toffypop. Be the strong silent type. Wait until the EA gets back to you.

Toffypop

I'm definitely going to try and be the strong and silent type. Whilst driving myself and everyone around me mad!

Toffypop

Update: we just heard from the EA so the waiting is over, feel better now I hadn't cracked and rang him!

Frank Black

groom wrote: »

What does Toffypop do when the deadline passes and she's (:p how's my assumption?) still interested?

There's nothing stopping Toffypop from putting in other offers especially if an estate agent hasn't come back with a response when they said they would.


A bit of radio silence from Toffypop is all that is required. The EA is a professional and deals with emotionally charged people daily. They aren't emotionally involved so keeping your cards close to your chest is best.


No. Making ultimatums does give the impression of obsession.

Hold the line Toffypop. Be the strong silent type. Wait until the EA gets back to you.

Regurgitating the points you've already made in a previous post is not really very enlightening.
Given the subjectivity of the subject there is no definitive 'right' or 'wrong' way to conduct your negotiations.
However, in my experience, my method is a far superior negotiation tactic than the one proposed by you.

TheDriver

Toffypop wrote: »

Update: we just heard from the EA so the waiting is over, feel better now I hadn't cracked and rang him!

and........

Ritchi

Toffypop wrote: »

Update: we just heard from the EA so the waiting is over, feel better now I hadn't cracked and rang him!

And? I'm assuming good news?

groom

black francis wrote: »

my method is a far superior negotiation tactic than the one proposed by you.

So how does your method work if your deadline has past but you are still interested?

groom

Toffypop wrote: »

Update: we just heard from the EA so the waiting is over, feel better now I hadn't cracked and rang him!

Can't believe you've left us hanging like that

Toffypop

Oh no our offer was rejected which is what we were expecting anyway. We're going to wait until the middle of next week before ringing back with another one and (try!) play him at his own game!

TheDriver

its all a big game of cloak and dagger, wish it was like places in the states where all offers must be in writing and kept on file so EA can be audited and truthful. Ours can lie through their teeth, every house I see has an offer on it which is always near the asking price but they are always willing to accept offers.......

AfterHrsProp

quad_red wrote: »

I don't think you're looking at this right.

This is a negotiation. His client is the vendor, not you. The EA is going to try and extract the most cash out of you, particularly capitalising on your sense of impatience and emotional involvement - he/she has none.

Unless the vendor is in a screaming hurry, if they sense that you don't have alternatives and that you really want this house, they are perfectly willing to wait a few weeks and get 20k more off you.

EA's are a breed apart and normal manners and niceties don't seem to apply. Getting upset or emotionally involved will only benefit them. Stay calm - presuming you've made a reasonable offer and have made it clear you are serious (finance arranged etc.) then there's nothing you can do to 'hurry' the EA up. All you're doing is emphasizing how desperate you are to close. Which, conversely, may encourage the EA to string this out to get as much €€€ as possible.

ps. This is just based on our experience. My wife is pregnant and EA's light up when they see the bump. I know they're thinking 'these people need to get this deal done asap before the baby arrives etc'. This is the game you're playing.

It's frustrating and boring and grubby. But you're playing it whether you want to or not. Well, unless you're willing to offer 50k more than the asking or something

While I agree with alot of what you say, I dont think all of what you say is entirely true. Like any industry you will have good & bad companies. Some will sell their mother to make a quick buck but their are others who believe in doing things in a more upfront & honest way. The property market is no different.

For all the op knows, this bid may have been relayed to the owner already & they are the ones who's stalling. Selling a house in todays market isnt the easiest thing as everybody knows but the owner also might be in negative equiy or have the banks breathing down his/her neck. i.e. deciding on how much of a loss they are prepared to take on the property.

In alot of instances when an owner is struggling to make up their mind about whether to accept an offer or not, the auctioneer will often get accused of dirty tricks. Its important to remember that this isnt always the case

Frank Black

groom wrote: »

So how does your method work if your deadline has past but you are still interested?

Re-read my original post.
It's not rocket science and I hate regurgitating previously made points.

groom

black francis wrote: »

Re-read my original post.
It's not rocket science and I hate regurgitating previously made points.

Your original post doesn't answer my question. Answering my question wouldn't be regurgitating a previously made point.

Toffypop

Toffypop wrote: »

Oh no our offer was rejected which is what we were expecting anyway. We're going to wait until the middle of next week before ringing back with another one and (try!) play him at his own game!

Wait as long as you like - and don't go back with another offer. I realise that is difficult but unless you hear someone has bid more, I would do nothing. Remind the estate agent of your offer, tell them to call if they want to accept it, and tell him you'll continue to look around.

The vendor is the one sitting on a depreciating asset. Not you.

http://www.irishtimes.com/newspaper/breaking/2013/0108/breaking49.html

I'd also urge you to continue viewing as many houses as possible. It's very easy to convince yourself that a specific house is THE ONE and getting it is incredibly important to you. That is almost never the case.

I think back to some of the houses I nearly bought last time around - houses I was really disappointed to miss out on - and I thank god I did.

Frank Black

groom wrote: »

Your original post doesn't answer my question. Answering my question wouldn't be regurgitating a previously made point.

black francis wrote: »

I don't think there's any problem putting a specific time limit on an offer. You can say you are currently viewing other similar properties and want to be able to put in offers on these if you see one you like.
If the vendor turns down the offer, thank the estate agent and tell them you might contact them in the future.
This won't weaken your position - if anything it will strengthen it as it gives the impression you are not obsessed about this particular house and are looking at other properties.

I would have thought it pretty obvious that failing to respond to your offer is the same as turning it down - given that this is the whole point of putting a timeframe on the offer in the first place.

Henry Ford III

I remember someone I know getting so worked up about a particular house and so concerned that another potential buyer was snooping around that he actually outbid himself i.e. he was already the high bidder and he upped his offer

RATM

groom wrote: »

Can't believe you've left us hanging like that

I think she's got the hang of playing it all cool and casual and is now doing so on us too

groom

black francis wrote: »

I would have thought it pretty obvious that failing to respond to your offer is the same as turning it down - given that this is the whole point of putting a timeframe on the offer in the first place.

The vendor failing to respond to an offer before an artificial deadline imposed by you and turning it down are in no way the same. They might just like responding at their own pace.

groom

RATM wrote: »

I think she's got the hang of playing it all cool and casual and is now doing so on us too

Future Sherry Fitzgerald star employee

Frank Black

groom wrote: »

The vendor failing to respond to an offer before an artificial deadline imposed by you and turning it down are in no way the same. They might just like responding at their own pace.

They're exactly the same thing actually, if the timeframe element in an inherent part of the offer.
While vendors might like responding at their own pace, it's not the potential buyer's job to accommodate this.
You sound like your offering advice for vendors more than buyers tbh.

groom

black francis wrote: »

While vendors might like responding at their own pace, it's not the potential buyer's job to accommodate this.

If the OP continues to look and bid on other houses while allowing the EA / vendor respond when they want she isn't making any special accommodation, with the added advantage of not looking desparate

black francis wrote: »

You sound like your offering advice for vendors more than buyers tbh.

Frank Black

groom wrote: »

If the OP continues to look and bid on other houses while allowing the EA / vendor respond when they want she isn't making any special accommodation, with the added advantage of not looking desparate

Well, you can continue to adopt your strategy of accommodating the sellers whims. I'm sure it will be most successful for you.
I prefer to negotiate from a position of strength.

Mr.Wemmick

Toffypop wrote: »

Oh no our offer was rejected which is what we were expecting anyway. We're going to wait until the middle of next week before ringing back with another one and (try!) play him at his own game!

I would ring the EA next week and ask to see another property. Telling him you're really interested in buying soon but only at the right price, don't ever let them smell your interest in just one property.. while he/she is showing you around the next house, cut your viewing time short informing them you have another property to view with another EA.. keep cool and wait.

The EA needs to get a good sense that he might lose your business..

groom

black francis wrote: »

it's not the potential buyer's job to accommodate this.

black francis wrote: »

you can continue to adopt your strategy of accommodating the sellers whims

I thought you didn't like regurgitating.

Bought late last year. Didn't have any need for nonsense or ultimatums.

But do keep us informed on developments from that position of strength.

Frank Black

groom wrote: »

I thought you didn't like regurgitating.

I'll occasionally make exceptions for the slow learners.

jvlme

AfterHrsProp wrote: »

While I agree with alot of what you say, I dont think all of what you say is entirely true. Like any industry you will have good & bad companies. Some will sell their mother to make a quick buck but their are others who believe in doing things in a more upfront & honest way. The property market is no different.

For all the op knows, this bid may have been relayed to the owner already & they are the ones who's stalling. Selling a house in todays market isnt the easiest thing as everybody knows but the owner also might be in negative equiy or have the banks breathing down his/her neck. i.e. deciding on how much of a loss they are prepared to take on the property.

In alot of instances when an owner is struggling to make up their mind about whether to accept an offer or not, the auctioneer will often get accused of dirty tricks. Its important to remember that this isnt always the case

Spoken like a seasoned EA

Toffypop

I think I'm developing a serious dislike of estate agesnts :mad: Put in our final offer thursday and said we needed a response by Friday 1 p.m. Friday rolls around, at 4 I rang the EA who said they were waiting to hear from the sellers. I don't even know if the EA has put our offer into the sellers. How long do we wait? I know previous advise was to sit tight!

RATM

Toffypop wrote: »

I think I'm developing a serious dislike of estate agesnts :mad: Put in our final offer thursday and said we needed a response by Friday 1 p.m. Friday rolls around, at 4 I rang the EA who said they were waiting to hear from the sellers. I don't even know if the EA has put our offer into the sellers. How long do we wait? I know previous advise was to sit tight!

In fairness giving the vendors 24 hours to decide whether or not to accept your offer isn't giving them much time at all. It is a major life-changing decision (for both you and the vendor) and needs to be given due consideration. The 24 hour deadline may well have got their noses stuck up and to be honest I wouldn't be surprised if they reject it not necessarily on the basis of the price offered but on the manner on which it is submitted.

This may be a buyers market but you still need to give sellers some space to come to a considered decision, 24 hours is not enough time, a week would have been more appropriate IMO.

groom

Has there been much bidding going back and forth?