Gazumping

patjack

Anyone on here ever been gazumped? I.e. went sale agreed on property, paid booking fee only for Estate Agent to ring back and say sorry, higher offer in, some pain in the ass.

Hasn't happened me personally but currently bidding on a piece of ground next to the farm, haven't gone sale agreed or anything yet, just get the feeling that if I am lucky enough to be highest bidder and go sale agreed, this is going to happen.

Can't explain why really, just interaction with Auctioneer, gut feeling, could be completely unjustified.

Just wondering peoples thoughts on it, I know if your a seller it's great, but overall I think it doesn't help the whole land sale transaction or the market.

Nothing illegal with it, but it really gives the auctioneer a nice ace up his sleeve in terms of getting late bids etc.

If I was selling I'd have to think long and hard before reneging on a agreed sale, but thats just me, I suppose firstly I wouldn't agree a sale without believing I was getting what I considered the value or over it.

Any thoughts/experiences?

AP2014

patjack wrote: »

Anyone on here ever been gazumped? I.e. went sale agreed on property, paid booking fee only for Estate Agent to ring back and say sorry, higher offer in, some pain in the ass.

Hasn't happened me personally but currently bidding on a piece of ground next to the farm, haven't gone sale agreed or anything yet, just get the feeling that if I am lucky enough to be highest bidder and go sale agreed, this is going to happen.

Can't explain why really, just interaction with Auctioneer, gut feeling, could be completely unjustified.

Just wondering peoples thoughts on it, I know if your a seller it's great, but overall I think it doesn't help the whole land sale transaction or the market.

Nothing illegal with it, but it really gives the auctioneer a nice ace up his sleeve in terms of getting late bids etc.

If I was selling I'd have to think long and hard before reneging on a agreed sale, but thats just me, I suppose firstly I wouldn't agree a sale without believing I was getting what I considered the value or over it.

Any thoughts/experiences?

Seriously pain in the ass is what it is. Didn't take us long to get back into this sort of messing. Boom 2 is well on the way. I am beginning to think as a nation we are incapable of learning and maybe it would be better for Mrs Merkel to take us over fully. At least we may have decent health services and education then.

Miname

had a sizeable deposit paid on a piece of ground and the owner decided to push us another 20k. pulled out anyway and never as glad not to have got it. ground was costing me over 20k an acre, he done me a favour. ive gotten a little more sense since then (hopefully).

Greengrass1

Miname wrote: »

had a sizeable deposit paid on a piece of ground and the owner decided to push us another 20k. pulled out anyway and never as glad not to have got it. ground was costing me over 20k an acre, he done me a favour. ive gotten a little more sense since then (hopefully).

Jeez 20k an acre.
Way over valued. Wouldn't care where the land was

mahoney_j

Land a few miles from me went for over 15500 an acre a few months back,fine block of good dry land but needed a lot of tidying up,reseeding and a yard full of n p and k.crazy money bought by a dairy farmer who can't even milk his cows off it

Greengrass1

mahoney_j wrote: »

Land a few miles from me went for over 15500 an acre a few months back,fine block of good dry land but needed a lot of tidying up,reseeding and a yard full of n p and k.crazy money bought by a dairy farmer who can't even milk his cows off it

I'd prefer buy good dry land for 8-9k and acre and spend that 5-6k on improving it.

Muckit

mahoney_j wrote: »

Land a few miles from me went for over 15500 an acre a few months back,fine block of good dry land but needed a lot of tidying up,reseeding and a yard full of n p and k.crazy money bought by a dairy farmer who can't even milk his cows off it

Would it pay a dairy farmer to buy an outfarm for his silage?? Would he be better off renting silage ground and getting his heifers contract reared?

mahoney_j

Muckit wrote: »

Would it pay a dairy farmer to buy an outfarm for his silage?? Would he be better off renting silage ground and getting his heifers contract reared?

That would be my plan to buy in silage/whole crop or maize and contract rear,as for buying an out farm for silage,fook no.if it was feaseable I'd buy a block stick a robot on it and let it milk 70 cows !!

severeoversteer

if you are like me, you should go straight to the seller and try to offer him x amount

sometimes the auctioneers can be trying to put a property in someone elses direction and you wouldn't have a chance of getting it

auctioneers are corrupt as ever these days

In my line of work I encounter this carry on daily

some things that come for sale are just advertised as a formality as there is somebody lined up to buy it behind closed doors, especially with bank or nama sales

moy83

Got gazumped on three heifers on donedeal at the weekend by €25 ! Dealt at 1250 and when I txt him on herd no. and address he txt back sound but I need 1275 .

Mac Taylor

moy83 wrote: »

Got gazumped on three heifers on donedeal at the weekend by €25 ! Dealt at 1250 and when I txt him on herd no. and address he txt back sound but I need 1275 .

Sorry about that Moy but it was an extra 75 euro.:D
What a balls, wasting time to view them etc etc.

moy83

Mac Taylor wrote: »

Sorry about that Moy but it was an extra 75 euro.:D
What a balls, wasting time to view them etc etc.

Probably better off without them with the way things are with cattle anyhow !

frazzledhome

Greengrass1 wrote: »

I'd prefer buy good dry land for 8-9k and acre and spend that 5-6k on improving it.

That would be the ideal situation and get relief on the upgrade work. Land in this area hasn't been at this level for 20 years. You'd need a min of 11 to consider going to an auction of good land.

I see it all the time, guys talking about the guy who spends 14-15k an acre, while they're standing talking about it being too dear he has moved on paid for it and buys another piece 10 years later. It varies from situation to situation.

frazzledhome

patjack wrote: »

Anyone on here ever been gazumped? I.e. went sale agreed on property, paid booking fee only for Estate Agent to ring back and say sorry, higher offer in, some pain in the ass.

Hasn't happened me personally but currently bidding on a piece of ground next to the farm, haven't gone sale agreed or anything yet, just get the feeling that if I am lucky enough to be highest bidder and go sale agreed, this is going to happen.

Can't explain why really, just interaction with Auctioneer, gut feeling, could be completely unjustified.

Just wondering peoples thoughts on it, I know if your a seller it's great, but overall I think it doesn't help the whole land sale transaction or the market.

Nothing illegal with it, but it really gives the auctioneer a nice ace up his sleeve in terms of getting late bids etc.

If I was selling I'd have to think long and hard before reneging on a agreed sale, but thats just me, I suppose firstly I wouldn't agree a sale without believing I was getting what I considered the value or over it.

Any thoughts/experiences?

I haven't heard of it on farm land sales. You are possibly worrying unnecessarily. Keep your head and counter bid till you reach your limit that's all you can do. It's obviously private treaty so you could be bidding against yourself but that's life. Don't go rushing in revved up and offer your limit, play the game and it'll be fine.

Another option is to get another party to bid on your behalf, bid against them once and pull out with your agent bidding again that'll make them sit up and think if acting the mick

Zoo4m8

Put a fair bid on a NAMA piece back in the spring, two auctioneers, one Dublin based the other local.
After a week the head man of the Dublin firm rang me to say another bid was in, this bid was way over the worth and I took it I was being told to fo. I told yer man there was no way I was bidding again and he could have it, he basically said I was in the halfpenny place and the other man was buying it and that was that.
Two months later,on the day I was going to look at another bit, I got an email from the local firm asking for my best offer by Friday accompanied by proof of funds and twenty percent...I took huge pleasure telling them to shove it.
Myself and another lad have had our offer accepted on the other bit, booking deposit paid, survey done to produce maps to divide the place, so if any messing at this stage there will skin and hair flying, as my old man used to say...
Incidentally , drove past the first place the other day...terrific crops of thistles and ragweed, and home to a fine bunch of piebalds....

Roundbale

Zoo4m8 wrote: »

so if any messing at this stage there will skin and hair flying, as my old man used to say...
....

Is you old man Ger Loughnane?

Zoo4m8

Roundbale wrote: »

Is you old man Ger Loughnane?

No....thanks be to God and his holy mother!

Muckit

frazzledhome wrote: »

Another option is to get another party to bid on your behalf, bid against them once and pull out with your agent bidding again that'll make them sit up and think if acting the mick

Sorry now. Bit slow with this one. Have you not just put the price up twice on yourself with that move? What is the logic behind doing this?

frazzledhome

Muckit wrote: »

Sorry now. Bit slow with this one. Have you not just put the price up twice on yourself with that move? What is the logic behind doing this?

Yes, but if you feel your being dicked around with fanthom bidder you've taken the advantage by now removing yourself from the deal in the eyes of auctioneer. He thought he had two bidders, you've dropped out and now he's getting windy.

When auctioneer reverts to you telling you how much the bid is, if its the one your agent put on you now have the cards

The other way your bidding on yourself anyway.

This was suggested as a solution for the OP as he/she feels that messing is going on

Hope I'm being clear

ganmo

100 acres for sale down the road here, asking price only 2.5 mill
and thats not the joke! there happens to be a tenant on half of it with an annual rent of 10G.

farmerjj

ganmo wrote: »

100 acres for sale down the road here, asking price only 2.5 mill
and thats not the joke! there happens to be a tenant on half of it with an annual rent of 10G.

Agh they must be haven a joke, farm sold near us this week 170+acres for 2Million and that was still dear.

Greengrass1

farmerjj wrote: »

Agh they must be haven a joke, farm sold near us this week 170+acres for 2Million and that was still dear.

What operation is going into it? What condition was land it?

farmerjj

Greengrass1 wrote: »

What operation is going into it? What condition was land it?

Land is sound but most of it needs to be reseeded, no sheds on it worth talking about, think a dairy man bought it. Its expensive land but still a nice block of land.