Auctioneers look after friends??!!

Johngoose

Is it possible that auctioneers keep developer friends sweet making sure that they get sweet deals?Has any ordinary person got a chance of getting a good deal?Think of landlord types who have bought a number of houses,that are known to auctioneers...They surely have a better chance of being "looked after" by auctioneers.Is there a cosy relationship between auctioneers and developer types,with maybe a few restaurant dinners and weekends away for the auctioneer?They say the harp is a symbol of Ireland,as this country is all about pulling strings?

Johngoose

Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.

delthedriver

If you are selling a product, would you be more inclined to look after a customer who buys 100 units from you, than a customer who buys 1 unit??
Business is business !

Johngoose

I take your point.It's a very unregulated and corrupt sector in my opinion.

delthedriver

Johngoose wrote: »

Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.

Fair point perhaps. It certainly seems odd if you were the leading bidder that you were not informed about any new bid?? Not the first case I have heard of in recent months. In Dublin ???

Johngoose

It seems they have a "don't call us we'll call you" attitude,if you are a bidder who isn't a "man about town."

Johngoose

delthedriver wrote: »

Fair point perhaps. It certainly seems odd if you were the leading bidder that you were not informed about any new bid?? Not the first case I have heard of in recent months. In Dublin ???

No Cork.But I think it's symptomatic of what's going on in every Irish city.

delthedriver

Johngoose wrote: »

I take your point.It's a very unregulated and corrupt sector in my opinion.

The madness of Pre 2008 has returned in the Greater Dublin Area !

Regulation , what regulation?? The Banks were regulated............we all know what happened.

Johngoose

Johngoose wrote: »

No Cork.But I think it's symptomatic of what's going on in every Irish city.

I think auctioneers are just as arrogant now as they were 10 years ago.The downturn is largely forgotten.

Johngoose

delthedriver wrote: »

The madness of Pre 2008 has returned in the Greater Dublin Area !

Regulation , what regulation?? The Banks were regulated............we all know what happened.

I agree.Does any house go for asking price anymore,or is it always way more than the asking price?

delthedriver

Johngoose wrote: »

No Cork.But I think it's symptomatic of what's going on in every Irish city.

May well be. Another bug is the sealed bid system. Here 2 or more interested parties submit their sealed bids before close of business. This is only serving to drive the price way above the original asking price!

Johngoose

I am currently chasing up another auctioneer,I have been bidding on another house.She seems to be lying very low as well.She used the usual line that if she had any news she would get onto me.Im just wondering has she some friend waiting to buy.

delthedriver

Johngoose wrote: »

I agree.Does any house go for asking price anymore,or is it always way more than the asking price?

It would appear way more than the asking price.

delthedriver

Johngoose wrote: »

I am currently chasing up another auctioneer,I have been bidding on another house.She seems to be lying very low as well.She used the usual line that if she had any news she would get onto me.Im just wondering has she some friend waiting to buy.

Anything is possible........are their" imaginary friends" who will help drive the price???

It really is a lottery!

Johngoose

It's maddening that there isn't more transparency with the bidding when it comes to the sale of a house. Some very shady deals going down in my opinion.

Uncle Ben

Johngoose wrote: »

I agree.Does any house go for asking price anymore,or is it always way more than the asking price?

The seller will always demand the highest price and the auctioneer will seek the highest commission. The Sindo will call them entrepreneurs.
Same old story until the next crash.

Johngoose

delthedriver wrote: »

Anything is possible........are their" imaginary friends" who will help drive the price???

It really is a lottery!

I'm beginning to think you have to have some clout with an auctioneer to be even considered as a buyer of a house.

delthedriver

Johngoose wrote: »

I think auctioneers are just as arrogant now as they were 10 years ago.The downturn is largely forgotten.

Perhaps even more arrogant, they have had a lean ten years, they are jolly well going to make up for that. Indeed there are new kids on the block who won't remember the downturn !

Johngoose

Uncle Ben wrote: »

The seller will always demand the highest price and the auctioneer will seek the highest commission. The Sindo will call them entrepreneurs.
Same old story until the next crash.

But I don't think it's about the highest bidder in certain cases.Ive been told everything from ...I'm paraphrasing slightly:"Complications with the bank K.B.C.," "She's decided to do up the house herself and keep it" and "the sale is under negotiation"(got that one twice). I heard a good one about a pub owner who lost his pub to the banks and bought it back again.(He just happened to be the highest bidder on the liquidated pub and he had the sway with enough big noises to stump up the cash).

delthedriver

Johngoose wrote: »

I'm beginning to think you have to have some clout with an auctioneer to be even considered as a buyer of a house.

I would suggest making contact with a "respectable auctioneer " explain what exactly you are looking for, your position, how quickly you can close on a deal etc. Avoid the dizzy front of house staff. Get talking to the organ grinder rather than his monkeys. Invite him out for coffee/ lunch , and get his attention focused on your requirements. There are decent guys out there.

Johngoose

Johngoose wrote: »

But I don't think it's about the highest bidder in certain cases.Ive been told everything from ...I'm paraphrasing slightly:"Complications with the bank K.B.C.," "She's decided to do up the house herself and keep it" and "the sale is under negotiation"(got that one twice). I heard a good one about a pub owner who lost his pub to the banks and bought it back again.(He just happened to be the highest bidder on the liquidated pub and he had the sway with enough big noises to stump up the cash).

I guess we'll always be the "Wild West" of Europe.Only cowboys can survive in this country.

delthedriver

Uncle Ben wrote: »

The seller will always demand the highest price and the auctioneer will seek the highest commission. The Sindo will call them entrepreneurs.
Same old story until the next crash.

Indeed very true.

Uncle Ben

Johngoose wrote: »

But I don't think it's about the highest bidder in certain cases.Ive been told everything from ...I'm paraphrasing slightly:"Complications with the bank K.B.C.," "She's decided to do up the house herself and keep it" and "the sale is under negotiation"(got that one twice). I heard a good one about a pub owner who lost his pub to the banks and bought it back again.(He just happened to be the highest bidder on the liquidated pub and he had the sway with enough big noises to stump up the cash).

Ah yes I see where you're coming from. However I have heard other cases where farmers won't bid on land because they want someone in particular to get it. As for auctioneers, a lot of these become politicians both at local and national level.
They are truly honest with high morals.

delthedriver

Johngoose wrote: »

I guess we'll always be the "Wild West" of Europe.Only cowboys can survive in this country.

Perhaps. Though similar things happen in UK , Spain etc.

At the end of the day , the price/value of a property is what the final bidder standing pays for the property !

Johngoose

delthedriver wrote: »

Perhaps. Though similar things happen in UK , Spain etc.

At the end of the day , the price/value of a property is what the final bidder standing pays for the property !

I take your point but I actually think they are preventing certain people from becoming the highest bidders.Blocking them from getting the house as they have somebody lined up who they want to get it.Like a lot of jobs that are gone before they are advertised,friends looking after friends...

delthedriver

As an old dog, willing still to learn new tricks. I suggest identifying properties in the area you are looking for and to approach homeowners directly. You may be surprised someone may be willing to sell as they may be anxious to downsize etc, and they will save themselves the Auctioneers fee too !!!

Think outside the box??

delthedriver

Johngoose wrote: »

I take your point but I actually think they are preventing certain people from becoming the highest bidders.Blocking them from getting the house as they have somebody lined up who they want to get it.Like a lot of jobs that are gone before they are advertised,friends looking after friends...

Yes , very true, sadly that is life !

blackbird 49

Johngoose wrote: »

Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.

Agree with you on this, same thing happened to me

Nekarsulm

Report your suspicions to the regulatory body.
Every bid must be logged on a separate pre populated page, (PSRA/S61-2012)
including Vendor's name,
name of prospective purchaser,
contact details,
method of contact,
offer,
conditions(if any),
name of person who received the offer,
and signed.
Also
Full details of the notification of the offer to the client, date, time, name of person notifying the client, method used in notifying client (fax, phone, email, personally, other)
and the clients reaction to the offer.

These conditions are quite strictly enforced, especially within the larger group Auctioneering firms.

MarkAnthony

Bear in mind that if a developer or property investor comes along, especially if they know the auctioneer the buyer is left with this decision:

A buyer, probably in a chain, probably making all sorts of demands ref survey offering €250,000 closing at some point when they manage to pin down their buyer and before their AIP runs out.

A buyer with cash today, willing to sign contracts in a week, offering €235,000 and already has a pretty good idea of what the survey is going to say.

Worth the hassle for the extra €15K? Some will say yes, others are where your problem is coming in.

Looking at it more cynically lets say an agent is working on 1.5% commision.

1.5% of 250K = 3750
1.5% of 235K = 3525

Go with the buyer you know will complete quickly and certainly or the trader-uper who'll be calling you every five minutes?

Henry Ford III

Nekarsulm wrote: »

Report your suspicions to the regulatory body.
Every bid must be logged on a separate pre populated page, (PSRA/S61-2012)
including Vendor's name,
name of prospective purchaser,
contact details,
method of contact,
offer,
conditions(if any),
name of person who received the offer,
and signed.
Also
Full details of the notification of the offer to the client, date, time, name of person notifying the client, method used in notifying client (fax, phone, email, personally, other)
and the clients reaction to the offer.

These conditions are quite strictly enforced, especially within the larger group Auctioneering firms.

Auctioneers are unregulated.

For once Eddie Hobbs is actually useful...http://www.eddiehobbs.com/HowToComplain/Auctionaries.htm

I wouldn't be confident making a complaint to either of those bodies.

Nekarsulm

Henry Ford III wrote: »

Auctioneers are unregulated.

For once Eddie Hobbs is actually useful...http://www.eddiehobbs.com/HowToComplain/Auctionaries.htm

I wouldn't be confident making a complaint to either of those bodies.

You should wite to Eddie and tell him about the PSRA.
Of course, Eddie himself spent quite a bit of time pushing property in the Cape Verde Islands.
A country with very limited fresh water, and due to dissappear if sea levels rise by even a fraction of predictions.

Henry Ford III

Nekarsulm wrote: »

You should wite to Eddie and tell him about the PSRA.
Of course, Eddie himself spent quite a bit of time pushing property in the Cape Verde Islands.
A country with very limited fresh water, and due to dissappear if sea levels rise by even a fraction of predictions.

I won't bother as he's a fool.

Had a quick look at the PSRA site. It's wholly unimpressive and I wouldn't have much confidence in the ability of that body to resolve any issue with a rogue Auctioneer.

Nekarsulm

The rogue is the problem.
Have a look at the PSRA list of compliant Auctioneers, and check how many of your local firms are listed.
Those not listed, have no insurance.

CaoimheSquee

Henry Ford III wrote: »

Auctioneers are unregulated.

Incorrect, they are now very much regulated. Make sure and report if you feel there is something dodgy going on!

Morini

delthedriver wrote: »

It would appear way more than the asking price.

I've just bought a house that went for below asking, in North Dublin. Would have pushed my luck a bit further, but Mrs Morini would have fallen over with stress. The other property I was interested in has dropped in price twice recently. My feeling is that prices for 'starter' homes are going for slightly more than they are worth, but there is better value and less competition when 'trading up'.

I also have to say that the Estate Agent I bought from was rubbish, but the Estate Agent I sold through was a gentleman, and appeared to look after both seller (me) and buyer well. Also know of other people who bought from him, and they were well treated.

So they're not all bad.

Uno my Uno.

This thread is like Estate Agent Bingo!

I dare say that the occasional unscrupulous EA has helped a friend secure a property but I seriously doubt it amounted to anything more than heads up when a property became available or an indication of the amount needed to go sale agreed.

I find it very unlikley that it is necessary to be a developer with a reputation and all the EAs in the town in your pocket just to successfully bid on a house. If that was the case we'd be a nation of renters not owner occupiers.

When it comes to bidding on a house it isn't just a money game, the bidder's situation and credentials are all important. A cash buyer or first time buyer who is able to sign contracts quickly and complete the sale shortly thereafter will often go sale agreed at figure lower other bids. Bidders who are stuck in a chain or someone who comes across as a chancer or time waster (eg someone looking to do deals under the table or bidding without mortgage approval) will have their bids looked upon less favorably.

Carawaystick

Johngoose wrote: »

Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.

And when you checked the property price register, how much was it sold for?