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Estate Agent rip off or not?

  • 11-08-2017 10:36am
    #1
    novice_post
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi all,

    We arekeen to buy a particular property and met the estate agent involved and were told the price increased by 10,000.
    They claimed there was interest but at the viewing there was only one other couple there.
    Are we being played? We don't want to lose this house but we don't want to be taken advantage of.


    Thanks!
    Tagged:


Comments

  • #2
    Xterminator
    Registered Users, Registered Users 2 Posts: 4,782 ✭✭✭Xterminator


    Hi Op

    No stranger on the internet can answer that with any degree of accuracy. Decide on how much the houise is worth for you dont bid above that. Research what similar houses in the area are going for.

    now you have an idea of what the value is, you can tell if you are being ripped off.

    But yes, houses are selling above asking prices in some areas at this time.


  • #3
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    That 10k is about €50 extra a month every month for the next 25 years.

    That's the price of a half decent night out.


    Agents will prey on inexperienced buyers and almost all buyers are inexperienced.

    Check www.propertypriceregister.ie and see exactly what price similar houses have sold for in the area since 2010 and make an economic decision on what you can afford and what similar properties have sold for.

    Propertypriceregister will also give you an idea of how many similar properties come on the market and you may find it better to wait - summer is quiet season.

    One error many make is they fall for the property, start planning furniture and colour schemes and then over pay - take emotions out of it.


  • #4
    ben.schlomo
    Registered Users, Registered Users 2 Posts: 12,395 ✭✭✭✭ben.schlomo


    Its not a ripoff, if you can afford it, the house meets your needs and you are happy and confident in the decision then go for it. Probably better in the accommodation and property forum.


  • #5
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    novice_post wrote: »

    Hi all,

    We are keen to buy a particular property and met the estate agent involved and were told the price increased by 10,000.

    They claimed there was interest but at the viewing there was only one other couple there.

    Are we being played? We don't want to lose this house but we don't want to be taken advantage of.

    A. Have you made an offer?

    B. if so, has it been rejected?

    If no to A then why not do so? Decide the absolute max that you're willing to pay and offer a little bit (say 5%) less.

    If B, then make another one - maybe offering €3K more - and tell the auctioneer that's as far as you can go.

    then chillax and await developments.


  • #6
    Doltanian
    Banned (with Prison Access) Posts: 1,201 ✭✭✭Doltanian


    Gazumping, is the term, best keep your money out of the property market for another few years until the next inevitable crash comes again. Houses are overvalued all over Ireland at the moment.


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  • #7
    Cloudio9
    Registered Users, Registered Users 2 Posts: 1,351 ✭✭✭Cloudio9


    Doltanian wrote: »
    Gazumping, is the term, best keep your money out of the property market for another few years until the next inevitable crash comes again. Houses are overvalued all over Ireland at the moment.

    You don't know what Gazumping is.

    It's increasing the price after going sale agreed but before closing.

    Plenty of the reverse happened during the crash with buyers lowering the price after going sale agreed. People seem to have less of an ethical issue with that for whatever reason. .


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