Seller in no rush to sell....

clarkej5

Hi all, any advice on the following would be greatly appreciated 👍🏻

We looked at a house that is on the market for 6 months. Been told the owner is now living with the kids and is in no rush to sell.

Work (alot) needs to be done to the house but for the asking price and quality we are interested.

EA said theres been two bids, first 15k lower than asking and then just last friday with the asking price. EA then repeated that the sellers are in no rush 🙄
This was then followed by him bare faced lying to our faces when we asked (knowing full well) were they student accomodation apartments behind the house.

I know the EA is working for the seller, and they want the most money for them but it is not clear what is an acceptable figure for them to sell the property. In the back of my mind I dont trust the two bids statements.

We are considering a bid at 10k below asking price (if there’s no bids they should consider it) and the asking proce is the very max we would pay for it.

Thanks

Henry Ford III

I'd look elsewhere tbh.

clarkej5

clarkej5 wrote: »

Hi all, any advice on the following would be greatly appreciated ðŸ‘ðŸ»

We looked at a house that is on the market for 6 months. Been told the owner is now living with the kids and is in no rush to sell.

Work (alot) needs to be done to the house but for the asking price and quality we are interested.

EA said theres been two bids, first 15k lower than asking and then just last friday with the asking price. EA then repeated that the sellers are in no rush 🙄
This was then followed by him bare faced lying to our faces when we asked (knowing full well) were they student accomodation apartments behind the house.

I know the EA is working for the seller, and they want the most money for them but it is not clear what is an acceptable figure for them to sell the property. In the back of my mind I dont trust the two bids statements.

We are considering a bid at 10k below asking price (if there’s no bids they should consider it) and the asking proce is the very max we would pay for it.

Thanks

If you have been told seller is in no rush to sell, he/she is willing to wait for the right offer, highly unlikely that €10k below asking will be it, particularly as the asking price has been offered and not accepted. As Henry said, look elsewhere, looks like this seller is going to hold out for an offer well above asking.

clarkej5

Dav010 wrote: »

If you have been told seller is in no rush to sell, he/she is willing to wait for the right offer, highly unlikely that €10k below asking will be it, particularly as the asking price has been offered and not accepted. As Henry said, look elsewhere, looks like this seller is going to hold out for an offer well above asking.

Hi Dav010
Yeah we won’t be given the run around and bid against ourselves from the start. I just cant phathon what’s the point in asking prices if a seller won’t accept and sell if there is existing offers in place.
And the EA lying straight yo our faces was a massive red flag

Phileas Frog

Dav010 wrote: »

particularly as the asking price has been offered

Allegedly.

Benny Biscotti

I wouldnt just walk away. I'd put the offer 10k under asking and just keep searching for others.

You can't take the EA word about the offers as he is proven to you to be misguiding you.

Phileas Frog

Phileas Frog wrote: »

Allegedly.

Is there any proof it isn’t a genuine bid?

To be fair to the EA, he didn’t have to say the seller isn’t in a hurry, at least the op knows the situation from the start and doesn’t waste his/her time.

As always with these type of situations where phantom bids are suspected, no one ever has proof, why is it not possible for someone else to be as interestied as the op?

Op, asking price is a guide as usually the minimum price that will be accepted. Daft did a study which showed over the last few years the majority of buyers are cash buyers, and pay above asking.

clarkej5

Yeah Benny we will continue to look around.
We may put the 10k under offer on the table with a comment if the asking price offer “falls through” our offer is there but state we are also very interested in other properties and will likely put offers on them too.

We are willing to walk away and the sellers shouldnt take any real viable offer gor granted.

Dav010 yes I understand this in certain areas and cities but for the town in question houses have not gone over asking prices in general.

beauf

I've seen properly 100k over priced and the owners sat on it for years hoping to get their asking.

Saying they're in no rush to sell probably means they don't really want to sell unless someone throws stupid money at them.

December2012

If you have a problem with nearby student accommodation why would you bid any way?

clarkej5

clarkej5 wrote: »

Yeah Benny we will continue to look around.
We may put the 10k under offer on the table with a comment if the asking price offer “falls through” our offer is there but state we are also very interested in other properties and will likely put offers on them too.

We are willing to walk away and the sellers shouldnt take any real viable offer gor granted.

Dav010 yes I understand this in certain areas and cities but for the town in question houses have not gone over asking prices in general.

Maybe I’m wrong but why would the sellers taken an offer €10K under their asking price ? In the current sellers market they’re probably going to get their price easily , if not above. If I was them I wouldn’t sell until I got what I wanted either. It’s only a couple of times in your life you sell your house. At the end of the day it’s their choice.

ahnowbrowncow

December2012 wrote: »

If you have a problem with nearby student accommodation why would you bid any way?

I dont see where they said they had a problem with it.

It could affect the price of the house which is why I'm presuming they said it to the estate agent.

Del2005

clarkej5 wrote: »

. I just cant phathon what’s the point in asking prices if a seller won’t accept and sell if there is existing offers in place.

The sellers are hoping for more money, don't forget property always goes up! If they aren't in a rush they don't need to except the 1st bid that meets the asking price.

clarkej5 wrote: »

And the EA lying straight yo our faces was a massive red flag

Everyone selling to you is lying to your face, most is just by leaving important information out.

C3PO

Just bid what you are willing to pay and continue looking! All this guessing and double guessing is just a waste of time!

clarkej5

December2012 wrote: »

If you have a problem with nearby student accommodation why would you bid any way?

It doesn’t bother us, it’s a controlled block with security etc so it’s no concern to us but I believe for other potential buyers it maybe an issue.

The EA simply lied when we asked about it-the trust was broken then.

I’ve seen several houses drop asking prices recently and changing to POA so I don’t think there’s much activity at the moment.

Samuel T. Cogley

clarkej5 wrote: »

It doesn’t bother us, it’s a controlled block with security etc so it’s no concern to us but I believe for other potential buyers it maybe an issue.

The EA simply lied when we asked about it-the trust was broken then.

I’ve seen several houses drop asking prices recently and changing to POA so I don’t think there’s much activity at the moment.

Your mistake is having any trust in an EA to begin with.

clarkej5

clarkej5 wrote: »

It doesn’t bother us, it’s a controlled block with security etc so it’s no concern to us but I believe for other potential buyers it maybe an issue.

The EA simply lied when we asked about it-the trust was broken then.

I’ve seen several houses drop asking prices recently and changing to POA so I don’t think there’s much activity at the moment.

There needn’t be trust in the first place, the EA works for the seller not the buyer. It is important that the seller trusts the EA. His job is to sell the property, not help you buy it, the two are not mutually exclusive, particularly if they are confident that another buyer will come along eventually.

dudara

You’re over analysing it and over-thinking the relationships. Just play your game and do what’s right for you.

Put the bid in and see what happens. Don’t attach Ts&Cs as again you’ll be over complicating it.

In the meantime keep looking.

beauf

clarkej5 wrote: »

...
I’ve seen several houses drop asking prices recently and changing to POA so I don’t think there’s much activity at the moment.

The stats suggests prices are still rising. Just that the rate of increase is slowing.

It's been on the market 6 months. Could be on it a few years. I know one property the owner has been dithering about selling for a decade.

That said only you know the local market conditions and location. There could be other factors at play here that makes our comments irrelevant.

Sleeper12

clarkej5 wrote:

I know the EA is working for the seller, and they want the most money for them but it is not clear what is an acceptable figure for them to sell the property. In the back of my mind I dont trust the two bids statements.

We're in the process of selling a property. We expect close to 700k but the asking price is 550k. In any property where the asking price looks great then it's usually not even close to the real asking price

q85dw7osi4lebg

Wouldn't bother wasting your time, the other bidders time or the agents time.

Stick what you are prepared to pay on it then if it's not accepted or you are outbid walk away.

EA may not have known it was student accommodation.