Is this a tactic?

aaaaaaaahhhhhh

Hey Guys,
Based on info here I reached out to book a viewing today and got the below response. Is this a tactic by the agency, or should I call their bluff. I wasnt going to offer full asking price to begin with.

Thank you for your enquiry, we have received a cash offer of €xxx,xxx on this property.

If you would like to put in a cash offer without viewing the property, please contact us on xxxxx.

Dav010

At least you now know what the current bid is, if you can’t bid higher, no point in viewing.

aaaaaaaahhhhhh

Dav010 wrote: »

At least you now know what the current bid is, if you can’t bid higher, no point in viewing.

its the exact asking price.
Is their any point in bidding the same price based on having the cash ready with no requirement to sell another house before moving in?

Dav010

aaaaaaaahhhhhh wrote: »

its the exact asking price.
Is their any point in bidding the same price based on having the cash ready with no requirement to sell another house before moving in?

The EA has said the other offer is cash.

athlone573

aaaaaaaahhhhhh wrote: »

its the exact asking price.
Is their any point in bidding the same price based on having the cash ready with no requirement to sell another house before moving in?

You'd only be playing their game if you do. Plenty more houses out there

Baby01032012

How do you propose calling their bluff?

Plenty of properties going sale agreed and well above asking based solely on online photos. You can’t view a house anyway under level 5, only when sale agreed.

Allinall

athlone573 wrote: »

You'd only be playing their game if you do. Plenty more houses out there

There’s not really.

OP. Pick up the phone and ring the agent.

Ask them what the state of play is.

athlone573

Allinall wrote: »

There’s not really.

OP. Pick up the phone and ring the agent.

Ask them what the state of play is.

Fair enough, I'm not in the market myself. I just think it's crazy to make an offer sight unseen if you weren't going to offer the full asking in the first place. Everyone's circumstances differ though and no harm giving them a phone call.

johnnyskeleton

I wouldn't buy a house without viewing it.

And I'd be extremely suspicious of any estate agent who causally throws it out there that you might like to do so.

ted1

johnnyskeleton wrote: »

I wouldn't buy a house without viewing it.

And I'd be extremely suspicious of any estate agent who causally throws it out there that you might like to do so.

I’m bidding on a house at the moment. It’s gone 45k over asking. Only virtual viewings. I’ve no interest in bidding any more.
The owners have rejected higher offers as they don’t want people in a chain

aaaaaaaahhhhhh

Baby01032012 wrote: »

How do you propose calling their bluff?

Thinking about it I cant, all I can do is not bid.

I was thinking this was their way of Playing the game to get me to put in a higher amount than what the asking price is worth.

I know the house is worth at least 25k less than the asking, I live in the same estate right now(have done for 30+years)

They were built in the 80s, no extension, windows etc need changing.

aaaaaaaahhhhhh

johnnyskeleton wrote: »

I wouldn't buy a house without viewing it.

And I'd be extremely suspicious of any estate agent who causally throws it out there that you might like to do so.

My thoughts exactly Johnny.
Its too much money to be playing risk with.

20/20

aaaaaaaahhhhhh wrote: »

I know the house is worth at least 25k less than the asking, I live in the same estate right now(have done for 30+years)

So you are no longer in the running for the house. Post a link please I would love to see this overpriced house the EA doesnt want to show off.

aaaaaaaahhhhhh

20/20 wrote: »

So you are no longer in the running for the house. Post a link please I would love to see this overpriced house the EA doesnt want to show off.

semi-detached-house

20/20

aaaaaaaahhhhhh wrote: »

semi-detached-house

Thanks for the link. It does look dated but has nice space to side for extension.

aaaaaaaahhhhhh

20/20 wrote: »

Thanks for the link. It does look dated but has nice space to side for extension.

got a quote of 62k for the same

Baby01032012

aaaaaaaahhhhhh wrote: »

My thoughts exactly Johnny.
Its too much money to be playing risk with.

Where’s the risk. You don’t buy without viewing, you sale agree and put down your refundable booking deposit, then you view, bring in your surveyor if you like.

Dav010

aaaaaaaahhhhhh wrote: »

Playing the game to get me to put in a higher amount than what the asking price is worth.

I know the house is worth at least 25k less than the asking, I live in the same estate right now(have done for 30+years).

I think you are now learning that the “worth” of a house is the highest price someone is willing to pay for it, rather than what you think it is “worth”. Chances are, the current high bid is from someone who also wants to live in that location, and is willing to pay for it.

At least the EA has informed you from the start, before you waste your time, what the current bid is. It would be bucking the market for a house valued at that price to sell €25k below asking, too little supply, too many buyers.

rekdtangle

aaaaaaaahhhhhh wrote: »

semi-detached-house

I was looking at this exact house myself! I was putting it at €165,000 myself. Had spoke to EA about it but they haven't advised me of any bid matching the asking.

Dav010

rekdtangle wrote: »

I was looking at this exact house myself! I was putting it at €165,000 myself. Had spoke to EA about it but they haven't advised me of any bid matching the asking.

Interesting if you gave them a call and let us know what they say.

Now we know though, that even in this tiny sample of people who viewed this thread, there are two people interested in bidding on this particular house (one values it €11k higher than the other), stands to reason, there are others.

TheW1zard

Get someone else to ring up and ask, see if they get the same shpeel

Heart Break Kid

Agencies don’t vet bidders as in they don’t ask for proof that a bidder has the money.

I want into a bidding war with someone. I eventually pulled out as I no longer thought it was worth the inflated bidding war price.

A couple of days later I got a call from Castle saying the other bidder pulled out as they couldn’t get approved for a mortgage and my bid was the highest.

I told him that’s fine but Id be pulling my bid back down to my original bid as the other bidder obviously wasn’t vetted.

I told him he could take or leave it.

He started moaning and I promptly told him to get lost.

As for cash buyers, I don’t think there’s as many as estate agents let on. Maybe during the recession when they can buy low but not now.

Dav010

Heart Break Kid wrote: »

Agencies don’t vet bidders as in they don’t ask for proof that a bidder has the money.

I want into a bidding war with someone. I eventually pulled out as I no longer thought it was worth the inflated bidding war price.

A couple of days later I got a call from Castle saying the other bidder pulled out as they couldn’t get approved for a mortgage and my bid was the highest.

I told him that’s fine but Id be pulling my bid back down to my original bid as the other bidder obviously wasn’t vetted.

I told him he could take or leave it.

He started moaning and I promptly told him to get lost.

As for cash buyers, I don’t think there’s as many as estate agents let on. Maybe during the recession when they can buy low but not now.

Wasn’t there a report published sometime last year that showed around half of all sales were cash? I presume it’s easy enough to analyse, you compile data on house sales and mortgage drawdowns. So I don’t think it is a claim made solely by EAs.

How much did the house sell fir in the end?

dubal

In my experience recently, the EA has asked for proof of funds as they think its getting near the end.

They have no issue letting a few unvetted bidders kick the bidding off though.

Ultimately, they want to make a guaranteed sale at or above the asking price, that maximises their commission. One they get to that point they want to be as sure as possible the highest bidder can pay and wont pull out.

Dav010

dubal wrote: »

In my experience recently, the EA has asked for proof of funds as they think its getting near the end.

They have no issue letting a few unvetted bidders kick the bidding off though.

Ultimately, they want to make a guaranteed sale at or above the asking price, that maximises their commission. One they get to that point they want to be as sure as possible the highest bidder can pay and wont pull out.

A €10k increase means an extra €100, no EA is going to jeopardise a sale for that.

ted1

Heart Break Kid wrote: »

A couple of days later I got a call from castle .

Why do people use that firm? They have such a bad reputation, if I see a place with them selling. I just skip it.

spaceHopper

An investor would buy it and rent it or the council could be trying to buy it and he's using you to up the bid to get them to go up.

When we were buying I always asked the EA had they vetted the other bidders. They always said yes. I've read on this forum of people asking about bidding and a lot of time they have no approval from the bank. Makes my blood boil. We bought in 2012 and ended up upping our own offer to get to a price where the seller could / would sell. Turned out well as the market turned shortly after.

Yea that EA has a terrible rep in Dublin, don't know about waterford.

OP I I was you I'd ring back hte EA and say you know the houses as you grew up around there and it's over priced, if the sale fall through you'd consider it around x give in needs a some work.

thebiggestjim

aaaaaaaahhhhhh wrote: »

Hey Guys,
Based on info here I reached out to book a viewing today and got the below response. Is this a tactic by the agency, or should I call their bluff. I wasnt going to offer full asking price to begin with.

Thank you for your enquiry, we have received a cash offer of €xxx,xxx on this property.

If you would like to put in a cash offer without viewing the property, please contact us on xxxxx.

If this indeed the case and they have accepted this cash offer then the property must be sale agreed at this point and they are accepting no more offers.

If they are accepting multiple offers then you don't have to go sale agreed to bid. It is all a bit catch 22.

Dav010

thebiggestjim wrote: »

If this indeed the case and they have accepted this cash offer then the property must be sale agreed at this point and they are accepting no more offers.

If they are accepting multiple offers then you don't have to go sale agreed to bid. It is all a bit catch 22.

I don’t follow, they could have a cash offer, which the seller may not have agreed to sell at, and is still open to higher bids.

BeginnerRunner

thebiggestjim wrote: »

If this indeed the case and they have accepted this cash offer then the property must be sale agreed at this point and they are accepting no more offers.

If they are accepting multiple offers then you don't have to go sale agreed to bid. It is all a bit catch 22.

It doesn't say they accepted it. It says it was received.

The second half of your post is confusing. How can you go sale agreed to bid when a bid precedes sale agreed?

Baby01032012

Heart Break Kid wrote: »

Agencies don’t vet bidders as in they don’t ask for proof that a bidder has the money.

I want into a bidding war with someone. I eventually pulled out as I no longer thought it was worth the inflated bidding war price.

A couple of days later I got a call from Castle saying the other bidder pulled out as they couldn’t get approved for a mortgage and my bid was the highest.

I told him that’s fine but Id be pulling my bid back down to my original bid as the other bidder obviously wasn’t vetted.

I told him he could take or leave it.

He started moaning and I promptly told him to get lost.

As for cash buyers, I don’t think there’s as many as estate agents let on. Maybe during the recession when they can buy low but not now.

Castle have a terrible reputation though.

In the past bidders weren’t vetted but now with nompysical viewings I see more agents ask for proof of funds before allowing to bid.