Estate Agent Tactics!

Galtee65 · 05-09-2015 12:50pm #1

Looking for people's views on a recent bid I put in on a property and the estate agent tactics that followed.

The property was advertised at 310k. I went to the first open viewing on a Saturday, about 10 people there, estate agent advised me 3 or 4 seemed genuinely interested.

I rang the EA the following Monday and arranged another viewing for Tuesday. EA told me Monday that he had another viewing on Wednesday.

EA advised me on the Tuesday that there were no other interested parties so I took it that there was no viewing on Wednesday.

I was happy with the property and put in an offer of 260k on Wednesday evening. EA told me he knows it won't buy it but hel pass it on. I didn't expect to buy it at that either but I was under the impression I was the only one interested and I said that's where I'd start.

Thursday morning the EA rang me to tell me the viewer on Wednesday put in a bid of 300k.

I get the impression that he's just trying to get rid of me for the low ball offer and that there's no other bid.(obviously I could be wrong and there is a bid). The property needs a good bit of work and is in a popular area so I think he will sell it easily.

My max budget is 290k which I am willing to go to but at the moment I feel like he's frozen me out!

Any views much appreciated!

P. Breathnach · 05-09-2015 1:13pm

Based on what you say here, I'm not convinced that the EA is playing games. You made a low-ball offer, and somebody else bid a price that might be considered realistic (I say that it's realistic because you would be prepared to pay €290k, and €300k is in the same ballpark).

Galtee65 · 05-09-2015 1:21pm

That could very well be the case. I was with the EA on Tuesday evening and he told me that no one else had scheduled another viewing. He also gave the impression that no one else seemed too interested at this point. It just seems strange that he got an offer of 300k so soon after my offer of 260k.

gosplan · 05-09-2015 1:37pm

Galtee65 wrote: »

Looking for people's views on a recent bid I put in on a property and the estate agent tactics that followed.

The property was advertised at 310k. I went to the first open viewing on a Saturday, about 10 people there, estate agent advised me 3 or 4 seemed genuinely interested.

I rang the EA the following Monday and arranged another viewing for Tuesday. EA told me Monday that he had another viewing on Wednesday.

EA advised me on the Tuesday that there were no other interested parties so I took it that there was no viewing on Wednesday.

I was happy with the property and put in an offer of 260k on Wednesday evening. EA told me he knows it won't buy it but hel pass it on. I didn't expect to buy it at that either but I was under the impression I was the only one interested and I said that's where I'd start.

Thursday morning the EA rang me to tell me the viewer on Wednesday put in a bid of 300k.

I get the impression that he's just trying to get rid of me for the low ball offer and that there's no other bid.(obviously I could be wrong and there is a bid). The property needs a good bit of work and is in a popular area so I think he will sell it easily.

My max budget is 290k which I am willing to go to but at the moment I feel like he's frozen me out!

Any views much appreciated!

If they are tactics, then they're awful.

Ring them and let them know you're out. Then you'll find out.

Given that houses are taking ages to sell and this is being bid on weekend 1, you can assume that it's going to go for about the valuation.

davo10 · 05-09-2015 1:57pm

I really can't see what your issue is not what difference it makes. If your €260k bid was going to be accepted you would have heard by now, your options are, either bid again or look alsewhere, if he has a bid for €300k then bidding €290 is pointless, just wait a couple of weeks and maybe ask a friend to phone the office to enquire about the property. As a poster above said, if you are willing to pay €290, the fact someone is willing to pay 3% more shouldn't come as a shock and the EA is not required to inform you of the viewing schedule.

foggy_lad · 05-09-2015 3:25pm

Do nothing for a few weeks and see what happens. If the EA is messing you around they will be on the phone seeing if you want to make a better offer but if they have a real offer of €300k then you are out of luck, either way even ringing the EA is pointless as it only shows them you are very interested.

05-09-2015 4:32pm

I think its genuine. If he was playing games he would try to walk you up in price, not deliver what he knew was likely a knock out punch.

sweetie · 05-09-2015 4:40pm

If you have mortgage approval for that property and are chainless you could offer lower and you might be a more attractive bidder than the higher bid.

The_Conductor · 06-09-2015 9:43am

Galtee65 wrote: »

That could very well be the case. I was with the EA on Tuesday evening and he told me that no one else had scheduled another viewing. He also gave the impression that no one else seemed too interested at this point. It just seems strange that he got an offer of 300k so soon after my offer of 260k.

Standard practice would be to ring any other potential bidders who expressed an interest at the earlier viewing- advising of the offer on the table (your 260) and asking whether they were still interested. They may ask what his feelings are about your bid- if they were to secure the property what sort of offer they would have to make. Was the EA aware of your financial position? If so- its only a short step to telling someone else to top your funds by 10k- its within an asses roar of the asking price- and presto- you're out of the equation........

The EA does have to convey all offers to the vendor- however, there is absolutely nothing stopping them from conveying them to other parties too- to play prospective purchasers off against one another...........

Also- if its an 'in-demand' area- aside from the fact that the selling season is slowly warming up again- it just doesn't ring true that there would be a viewing on a Saturday- you'd go back on the Tuesday or whatever- and thats it- unless one of the parties put in a knock-out offer- and the vendor bit their hand off (which reading your post would appear to be what happened). Normally a property would be on viewed on a few consecutive weekends- with subsequent viewings for interested parties in privacy during the week- when they could bring surveyors or whoever they wished with them.

It sounds like the other party hit a sweet point for the vendor- just outside of your max budget- whether or not the EA/vendor was aware of your max- is moot- you're out of the picture.

Only thing now- is to sell your offer as a trouble free sale- esp. if the other prospective buyer is in a chain and/or seeking a mortgage (i.e. be ready with solicitor's letters advising your good to go at the bid tabled etc etc).

Galtee65 · 06-09-2015 11:01am

Thanks for the responses. EA was not aware of my max budget but it's irrelevant at this stage.

Is there any point in ringing the EA to confirm if that bid is still valid? I think I will also ask a friend to ring the EA to enquire about the property and any bids on it?

If the bid is still valid is there any point in ringing the EA and offer my max of 290k as a trouble free offer?

The_Conductor · 06-09-2015 11:11am

Being ready to go- is 100% definitely worth 10-15% to a buyer who wants as fast and hassle free a sale as possible. Having a friend contact the EA under the guise of a prospective buyer- would also be a possible tactic- to check out the facts as they have been presented to you.

I'd not assume this is a done deal by any means- the number of sales falling through for various reasons (notably people not being in a position to follow through on their bids)- is staggering- one voluntary receiver in West Dublin (aka not bank foreclosures) says up to 5 in every 6 sales fall through- and I can imagine its higher still for bank foreclosures.

gaius c · 06-09-2015 11:29am

I think you're over thinking it and your posts somewhat contradict each other re the Wednesday viewing. Is it possible that you misunderstood what the EA meant by "interested parties"?

He probably meant no bids but you appear to have taken it as no viewings.

Galtee65 · 06-09-2015 11:49am

gaius c wrote: »

I think you're over thinking it and your posts somewhat contradict each other re the Wednesday viewing. Is it possible that you misunderstood what the EA meant by "interested parties"?

He probably meant no bids but you appear to have taken it as no viewings.

You are correct in saying I'm over thinking it but my posts don't contradict each other re the Wednesday viewing.

He didn't mean no bids, he meant no viewings. I'm fairly certain of it.

gaius c · 06-09-2015 12:28pm

You're "fairly certain" of it, I.e. you're applying your interpretation on what he said.

I'm watching doctor who at the moment and there's a great one liner, "the doctor lies". EA's lie too. Best to assume that as a default position and not get too worked up about what they say. You bid well below asking. A bid has now come in at just below asking. Unless the property is way overpriced, it's not that surprising.

Galtee65 · 09-09-2015 11:00pm

Thanks for all responses, any other suggestions as to how to proceed (if at all) with a max budget of 290k?

P. Breathnach · 10-09-2015 9:46am

Galtee65 wrote: »

Thanks for all responses, any other suggestions as to how to proceed (if at all) with a max budget of 290k?

The first thing is to accept that you have probably been outbid, and are likely to lose.

The second thing is to hope that the top bidder is unable to come up with the money. Tell the EA that you might still be interested if the other party fails to complete the deal.

Then go and look at other properties.

Galtee65 · 23-09-2015 10:06pm

Thanks for all responses, just a quick update: no change! Current offer is 300k, I'm mortgage approved for 290k! I would like to offer 302k!
An extra 12 k seems minimal to me over 35 yrs! But I haven't got it at the moment.

In terms of our mortgage application we match the 3.5 times income but haven't got the deposit to match €302k!

Is there any way I can get the extra 12k?
Credit union loan? Or speak to the bank?

MarkAnthony · 23-09-2015 10:14pm

Galtee65 wrote: »

Thanks for all responses, just a quick update: no change! Current offer is 300k, I'm mortgage approved for 290k! I would like to offer 302k!
An extra 12 k seems minimal to me over 35 yrs! But I haven't got it at the moment.

In terms of our mortgage application we match the 3.5 times income but haven't got the deposit to match €302k!

Is there any way I can get the extra 12k?
Credit union loan? Or speak to the bank?

A credit union loan could be problematic and potentially derail your entire mortgage.

If its out of the price range then I'm afraid that's it. I know it's hard but don't get too invested. Plenty more houses out there!

BabysCoffee · 23-09-2015 11:24pm

As well as coming up with the extra 12k, do you have 10% + for the deposit?

The_Conductor · 24-09-2015 6:42am

Credit unions are now governed under stricter Central Bank codes- and include declarations to credit agencies etc- aka you cannot borrow the deposit from the credit union without the bank finding out........

April 73 · 24-09-2015 7:28am

Galtee65 wrote: »

Thanks for all responses, just a quick update: no change! Current offer is 300k, I'm mortgage approved for 290k! I would like to offer 302k!
An extra 12 k seems minimal to me over 35 yrs! But I haven't got it at the moment.

In terms of our mortgage application we match the 3.5 times income but haven't got the deposit to match €302k!

Is there any way I can get the extra 12k?
Credit union loan? Or speak to the bank?

Unfortunately you don't know the budget available to the other bidder. If you offer €302k they could go to €304k and so on.

Everyone has a budget & it looks like this one is outside yours at the moment. Other houses will come up.

Jen44 · 24-09-2015 8:25am

if you are really interested in the property then why dont you ring EA say you have been in contact with your bank the absolute budget is 290k so if the other offer of 300k falls through you would like your offer to be considered. Let him know that you are ready to go etc.

gaius c · 24-09-2015 10:43am

BabysCoffee wrote: »

As well as coming up with the extra 12k, do you have 10% + for the deposit?

His sums would seem to indicate that deposit is an afterthought. He can borrow 290k and is talking about borrowing the remaining 12k to make up 302k, i.e. a 100% mortgage.

realdanbreen · 24-09-2015 10:47am

Galtee65 wrote: »

Looking for people's views on a recent bid I put in on a property and the estate agent tactics that followed.

The property was advertised at 310k. I went to the first open viewing on a Saturday, about 10 people there, estate agent advised me 3 or 4 seemed genuinely interested.

I rang the EA the following Monday and arranged another viewing for Tuesday. EA told me Monday that he had another viewing on Wednesday.

EA advised me on the Tuesday that there were no other interested parties so I took it that there was no viewing on Wednesday.

I was happy with the property and put in an offer of 260k on Wednesday evening. EA told me he knows it won't buy it but hel pass it on. I didn't expect to buy it at that either but I was under the impression I was the only one interested and I said that's where I'd start.

Thursday morning the EA rang me to tell me the viewer on Wednesday put in a bid of 300k.

I get the impression that he's just trying to get rid of me for the low ball offer and that there's no other bid.(obviously I could be wrong and there is a bid). The property needs a good bit of work and is in a popular area so I think he will sell it easily.

My max budget is 290k which I am willing to go to but at the moment I feel like he's frozen me out!

Any views much appreciated!

You really should try and make direct contact with the seller. It amazes me that in this day and age we feel the need to use these <mod snip> in order to buy or sell anything.

m'lady · 24-09-2015 11:04am

From personal experience do nothing for the next week or so, if he's playing games he will come back to you, if not then you know he was being genuine.

Pac2015 · 24-09-2015 12:16pm

Galtee65 wrote: »

Looking for people's views on a recent bid I put in on a property and the estate agent tactics that followed.

The property was advertised at 310k. I went to the first open viewing on a Saturday, about 10 people there, estate agent advised me 3 or 4 seemed genuinely interested.

I rang the EA the following Monday and arranged another viewing for Tuesday. EA told me Monday that he had another viewing on Wednesday.

EA advised me on the Tuesday that there were no other interested parties so I took it that there was no viewing on Wednesday.

I was happy with the property and put in an offer of 260k on Wednesday evening. EA told me he knows it won't buy it but hel pass it on. I didn't expect to buy it at that either but I was under the impression I was the only one interested and I said that's where I'd start.

Thursday morning the EA rang me to tell me the viewer on Wednesday put in a bid of 300k.

I get the impression that he's just trying to get rid of me for the low ball offer and that there's no other bid.(obviously I could be wrong and there is a bid). The property needs a good bit of work and is in a popular area so I think he will sell it easily.

My max budget is 290k which I am willing to go to but at the moment I feel like he's frozen me out!

Any views much appreciated!

What area / county is the house in ?

davo10 · 24-09-2015 2:32pm

realdanbreen wrote: »

You really should try and make direct contact with the seller. It amazes me that in this day and age we feel the need to use these <mod snip> in order to buy or sell anything.

Probably to stop people like yourself from knocking on their door at nine o'clock at night. EA's market the property and deal with all the enquiries and crap that go with the buying and selling of a property, all the seller has to do is reject or accept the offer,

witchgirl26 · 24-09-2015 3:48pm

realdanbreen wrote: »

You really should try and make direct contact with the seller. It amazes me that in this day and age we feel the need to use these <mod snip> in order to buy or sell anything.

I would whole-heartedly advise against this approach. We popped round to a house we'd viewed & were interested in. The EA wasn't able to answer a question we asked so we thought we'd ask the owners. Chatted away, all seemed grand. They told the EA that we'd been round & we got a call from the EA afterwards about it. Created some problems as they thought we were trying to go around the EA to do a direct purchase. We didn't get the house.

OP - can I just ask if you knew your max budget was 10k shy of the asking price, why did you view the house? When we were looking we wouldn't even go to a house that was over our max budget on the asking as generally they are going over the asking price & not under it now. I think the previous advice given about letting the EA know that your 290k offer is there should the other fall through is the best piece & not trying to over stretch yourself with extra loans to potentially be outbid again.

I Am The Law · 24-09-2015 6:13pm

witchgirl26 wrote: »

I would whole-heartedly advise against this approach. We popped round to a house we'd viewed & were interested in. The EA wasn't able to answer a question we asked so we thought we'd ask the owners. Chatted away, all seemed grand. They told the EA that we'd been round & we got a call from the EA afterwards about it. Created some problems as they thought we were trying to go around the EA to do a direct purchase. We didn't get the house.

OP - can I just ask if you knew your max budget was 10k shy of the asking price, why did you view the house? When we were looking we wouldn't even go to a house that was over our max budget on the asking as generally they are going over the asking price & not under it now. I think the previous advice given about letting the EA know that your 290k offer is there should the other fall through is the best piece & not trying to over stretch yourself with extra loans to potentially be outbid again.

Why not go and view the house? And make a low offer. If we all decide not to view because the asking price is above our budget, we will never see houses prices fall to realistic affordable levels, prices will continue to rise, 10% and 20% will be harder to save for, and around and around and around we go ...............................................:rolleyes:

Henry Ford III · 24-09-2015 6:55pm

I think your initial low ball offer scuppered you OP.

Whether or not the €300k bid is real or other wise you've seemingly blown your credibility with the EA.

Best you can do take a back seat, and then get someone check back with the EA in a couple of weeks and see if the property is still on the market.

If it is get your plant to ask "What might interest the seller?" put in another bid, and proceed from there.

amdublin · 24-09-2015 7:04pm

If you offer 302k now. The 300k bidder will offer 305k.

I think you think that the 300k bidder does not exist. From my interpretation of your posts they do.

I think you are going to have to accept this house is gone for you

Btw I note you have mortgage approval for 290k and want to get a loan of 12k and offer 302k. Am I missing something but do you not have have to 10% deposit yourself? ??

witchgirl26 · 24-09-2015 7:39pm

I Am The Law wrote: »

Why not go and view the house? And make a low offer. If we all decide not to view because the asking price is above our budget, we will never see houses prices fall to realistic affordable levels, prices will continue to rise, 10% and 20% will be harder to save for, and around and around and around we go ...............................................:rolleyes:

Actually the problem lies with people trying to afford houses they couldn't. If fewer people are viewing the high prices houses, then the prices will have to fall due to lack of interest. I agree with going to view houses at the top end of your budget but going to one that's 10k over your max & putting in an offer of 40k less than the asking isn't generally going to end well.

Also there's the element of personal disappointment when you fall in love with a house you can't afford.

voz es · 24-09-2015 7:59pm

The_Conductor wrote: »

The EA does have to convey all offers to the vendor- however, there is absolutely nothing stopping them from conveying them to other parties too- to play prospective purchasers off against one another...........

I think it is very important to realize that if a party expressed an interest in a property they would be very annoyed that they were not consulted prior to a property going sale agreed.
It is completely reasonable to assume the EA is trying to get the best price for a property, also their is a assumed responsibility that a competent EA would also inform interested parties of a property reaching a figure considered by the selling party acceptable prior to it going sale agreed.

BabysCoffee · 24-09-2015 8:25pm

gaius c wrote: »

His sums would seem to indicate that deposit is an afterthought. He can borrow 290k and is talking about borrowing the remaining 12k to make up 302k, i.e. a 100% mortgage.

Yes I got this impression too.....

I Am The Law · 24-09-2015 8:30pm

witchgirl26 wrote: »

Actually the problem lies with people trying to afford houses they couldn't. If fewer people are viewing the high prices houses, then the prices will have to fall due to lack of interest. I agree with going to view houses at the top end of your budget but going to one that's 10k over your max & putting in an offer of 40k less than the asking isn't generally going to end well.

Also there's the element of personal disappointment when you fall in love with a house you can't afford.

Agreed, now that's an expensive habit!

April 73 · 24-09-2015 8:49pm

witchgirl26 wrote: »

Also there's the element of personal disappointment when you fall in love with a house you can't afford.

That is true because generally looking at houses at the very top end or beyond your budget, ruins the appeal of the ones you can comfortably afford.

realdanbreen · 25-09-2015 9:08am

davo10 wrote: »

Probably to stop people like yourself from knocking on their door at nine o'clock at night. EA's market the property and deal with all the enquiries and crap that go with the buying and selling of a property, all the seller has to do is reject or accept the offer,

Leaving aside your silly assumption that a serious buyer would pester someone at 9pm, why does anyone with any bit of common sense need to have a third party involved when buying or selling a house. Fair enough if you are loaded or just too busy to speak with prospective buyers/sellers . I have happily survived so far without ever feeling the need to give money to Estate agents/Insurance brokers/wedding planners/fortune tellers or any other group of so called experts.

davo10 · 25-09-2015 9:15am

realdanbreen wrote: »

Leaving aside your silly assumption that a serious buyer would pester someone at 9pm, why does anyone with any bit of common sense need to have a third party involved when buying or selling a house. Fair enough if you are loaded or just too busy to speak with prospective buyers/sellers . I have happily survived so far without ever feeling the need to give money to Estate agents/Insurance brokers/wedding planners/fortune tellers or any other group of so called experts.

Because not everyone knows what a property is worth silly and an experienced property buyer would chew up a novice seller. Also an EA would have the time and expertise to deal with the sale, something the owner may not have. Lastly silly, if the owner sells for X and the house next door sells for X + excess of cost of the EA, then the seller who sold it themselves will have lost time, energy, money and possibly their mind. How stupid would you feel if the EA got €50k more for the house next door than you got for yours?

realdanbreen · 25-09-2015 9:24am

davo10 wrote: »

Because not everyone knows what a property is worth silly and an experienced property buyer would chew up a novice seller. Also an EA would have the time and expertise to deal with the sale, something the owner may not have. Lastly silly, if the owner sells for X and the house next door sells for X + excess of cost of the EA, then the seller who sold it themselves will have lost time, energy, money and possibly their mind. How stupid would you feel if the EA got €50k more for the house next door than you got for yours?

Well if someone hasn't the cop on to know what their property is worth and is weak enough to be 'chewed up' by a buyer, then I can see why they might need to give €thousands to an auctioneer(they are calling themselves estate agents since they got a bad name during the property bubble) for their 'expertise'.

alastair · 25-09-2015 9:44am

realdanbreen wrote: »

Well if someone hasn't the cop on to know what their property is worth and is weak enough to be 'chewed up' by a buyer, then I can see why they might need to give €thousands to an auctioneer(they are calling themselves estate agents since they got a bad name during the property bubble) for their 'expertise'.

I agree that most people should have enough info available to them to establish an asking price.
But the thousands it costs to sell through an agent are worth it to many/most for three main reasons:
1. It's time consuming to sell a place. That time is money to most people.
2. It allows a buffer between the seller and the prospective buyer, avoiding a myriad of awkward, time-consuming questions and the risk of tire-kickers sapping your will to live.
3. They're well versed in teasing the most out of bidders, so a decent one will probably return those estate agents fees & more, saving you money.

But not everyone will require the above. People make up their own minds on whether the additional hassles of selling themselves are worth it.

P. Breathnach · 25-09-2015 9:50am

realdanbreen wrote: »

Well if someone hasn't the cop on to know what their property is worth and is weak enough to be 'chewed up' by a buyer, then I can see why they might need to give €thousands to an auctioneer(they are calling themselves estate agents since they got a bad name during the property bubble) for their 'expertise'.

So in your worldview anybody who engages an EA to handle the work of selling a property is some class of idiot.

I sold property through an EA a couple of years ago, so that probably means that you would place no value on my opinions. But other readers might.

Once I appointed the EA, I had a contractual relationship with him, and I was free from the hassle of advertising, showing, and negotiating. If an interested party had contacted me directly, I would simply have sent him or her to the EA (I knew from feedback I was getting that the EA was making a decent effort). There would be no gain for me in dealing directly with potential buyers, and a risk of loss through messing up the selling effort.

davo10 · 25-09-2015 9:54am

realdanbreen wrote: »

Well if someone hasn't the cop on to know what their property is worth and is weak enough to be 'chewed up' by a buyer, then I can see why they might need to give €thousands to an auctioneer(they are calling themselves estate agents since they got a bad name during the property bubble) for their 'expertise'.

You are a prize winner. A property is worth what the buyer is willing to pay for it, the EA is able to guide th seller based on history of sales and current supply/demand. Weak enough? It's not about strength, it's about understanding the process, the market and the buyer using experience to influence the seller. Also, if you have the time each day to show buyers around, great, you have an understanding boss or a great business. EAs are able to extract info from a buyer before/during a viewing or when a bid is being made which can mark them as serious buyers or time wasters, can you do that?

realdanbreen · 25-09-2015 10:13am

P. Breathnach wrote: »

So in your worldview anybody who engages an EA to handle the work of selling a property is some class of idiot.

I sold property through an EA a couple of years ago, so that probably means that you would place no value on my opinions. But other readers might.

.

Well done you! Is that what you want to hear?
If you read my post again you will see that I have no problem with people using Auctioneers. However if you are like most people and have a fair degree of cop on and not so busy that you can't make the time to talk to a buyer,bearing in mind that you would spend the same amount of time talking(or listening more lokely) to an Auctioneer, then why would you need one?

athtrasna · 25-09-2015 10:39am

Mod note

Posters are reminded to be civil at all times as per the charter

Galtee65 · 26-09-2015 8:39pm

Ok thanks again to all who replied!

Just to clarify: my 290k includes my deposit! I realize that getting the extra 12 k is unrealistic and I've no real interest in over stretching myself!

A quick update:the EA advised me he has a cash offer of 300k. I believe he's bluffing! The property recently came up in my home again with an open viewing!

Surely if the asking is €310k and he has an offer of 300k cash he would accept?

It reads to me as if he was insulted by my initial offer and decided to exclude me from the process.

I rang him with an offer of 290k and he said that there was no point as he had a cash offer of 300.

If he's bluffing I fully intend to follow this up! I understand I've to wait to get info on offers later on but I will follow this up!

He seems like a genuine and nice chap but a bit of research on this forum would lead me to believe my opinion is a bit naive!

Anyhow il wait another while and submit my offer in writing!

m'lady · 26-09-2015 8:43pm

From my experience a cash offer isn't as important as them getting above the asking price, so I wouldn't be too sure he's bluffing. How do you intend on finding out if he's bluffing or not?

Galtee65 · 26-09-2015 8:49pm

The asking price was and is a bit optimistic anyhow? EA's are required to keep a record of bids lodged(I think), and are viewable at a later stage!

If I'm incorrect in this then so be it, it will be sold by then. So if I'm incorrect plse ignore and continue in the present, thanks!

m'lady · 26-09-2015 8:51pm

I'm unsure if your correct or not to be honest, I've never heard of it but maybe someone else here will advise you if that- I'd be interested to know myself. Though I think it would make more sense to be able to see the offers 'live' so to speak.

Make no doubt about it, EA are great at bluffing. I think you need to decide how much the house is worth to you and don't pay anymore than that!

Galtee65 · 26-09-2015 9:15pm

I agree that "live" bids are the way forward! Live bids would represent where where supply meets demand, instead we have gangsters in the middle trying to profit!

I know what the house is worth to me! It's worth my max budget and it's worth my max offer! That's what I want to pay and if I could deal with the seller directly then I think we'd have a deal!

I think this EA has just rattled me a bit with his arrogance! I mean what does he actually do? For me he represents the "white collar" gangster and is one of the reasons I pay USC!

Anyhow, rant over!

Jet Black · 26-09-2015 9:21pm

Galtee65 wrote: »

A quick update:the EA advised me he has a cash offer of 300k. I believe he's bluffing! The property recently came up in my home again with an open viewing!

Surely if the asking is €310k and he has an offer of 300k cash he would accept?

They probably want asking/bidding war and are trying to push the cash buyer up by having more open viewings.

I went to view a house and put in an offer of asking. Next day EA said someone had put another 1k on top. I wasn't bothered and left it there. That was 6 weeks ago and the house has two open viewings per week since. I was glad then I wasn't the highest bidder with the EA pissing about like that. One or two is OK but 12 is a bit much especially when its gone over the asking price.

davo10 · 26-09-2015 11:40pm

Galtee65 wrote: »

I agree that "live" bids are the way forward! Live bids would represent where where supply meets demand, instead we have gangsters in the middle trying to profit!

I know what the house is worth to me! It's worth my max budget and it's worth my max offer! That's what I want to pay and if I could deal with the seller directly then I think we'd have a deal!

I think this EA has just rattled me a bit with his arrogance! I mean what does he actually do? For me he represents the "white collar" gangster and is one of the reasons I pay USC!

Anyhow, rant over!

I really don't get this. I understand that the house is worth a certain amount to you but surely you understand that it might be worth more to someone else?

Also, you seem to think your mortgage backed bid should be accepted before a higher cash offer, it's 10k more and it's cash, there is no doubt which bid a seller would prefer even if you wrapped it up in flowers and delivered it yourself to the seller.

The EA is not there for you, they work for the seller and the seller wants them to achieve the highest possible selling price for the property, why do you think the EA should say anything other in this situation where there is a higher cash offer than yours? It's time to raise your offer or accept that someone else is prepared to pay more than you for this property.

How many sellers post their unhappiness with EAs who use their "tactics" to get more for a property? Remember that one day you may ask an EA to do exactly the same so that you can sell, you may not be so easily offended when you are on the opposite side of the transaction.

Estate Agent Tactics!

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