I have rang about a few houses lately and have been told on most of offers that have come in on the property - generally 50 -60k below asking and all seem to be “around” this figure rather than exactly an offer of X.
I don’t believe half of them so : are the EA’s making up fictitious low ball offers simply to give an indication of what might buy it to potential purchasers?
One guy told me there is an offer on a place made last November ! ffs the offerer could quite possibly have bought somewhere else, lived a wholesome life there and died since !
Yep I have been experiancing the same issues with EAs, houses on the mkt for months… EA " yep there is currently and offer on the table"… vendor close to accepting blah blah blah. 2 out of 3 properties I enquired about today! the 3rd one had went sale agreed!
There should be a survey done on this. The result should then be shoved in front of VIs (e.g. CIF) when they claim there is no movement in the property market e.g. ‘but 90% of houses are under offer??’
It’s entirely possible that those offers exist; the issue being the seller does not want to accept them. I went to look at a house for rent in Dublin 5 last week. It had been on sale, I’m told, for 9 months previous. The only ask I could find on it was 330K. If someone had offered 270K on it, I doubt it would have been accepted.
So the offers may well be there; the sellers may just not want to accept them.
I did that a week ago, house fro 235 (house in same estate went for 300k at peak), i bid 175 a month ago, then 185 a week ago when he said an offer of 205 was under consideration. I presume this is his way of telling me i can have it for 210?
Ill ring him again in a week, im prepared to go to 200k, but im hoping for 195.
When he told me of the offer i said “that’s higher than mine, ill leave it so, let me know if anything changes”. Plan is now to pester him every odd week until it’s sold.
This country desperatley needs to implement a system of Contractual, non-retractable offers with stipulated ( by potential purchaser) accept or decline time periods of 24, 48, or 72 hours.
EA’s must by law fill out a contractual offer regardless of the amount of the offer, and by law forward it to the vendor, who MUST by law accept or decline in writing. Any suspected non-existent “ghost” bidders can be reported to authorites who can then check the EA’s contractual offer records and if any discrepencies are found… FRAUD CHARGES, heavy fines, and if not first such offence, jail time.
The problem with Ireland is that we have structurally rigged the whole thing so that nobody has to behave in an honourable manner . This led to gazumping on the way up and is leading to gazundering on the way down .
The survey/ber should be in a special vendors pack along with a title check . If an offer is then accepted it need not be ‘subject to’ anything in that case and can be made binding .
And if you make an offer you are contractually bound to stand over it as are the owners if they agree to sell to you so no reducing offer in a falling market or pulling from the sale in a rising market. Don’t think you would be happy with that.
If the EA wants to tell you that he has an offer of 210K, but needs
a paper trail to prove it, all he needs to do is email someone from his
“panel of convenient bidders”. 10 minutes later the phone rings with
a 210K offer that he can put in the system.
Obviously real bidders are told of this 210K bid.
If none of them exceed it, the EA simply declines the 210K bid.
Even if the EA is obliged to pass on the phantom bid to the seller it’s
not a problem. If the seller wants to take it, the EA calls his friend from
the panel of convenient bidders, who regretfully informes him that he’s had second thoughts.
The key point here is that as long as there is a will to deceive a way will be found.
The only solution is to short circuit the whole process and put actual selling prices into the public domain.