Estate Agent Advice

Any advice that anyone would have in relation to how to deal with an estate agent would be great! I have read some horror stories here and have given some the benefit of the doubt but now I can see what people are talking about! Most recent scenario below!

So we are first time buyers and we have been looking at houses for the last 3 months. Found one we quite like and on Monday we made an offer of 15% less than the asking price (for quite good reasons, work to be done, houses on the same road priced for a lot less and have been on the market for 6 months plus). Estate agent said he fully understood why we had made that offer and he would come back to us if any other offer came in (there was no others) and with feedback from the vendor by Wednesday.

Wednesday and Thursday came and passed no word from him. So decided to ring him today. Spoke to someone else and found out there was another viewing on the property tomorrow which is fine. Decided to try get some more information and asked had there been any offers made. So she went to look and see and first came back with yes there has been X offered (it was our amount) and then said actually no sorry there has been no offers made on this house!

So does that mean he didn’t even bother to bring our offer to the vendor? Is it even worth me pursuing this with him? We don’t want to look too eager we have our number and we are not going over that as it is not worth it but we do like the house. He is the only estate agent advertising the property too…

Left a message for him to call me back so will see if we even hear from him!

Any advice from the seasoned buyers/home owners here would be appreciated greatly!

EA probably doesn’t want world to know about such a low offer.

What suprises me about EAs that even in areas with massive over supply, it is still very difficult to get them to take you seriously. That’s my experience anyway. And, I actually have a lot of sympathy for EAs doing multiple viewings and meeting hundreds of people and trying to sort the wheat from the chaff. I think a lot of the more experienced ones have simply grown up with a certain attitude about putting buyers on the back foot, and even in areas (holiday homes) when the buyer clearly has all the advantages, they can’t help themselves. You’d be surprised just how difficult it can be to buy one of those holiday homes.

Always ask the EA the reason for the sale. This is hugely important in the current market. Some properties are more “for sale” than others.

If the Vendors are trying to trade up then you need to know if they’ve gone sale agreed on another place or if they are just out there looking themselves. If they’re sale agreed… that’s better but then what are the circumstances of the other Vendor?

That’s why decrepid executor sales are selling for over the odds - they are genuinely for sale.

According to the estate agent the vendor is very keen to sale. They don’t have another place yet but believe they may be moving out of Dublin and downsizing. Very disappointing to not hear anything back. Would anyone ever recommend trying to make contact with the vendor directly?

your problem & your solution are contained in the same sentence. If a buyer doesn’t look eager, he won’t get attention from the agent - there’s plenty more that are showing sufficient interest & bidding up than those trying to play mind games against a guy that does it every day of the week. Like it or not, that’s today’s market. The days for mind games are in the past (maybe the future, but not today). More importantly, you have your number over which you won’t go. Phone the agent, make your max offer, get his email & send it through, confirming it’s your max offer and with confirmation of availability of funds. He now knows your not a messer & you should get your speedy response. If not, at least you’ve a paper trail you can follow.

when i bought, i got the impression that the EA wasn’t actually reporting everything back to the vendor. i made an offer, he rang around other interested people, someone made a counter offer, he rang around again, i stewed on it for a bit, upped my offer etc. (i know there were real other people bidding against me because i saw them viewing the house more than once when i was there too…).

in my case, every step of the bidding process took a few weeks. he’d give people time to respond, etc. i think he only reported back to the vendor when he had something concrete which seems appropriate to me. the house had been for sale for a long time though, so i’m sure there had been a lot of on / off interest over the previous couple of years.

i suppose it can take time if he’s waiting on a response from someone else.

That strikes me as a somewhat strange approach. Your max offer might be way and above what anyone else is prepared to pay for the property.

So update he phoned me back! Apparently just today they received an offer which is 5K above our initial offer plus tons of interest…

So asked for a viewing on Monday so we can bring along a builder friend to see it. Now he has slightly changed his story from the vendor definitely wants to sell to the vendor will probably only sell if she gets a decent price.

Its mad how these things work isn’t it? Guess we will just have to go and view it again see the level of work and see if we are prepared to up our offer! Thanks for the advice all!

Hi I viewed your home last week with <ea’s name> I’m trying to contact him could you ask hime to call me on 08xxxxxxx
That will get the ball moving, either the EA or owner will call you.

been on the market for 6 months…suddenly other offers and now reluctant seller. doesn’t add up, I’d guess he’s lying. If in Dublin or other major urban area, scratch that and raise offer.

I doubt it in today’s market. If he wants the house, he’s going to need to bid up. I reckon it’s all a moot point anyway - his first offer was 15% below the asking. On a €300k house, that’s a €255k offer - not a snowball’s chance in hell of acceptance, he’s never going to come near the asking - why should the agent bother returning the call? Not saying I agree with bad manners or downright rudeness, but I’m being a little abrupt to make the point.

for god sake cop on, hype, hype… hype… see where it will get you: independent.ie/irish-news/fa … 49084.html

or may be we should all go mad again and buy overpriced boxs… :unamused:

That article is some kick in the teeth to the taxpayer.
I love the way they are allowed make whatever repayment they can afford on the buy to let’s. Will such forbearance extend to the tenants of those buy to let’s?

*“Mr O’Brien would not say how much of the buy-to-let mortgage debt was written off but he indicated that most of the unsecured loans will be wiped if the family sticks to the six-year agreement.” *

Still unclear about this. Can the borrowers really be walking away with ownership and any equity in the buy to lets after 6 years?

I’m merely commenting on the market in its current state. I’m not saying I agree or otherwise. Mincim asked how he should deal with the agent, not an opinion on the advisability or otherwise of buying in the current market.

“Raise offer” and “bid up” comments are what has “the market in its current state”. If EA isn’t taking what **YOU **consider a reasonable offer on-board forget it and move on, there will be other houses, if all potential purchasers stuck to that instead of the “Raise offer” and “bid up” blind ‘encouragement’ there would be no hype, be glad you don’t have the stress of owing 100’s thousands for a box which you felt wasn’t worth it to begin with!!!

OK. I’m very pissed off with estate agents.
I called in to two estate agents the day before yesterday enquiring about some apartments in my home locality.
I simply wanted to express my interest and wanted to know the management fee and if the Management Companies were extant.
One of the apartments is a NAMA property and the other I suspect to be repo’s. They’ve all been on the market for many months but all the Estate Agents would tell me is that they were under offer at in excess of 90% of asking price.

I have no idea of the management fee or if the management companies are alive. they said they’d contact me and two days later still nothing from them.

I think this is a strategy on their part. It weeds out the sensible people from the fools who can be easily parted from their money.

reminds me of this:

Read more: businessinsider.com/why-nige … z33xFUZ6Zj

telegraph.co.uk/technology/m … sible.html