Is this normal ?

Looked at a house in South Dublin last week that was advertised at €825 (which is down from 1.2m in '07). Anyway, I was interested in it but the estate agent said that they will not be accepting any offers of below €850. He claimed that the 825 price was only there to get perople in the door. Is this normal practice ?

Used to be during the bubble years, can’t believe there are still eejits trying this one on (although we are talking about an estate agent, hmmm).

Laugh in his face. And to show you’re serious, offer €500k. Yes it is normal - normal for those in denial.

say ‘goodbye’ and walk away, very fast

Thats like seeing a pair of shoes in a window for 90Eur and when you go in they tell you they are 100Eur.
Got you in the door, but are you really going to buy them?

“Do you think I’m some sort of mug? Congratulations, you just lost yourself a potential buyer.”

I’d send the AE an invoice for your time that he wasted, and advise him that you’ll be contacting the advertising standards authority/Joe Duffy/Gerry Ryan :smiley:

I went to view a ‘4 bed’ house with a 4 bed price tag, for rent a few years back. After a quick inspection I could not find bedroom number 4. This was a standard 3 bed semi-D. The AE said you could use the dining room (one door off to the kitchen, one door off to the sitting room) as a bed room. I explained to him that it was not a bedroom, and that this was not a 4 bed house. His response “yea you get that sometimes”. :angry:
In the world of car sales he would be described as a time waster.

+1.

Can’t believe there are some still trying to pull this kind of stunt in the current market. If you’re serious and the EA won’t pass on your offer (which i assume will be less than the 825k ‘asking’ price) then write directly to the vendor. If the house hasn’t sold in a month write again with a lower price and continue each month

I would have suggested that this clever clogs strategy was getting this buyer **out **the door.

Before departing throught said door I would have invited the agent to contact me about properties he is trying to sell when he revises this policy of misleading advertising, but no sooner.

I wonder if Mr Anderson can tell us the legal position of such advertising. It most certianly would not be tolerated of a supermarket, say.

Depends, was it for 825, region of 825, excess of 825?

Depends, was it for 825, region of 825, excess of 825?

Advertised for 825, no mention of in the region of etc. It has taken a few decent cuts this year, £1m in May to £825 now. I didn’t think anyone still used these ridiculous tactics.

Mods : Can I post a link to it here ?

I still dont think people realise where buyers stand in terms of a property purchase. Allow me to explain…

Buyers are NOT the client.
Let me repeat that to you again
Buyers are NOT the client.

This brings me to
SlipperySlope1s comment :

Wrong.
When you walk into a shop, you are a potential customer/client.
When, as a buyer, you walk into an estate agent you are NOT the client.
Similarly, when you go to a viewing, you are NOT the client.

The EA is not acting in the interests of the buyer.
In fact, were this to occur, it would be entirely unethical.
From the EAs point of view, the seller/vendor is the one and only client involved in the transaction.

Now, with regards to this particular case, I obviously cant speak for the EA, but Ive experienced similar loads of times.

Seller wants €850k.
EA probably wasnt getting any joy at that price, so they tell the owner to reduce the price in order to get bids.
Owner goes along with this advice but screams ‘‘Im not taking anything less than €850k’’. Remember, they were initially expecting €1.2m !
So you come along with your bid and are aggrivated to be told that the owner will only entertain offers of €850k.
So now I want you to think of it this way:

If this was an auction and there was no bid at €850k, the price drops to a point where there is a bid, namely your €825k.
This does not mean it is going to sell at that price.
The drop is only to entice further bids with the hope of pushing the final price higher.
If there are no further bids, the property is NOT sold.
It is then up to the owner to accept or not.
If the owner says they will not accept anything less than €850k and you do not go up to meet that, then there is no sale.
Conversely, if you dont budge and the owner doesnt accept your offer, then there is no sale.
The good news is, with only €25k in the difference, a compromise can usually be reached.

Mr A, do you ever feel like physically attacking any of your own clients? :open_mouth:

Mr Anderson… You need to read the OP. The property was advertised at 825 not 826 or 850 but 825 The Vendor will not accept the actual price he/she has it advertised @ so jump down off your high horse :unamused:

Can we have the link to daft or myhome for this? I’d like to see what my €850k (18 times my income) mortgage €5300 per month is actually going to get me. Let me guess. 4-bed semi in Rathfarnham?

Mr A. I understand what you mean.
Clients are sellers who at the moment are a pain in the backside because they are still in denial.
And they want you as their agent to get them 850 because thats what their neighbour got 12 months ago even though the house is only worth 750 at a push!

Potential clients (buyers) understand this but when sometimes (not saying you are like this) certain estate agents, even in this falling market have a tendency to rub buyers up the wrong way and this advertising for a certain price and the minute they walk in the door say that only offers of 850k will be accepted.

No high horse to jump down from.
My whole point is that advertising a property is not like advertising in a shop. The price may not reflect what the owner is willing to sell at.

Just as with an auction, the auctioneer can bring the opening bid way below what the owner is willing to sell at in an attempt to bring out more bidders and hence raise the final sale price.
Selling by Private Treaty is no different.

Yes.
On a daily basis :imp:

I’m afraid Mr A is completely correct on this one. When it comes to contract law a person can stick a sign up with any price they want, but that isn’t necessarily the price that they’ll agree to sell it for.

I can put a for sale sign up on a house saying €1 but I’m under no obligation to sell for that much.

-Rd

I have to disagree, selling by private treaty is very different than selling at Auction. I presume the difference does not need to be explained. The vendor is wasting their time, the EA’s time and the potential buyers time. A complete waste of everybody’s time.