New Tactic by EA's : No Listed Price

These two properties were advertised for 500K and 450K previously on Myhome.ie…
(phibsboro)

Now on myhome the price has disappeared. (The EA has still to update daft)

www1.myhome.ie/search/property.a … earchlist=

www1.myhome.ie/search/property.a … earchlist=

Anyone else notice this? Might be a new ploy by GWD.

deckchairs and titanic springs to mind. I hope buyers start to wake up and stop rushing headlong into the madness.

They may not have liked the recent press where reductions were shown in the national press.

Anyone want to phone and ask them was was the asking price. I would but they might recognise my voice by now :slight_smile:

Sounds good to me. If they’re not going to give a price, they must be open to hearing all “reasonable” offers :slight_smile:

Does it strick you as nuts in modern day Ireland that you can advertise something as expensive and massive as a building and not have to advertise the price.

Where are you fecking consumer rights, those glorious inalienable rights of the consumption society!

If you are selling anything in retail it is illegal not to display the full price including vat.

This place is a feckin joke, and I ain’t laughing. :imp:

The prices are now again advertised. May have just been an omission

Surely it’s a common tactic.

Price on application what not?

It’s like strolling up to the bar and asking for a pint of the finest and himself saying: “What’s it worth to ya?” :open_mouth:

The problem is that the advertised price isn’t binding. In France it is - so if you advertise an asking price and someone makes that offer, you’re required to accept it.

Compare that to here for the past few years where properties were advertised at say, 340K and by the time the dust settled the last bidder had offered maybe 400K.

For a country which such a tragic past in property rights, the lack of regulation here is shocking, both in property sales and property rentals.

Lots of things have been morally wrong for years but no one has ever done anything about them because no one has the guts to try and stop people from benefiting from them. Gazumping is one of them. Inaccurate advertising prices is another (ie we’ll advertise it for 350 and you’ll probably get 375, no probs).

For me the tragedy is that we know all this, we’ve known it for years but that was fine because the people doing the selling were getting richer and the people doing the buying could console themselves that when the time came they’d be able to do it too. So “no one” was getting hurt, really.

While I’m not a huge fan of whinging about what should have been done in the past, the thing is, circling the wagons now is tragically late. It’s not like this is new in any way.

There are certain grey areas that I would like to see clarified.

a) asking prices/AMVs/guide prices/whatever: should be binding in such a way as the property cannot be sold for more than them. IE, they should represent the maximum price that a potential purchaser will pay for the property. The final price can wind up below that if the interest isn’t there.

b) mortgage brokers should not be tied to estate agents, should not have business links, should not have commission payable for directing business from EAs to mortgage brokers.

c) for new developments, finishing dates should be binding. There might be more effective project management and realistic finishing dates if developers were required to a) name a finishing date at contract time and b) paid the penalty for not delivering.

It is shocking that houses are generally not all that well finished in this country despite getting ever more expensive and ever smaller while people are having grief getting snags rectified.

The invisible hand of the market does not sort these issues out in a small market and players in the property market have been allowed to get away with daylight murder for years.

Every transaction has responsibilities and obligations but lately, in the property market, the responsibilities and obligations have been very light burdens on vendors who have often done the “like it or lump it” act to their vendors.

Excellent post Calina.

In 100% agreement with all of it but especially these closing three paragraphs.

What would happen then if two people bid the “maximum” price? First come first served? I wouldn’t want this if it was me selling my house. Would you?

Agree completely - there should be a penalty for missing the date - and that includes “finishing” the estate, not just the individual units.

yes, first come first served. Why not? It works with the last sliced pan in the grocery store and currently you have a hell of a lot more legal protection for a loaf of bread than you do for a house.

It’s different. Sliced pans are sold once, for a fixed price determined in advance by several forces. If conditions change, the shop will change the price the next day.

House sales are (mostly) unique so the price can’t be pre-determined. Would you trust an EA to tell you the exact price you should sell your house for and be bound by that? I wouldn’t.

It would still be up to you to determine the actual valuation, they could only advise you.

If it was me selling, and I had to choose a maximum price, I would naturally choose way above what it was really worth. Why risk undervaluing it?

Also run the risk of not being able to sell the property at all…I mean I don’t even bother looking at property that I think is seriously overvalued.

Then I could reduce the price. But if I knew I had to accept a bid at the asking price, I’d definitely be estimating on the high side.

The idea has some merit, but all things considered it wouldn’t make me happy as a seller. Also I can’t imagine it being implemented in Ireland in the next 100 years.

Well, just like the current situation you get the advantage of being both the buyer and the seller don’t you.

It has to be better where people put in prices now that they really don’t feel like accepting in any scenario, of course, that’s all about to change…

We’re in for a year of the cheeky offer!!! :wink: