offer asking? would you expect them to accept ?

So I rang about a house that has just come on. I asked straight out what the EA thought would buy the house given that I am a motivated buyer, funding ready to go etc.
I then got a myriad of nonsense about how the vendor was also motivated and that the asking was the price of the house blah de blah ( so he wouldn’t admit the house was on at X but he was hoping to get X plus 10k )

Am I being naive to think that an EA would not just think - if I get these people a good buyer at their asking it would be much better for all of us than having lots of viewings and potential messers ?

Is it really worth the hassle for an extra 10k potentially ?
Or is the market so buoyant at the moment that he knows the asking is an opener.

South Dublin market that is.

In my experience, offering the asking straight away just leads the vendor to think they have under priced the house and they then wait for more bids. If you are interested, probably best to go with the 15% under asking opening bid.

Depends. I’ve seen vendors hope for asking plus X% quickly resign themselves once bidding started at 15% under. If the very first bid is asking, they might think “oh yes, we’re guaranteed to get asking plus X% now”.

In fairness I explained we were sale agreed on another and were looking for a quick answer.
It hasn’t had an open viewing yet, so he said they would asses the position after that.

So you’re sale agreed on another house but willing to pull out of that for this house and you’re being quite plain about it with the EA?
Doesn’t strike me as the way to curry favour with the lad/lady trying to get the sale for their client.

not a bad idea to try and get the auctioneer to get the seller to be exlpicit re the price. ie is it asking price or guide price.
ie if i am able to bid the offer will they accept?
puts the ball back into their court re “price discovery”

I am not sure why they would have an issue with that.
Its proof that we are ready to go imo, and giving him a genuine reason as to why I am after a quick turn around.

I think there is no harm in making an EA come up with an actual price the house should be sold for an advising the buyer and client of that. Just putting it on the market with a guide and letting folk bid it to who has the deepest pockets isn’t really using any sort of skills bar a bit of marketing.

In my limited experience, with a supply contrained market, bidding the Asking Price immediately has just signalled to the EA that you can go higher.

Not only that, but you’ve also set the floor bid for the house at Asking Price. Now that you’ve done that - you are the reserve or fall-back buyer for the house, should the agent not succeed in hawking the house around for a week or two to secure a higher price.

Being constrained by time having told the Agent you are Sale Agreed elsewhere is not a good idea, I would have thought.
While on one hand it signals that you need a quick decision, on the other hand it signals that you really really want this house… more so than one you have already agreed to buy. Therefore the classic agent tactic would be to tell you that the vendor is considering your offer, but that it would really take another 10k/20k (whatever amount he chooses) to get the deal done quickly.
Meanwhile he/she is telling any other buyer who’ll listen that the “price is already Asking, and is rising”… hoping to get an actual bid to top your bid.

I wouldn’t be optimistic about your chances, unless the Asking Price was highly speculative to start. But I hope it all works out as you want.

An early bid at the asking price can discourage other bidders.
Houses that end up with frothy sales prices are often where a bidding war breaks out. So if you can discourage a bidding war so much the better. You may end up paying more than if you went in low-ball and prices crept up to lower than the asking price but it may be a better strategy if you want to close a sale on a house you like.

However, if you are trying to buy a house which has had no open views and you wish to take it off the market, I think you may be looking at paying a premium to the asking.
It is one thing for the vendor to go sale agreed at the asking price after 2/3 weeks of viewings. I think you are asking too much from them to do so without viewings and price discovery.

What if the EA looks at it that you agreed to buy a house but now you are backing out of that to buy this house, what is there to say you won’t do the same to him? I’d view you as a messier and tell the seller to be very careful taking your offer over another one.

Put yourself in the vendor’s shoes:

EA has been in their ear with the strategy - "We price at x and if we get just 2 or 3 interested parties and a bit of luck (or a few phantoms), we could get x plus 10/20/30…

A bidder comes in early and offers asking, no way are you going to take that and ignore all other potential interest/money.

Am I being naive to think that an EA would not just think - if I get these people a good buyer at their asking it would be much better for all of us than having lots of viewings and potential messers ?

Is it really worth the hassle for an extra 10k potentially ?
Or is the market so buoyant at the moment that he knows the asking is an opener.

South Dublin market that is.

With the greatest of respect I think your strategy was completely naive. SCD is buoyant enough, even if it were stabilising everyone wants to think they got a deal. You didnt play the game. The seller is not not going to test the market because you have shown your hand. The EAs job is to get top dollar unless there is a fundamental flaw with the house in which case you would find that out via survey. Also the fact you declared that you were sale agreed elsewhere just highlights you as an unreliable prospect. If the market were still falling and you tried that a while after the property went on the market you might have stood a chance.

You have to go back to the EA and take your asking bid off the table. Tell him you are offering asking minus 20 per cent and put it in writing. Probably a waste of time but you have more or less opened bidding on that house at asking which could set a precedent for neighbouring properties in the area.

I think I’d be pretty stupid to settle on a house when I had seen a nicer one I could potentially own. I am pretty sure EA’s see people change their mind all the time once the cold light of reality hits about a place they were bidding on. Have a look at the amount of places that go sale agreed and come back on.
I’ve noticed most EAs are no longer marking places as sale agreed till the contracts are signed, so it happens a lot.

It is in the EAs interest to get as much as they can for the house. 2% of 10k is €200 more.
The house will go to viewings for a couple of weeks at least until buyers are flushed out. If you want to be in on this one you will just have to play that painful and emotionally-draining game. If you already went through a negotiation process, you know what this is like. Maybe it was your other half that did the negotiations last time, or why did you think this tactic would work this time. What strategy did you use for the house that is Sale Agreed? The only strategy that works for buyers is don’t bid more than you can afford. Know precisely what your monthlyannual outgoings are. Stress test against loss of one income. If you are a couple, stress test against €800 a month for childcare.

Oh, and conduct yourself in a manner that makes you pleasant and reasonable to deal with. It’s not over at the Sale Agreed.

Offer the asking but give them one day to decide and on condition that it’s taken down from the market.

After all, the EA recommended that price to the seller and you are offering it to them to get a hassle free purchase. Explain that if you wanted hassle and bidding wars you would have offer 20% less so you are offering the asking to simply avoid this and get a quick sale. In the current market with the new CB rules you probably would get it for cheaper so they should bite your hand off.

If it’s not accepted within the day, withdraw the offer and offer 20% less. You can’t have your original offer being used as a target.


Best of both worlds.

In my experience EA’s will just ignore your time limit and tell everyone else that there is an offer of asking on the property for the next few weeks.

That, in a less convoluted way was what I was at. “Give me the price you will sell at as I am sale agreed on another”. I never actually offered the asking, I asked if the asking was the real price and if I offered it would they take it off the market.

I was told on a different property that there was an offer of x that would run out at 5pm but the owner couldn’t be contacted.

its significantly above that now - so good new for the vendor on this one.

I don’t understand this issue.
It’s really quite simple.
Place a bid (in writing) of approximately 10% below what you are willing to pay for the property.
Tell the EA to submit the offer and ask that the vendor either accept or counter the offer in writing.
If they are not willing to do this, then simply walk.