Will EAs tell you if there is an offer in?

As per the title, will an EA tell you if there are any offers in on a property?

I am interested in a house, but am not ready to buy, although could be by summer or the end of the year. I posted it here before and, unusally for the Pin (!), no one suggested it was overpriced at all. Asking 295k it is a bit out of my budget I think. I would be looking at maybe a maximum budget of 270. There is no point viewing it if, for example, an offer of 270k has been rejected

If the EA tells you there are no actual bids - instead just mentions “interest” then rest assured there are none. If the EA says they have a bid of X then they might do.

If you are going to bid, bid something low. If the asking is €295 then unless there are other solid bids you should be offering well under your budget to gauge the reaction. The reality is only bid what you would pay and don’t be pressured into upping your bid if (a) it’s above your budget, or (b) you suspect the EA is spinning a yarn.

IMO your best bet, given you’re not in a rush, is to bid low, and even if the EA says it’s not enough - leave it with them. It may happen they have no other bids forthcoming at all and they may come crawling back to you at some point in time.

Tell the EA that the amount you’re willing to pay is less than the offer of €270,000 and ask to view the place ‘just in case’. The EA may well agree as there is a good chance that the vendor will eventually lower the price and, by that time, the party responsible for the 270 offer may have bought elsewhere. This, of course, assumes that the 270 offer was genuine and/or financed.

EA just told me there is an offer of 270k in.

I think he may be spying on me on the pin. :-GC

Edit: My maximum is now 250 :slight_smile:

:mrgreen:

EA should tell you if there is a live or previous offer. If you suspect that prolific Mr Phan Tom as being the other bidder, why not outbid him by, say 10 K and make it " subject to survey" and when survey comes in, well hey! Whadda you know but now we talkin’ 'bout what you originally offered ( or less!)

Why should the EA waste his time if you are only a pretend bidder.

If you are in the market bid, if not just view the property and move on.

This type of messing gives others a bad name.

For every EA there is a stressed vendor who is trying to sell.

If there are a lot of auctions taking place in your area, you can get an idea of the current value of any property. Research your local or national newspapers and find out what the house prices were in 1999 or 1998. Offer those prices. Stick to your guns. Cut the games. Play straight. Don’t be a crooked cute whore.

What messing?! I AM talking about bidding in a very serious way but the BS from EAs is, to put it mildly, legendary!
I AM in the market and have been for some time, have also been a " stressed vendor" but thankfully, got through that process! And I HAVE bid, more than once!
My point is how to test the ‘counter offer’ that may, or may not, be real!

I don’t know any way of testing a counter offer.

My own strategy is to decide for myself what the value of a property is. I’ll stick to that. If I’m told there’s a counter offer then…
NEXT!

If you’re not ready to buy until the the summer, or the end of the year = you’re not ready to buy. Why waste the agent’s time and yours by trying to out strategise a strategist. Just tell the guy what your position is, straight up. He’ll either take you seriously, in which case he’ll keep you in the loop, or he wont. When you’re ready to buy, then start viewing, although I’d lay a good bet now, you’ll still be in the market this time next year…

This is an unethical way to do business with anyone. Remember that this is unfair to the vendor and that you would not have liked that done to you when you sold your house. You can never be sure that the vendor has anything to do with Mr Phan Tom, although they certainly sometimes do!

If in doubt… NEXT!

+1.

Not only is it unethical, it is shortsighted of you. If you later become interested in another house offered by the same EA, they will communicate to the vendor that based on their prior experience with you, they believe you may be untrustworthy and your bid cannot be taken seriously. They will recommend that your bid be ignored, even if it is higher than that of other bidders. Like many moves that people consider “smart” negotiation tactics, it’s actually a very weak tactic.

You would do well to scour this forum and read any threads you can find about how to make offers and how to negotiate; indeed it would not do any harm to read up on the basics of effective negotiation. You are not alone; I have often commented on this forum about how poor most Irish people are at negotiating, in spite of how awesome they may think they are.

I agree that it is unethical and counterproductive to mess around but don’t agree that someone who, in March, is potentially looking to buy in the summer is ‘not ready to buy’. If I was planning on closing a sale in the summer, now is exactly the time I would be seriously searching the market with the intention of bidding if I saw the right house at the right price.

I think you’re mixing up my posts, I opened the thread and asked for advice and someone else gave that suggestion you quoted, not me.
I don’t see the harm in starting to look now, as I need to get a feel for what’s out there and what I want. Plus, as some houses (maybe not this but we’ll see) are on the market for a long time, it makes sense that I house I may buy in 4 months is already on the market.
If this offer falls through and my mortgage approval comes through, it will be great if I have seen the house and decided if I am going to bid if it stays on the market

Edit: Would it be normal to make a bid lower? Say I am approved, want the house etc, but my budget is 260k max, is it usual to say t the EA yes I am interested, but this is my maximum offer, contact me if the other one falls through?

Don’t believe anything the EA says. You will have no proof to believe or disbelieve it. Bid based only on your own personal circumstances. My attitude was to use the EA to accept my bids. I didnt listen to any of the waffle they were spinning me.

My post was agreeing with you (sala) and disagreeing with Locust telling you that you were not ready to buy if your plan was to buy in the summer!

I completely agree with your points above - if you want to close on a house in the summer or beyond, now is exactly the time to start looking seriously and exactly the time, if I were at EA, that I would be taking you very seriously!

Thanks, yes I meant that quote at Locutus, he seemed to think I was the one suggesting that strategy, of the survey, when it was someone replying to me.

I agree I need to look now, but it’ll be must more serious if I have the approval - but even so, I don’t want to let any of the good ones slip by!
Anyway, I’ll view a few and see what I like. Push ahead with the approval so I am ready if I find something I really want

Sala & txi - yes I was mixing up the posts, apologies.

My point is quite simply, that the best strategy (in my humble opinion having a friend in the business) is to tell the agent exactly what your position is, regarding timing, pricing (within a % of that’s the way you want to go), the lot. The serious agents will take you at your word, and the non serious, well you wouldn’t deal with them anyway. You’ll have a look at the market anyway, so will have a good fee for what are the correctly priced houses, and the overpriced. But excessively lowball offers won’t be accepted in the short term, as - the over priced houses are propably over priced because of the vendor’s instructions and they won’t see sense for quite a while, and the correctly priced houses are probably fairly accurate in today’s market so the vendor’s won’t want to sell themselves short. At a guess, I’d say 30% of houses in any given market are overpriced, 30% probably just won’t sell, and 30% are probably on the market to sell, and the other 10%, well, that’s anyone’s guess. Dublin excepted. Have to go - Mr L has the dinner on the table!