Estate agent: "An offer of X was rejected", True or Codology

theCzar

Hi,

I've been viewing places around Dublin for the last few months with a view to buy in the coming months. I'm looking in particular at a place listed at 330,000 and the estate agent has, as in the case of several other properties I've viewed, told me that an offer of 290,000 has been rejected already.

Is this likely (in your opinion):
A) True?
A way of saying the owners absolute minimum, start negotiating from there
C) A way of saying what the owner(/estate agent) actually wants for the property (and perhaps more than they'd be willing to take if a sub 290K offer came in)

I'm planning on taking the plunge very soon, and I've been double and triple guessing myself about how much to offer initially.

sold

theCzar wrote: »

Hi,

I've been viewing places around Dublin for the last few months with a view to buy in the coming months. I'm looking in particular at a place listed at 330,000 and the estate agent has, as in the case of several other properties I've viewed, told me that an offer of 290,000 has been rejected already.

Is this likely (in your opinion):
A) True?
A way of saying the owners absolute minimum, start negotiating from there
C) A way of saying what the owner(/estate agent) actually wants for the property (and perhaps more than they'd be willing to take if a sub 290K offer came in)

I'm planning on taking the plunge very soon, and I've been double and triple guessing myself about how much to offer initially.

You would be mad to believe an Estate agent, They are only out there to fill their pockets and their clients (would you blame them?) I know it as fact the many times they would say an offer was rejected without even talking to owner. There are also owners who are not in a rush to sell and will left a min offer on the table and are not interested going lower. I would suggest you do your homework and see what the other houses in the area have sold for. 330K in todays Ireland is the same as 400K 3 years ago, its a lot of money. And if you are buying today its a buyers market, so no need to rush. House prices a still some way to fall, but its anyones guess when they will hit the bottom.

A good indication will be when the life register begins to fall 3 months in a row.

With energy bill going up would be good to see the houses energy rating.

Victor

Unless you have a particular attachment to that house, shop around.

If you want to bid, make them an offer and tell them they have X time to think about it.

Unpossible

Victor wrote: »

Unless you have a particular attachment to that house, shop around.

If you want to bid, make them an offer and tell them they have X time to think about it.

Would there even be a point to put in a bid when a guy tells you x offer has been rejected?

Senna

I always took that "reject offer" figure as being around what the owner wants or what the EA thinks he can get. Either way, if another EA says this to you again, just say "Christ and he didn't accept it, that was a great offer".

The main thing to remember is DONT listen to an EA, put in the offer you want to make, the amount you're happy to pay and let the vendor decide.

Rafa1977

Senna wrote: »

I always took that "reject offer" figure as being around what the owner wants or what the EA thinks he can get. Either way, if another EA says this to you again, just say "Christ and he didn't accept it, that was a great offer".

The main thing to remember is DONT listen to an EA, put in the offer you want to make, the amount you're happy to pay and let the vendor decide.

100% agree with Senna on this. I was viewing a house on Monday where asking price was 250k, and when viewing EA told me there was an offer of 215k which seller was dissapointed with. I didnt discuss how much I was willinging to offer, but EA called me Tuesday to ask if I wanted to view again??, not sure why I needed a second view!, then rang me again today to discuss if I wanted to make an offer, I told him how great the house was but I would offer less than 215k, to cut a long converstaion short, he keep on about how much I would offer, I found it strange that EA would want to know how much I would offer, since it would be less??, so I think it is highly unlikely there was an offer of 215k at all. You will get a lot of similar stituations like this as you view houses.

Doop

I'd say its his way of telling you they (the owners) want above this amount. But ignore it make what ever offer you deem reasonable, the EA is bound to put all offers forward to the vendor

mathie

I recently viewed a house listed at 625K (Malahide 4 Bed)
I was told it had an offer of 550K and then 575K but the vendor is waiting to see.

Absolute insanity on the vendors part or lies on the EAs part.

egan007

You could put an actual bid of 290 on it and watch the owner bite your hand off

kmick

Is it worth 290,000? Can you get 290,000 from the bank?
Is the price 330,000 more, less, or the same as similar properties in the area?
What is your top budget?
Is it worth 292,500 to you?
Its very hard to answer the original question without knowing all the other factors.