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For those of you selling a property....

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  • 21-06-2011 10:05am
    #1
    bcmf
    Closed Accounts Posts: 6,679 ✭✭✭


    ...have a quick read of this.
    I wont go into the details of where or what etc.
    We had a house for sale and in the end we had 2 very interested parties.
    1 party, Party A, told us that it would be 3-4 weeks before they could realistically get the ball rolling on the sale of the house and but put in a decent offer anyway.
    Party B told us that they had cash waiting ( cash plus mortgage approval for the balance) and as they had already had valuation etc done put in a offer slightly less then Party A. They had told the EA they were a private couple who were buying the house to renovate and live in.
    We accepted Party B's offer on the grounds they were ready to move on it. The property went 'sale agreed' and a deposit was paid.
    Several weeks later after nothing had seemingly happened and a few delaying tactics our solicitor put the pressure on and a signing day was arranged.
    On the signing day we were informed of a problem. They had not got enough money and were short of a good few thousand. Now remember they had told us that they had mainly CASH and approval for the balance. They told us the bank had pulled the plug (after reading some threads here its not an uncommon occurence).
    Needless to say our solicitor hit the roof and between the solicitor and the EA a few phone calls were made. The info they garnered led them to believe that they were in fact buying to rent and when the bank found out they reduced the mortgage offer.
    Now looking back over the past 4-5 weeks it seemed like they knew exactly what they were doing and would not be at all surprised if this was not the first time they have played a sale this way.
    In the end the EA was told by the couple that we either accept the lower offer or they walk away*. They had delayed long enough to put Party A out of the picture and they knew the EA and solicitor would not want not want to put the property back onto an ever decreasing property market.
    In the end he told them that he would accept but had to be signed and paid by Fri otherwise its off.
    *If it was my decision I would have called their bluff, instructed them to repair the small amount of damage they did to the property and remark they property 'FOR SALE'.
    As we had several viewings and possibles their delaying tactic also put off anybody else from showing an interest in the property.
    So if you are selling a property- BEWARE and keep on top of your EA.

    Just for those of who are interested: the house has been on the market for circa 3 yrs but due to circumstances beyond my control its only finalising now.From intial valuation to (if the sale completes on Fri) sale price we will have taken a hit of 2/3rds ie final sale price is 1/3rd of initial value price. The property mave have been overvalued but not by much as it is a big house on a main road with huge potential for rental.


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    #2
    mariaalice
    Registered Users Posts: 12,493 ✭✭✭✭mariaalice


    First off what can you do maybe take the house off the marked and rent it yourself ....Your EA should not have put a sale agreed sign up and should have keep the house on the market until the deposit stage ( not booking deposit )... purchasers will ask the EA not to do this but with the way things are its the best way to go.


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    #3
    Cookie_Monster
    Registered Users Posts: 24,501 ✭✭✭✭Cookie_Monster


    bcmf wrote: »
    In the end the EA was told by the couple that we either accept the lower offer or they walk away*. They had delayed long enough to put Party A out of the picture and they knew the EA and solicitor would not want not want to put the property back onto an ever decreasing property market.
    In the end he told them that he would accept but had to be signed and paid by Fri otherwise its off.
    .

    why is the EA making the call if it's a house you are selling:confused:


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    #4
    bcmf
    Closed Accounts Posts: 6,679 ✭✭✭bcmf


    For reasons which I wont go into here I have/had very little say in the way the sale of the house went/is going. If I had it would have been handled very differently.
    For legal reasons the house cannot be rented until sold. Again I cant go into the reasons here.
    Yes I believe the EA was maybe nieve and perhaps just happy to have a sale BUT I really believe that the EA should have spotted this a mile off (experience). They are a big name EA and IMHO screwed up here.
    Too many years of having easy sale and maybe dulled their sense's.
    Anyway I just thought I would put it out there to try and help other people avoid the disaster of a situation that has happened.


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    #5
    bcmf
    Closed Accounts Posts: 6,679 ✭✭✭bcmf


    Cookie_Monster wrote: »
    why is the EA making the call if it's a house you are selling:confused:

    This is where it gets complicated.
    I wont/cant go into it but its a family house that was left in a will.
    Again just putting some people wide to get them clue-ed up.


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    #6
    Cookie_Monster
    Registered Users Posts: 24,501 ✭✭✭✭Cookie_Monster


    bcmf wrote: »
    This is where it gets complicated.
    I wont/cant go into it but its a family house that was left in a will.
    Again just putting some people wide to get them clue-ed up.

    completely fair enough.
    was just curious since it sounded unusual


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    #7
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    bcmf wrote: »
    Needless to say our solicitor hit the roof and between the solicitor and the EA a few phone calls were made. The info they garnered led them to believe that they were in fact buying to rent and when the bank found out they reduced the mortgage offer.

    <snip>

    From intial valuation to (if the sale completes on Fri) sale price we will have taken a hit of 2/3rds ie final sale price is 1/3rd of initial value price. The property mave have been overvalued but not by much as it is a big house on a main road with huge potential for rental.
    I'd look into any chance that the EA and the buyer have any sort of arrangement, or if the EAs office have dealing with the company that is doing the rent to buy (such as renting their houses out), as a drop of 2/3rds I'd assume would affect how much the EA makes on the sale?


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    #8
    amdublin
    Registered Users Posts: 20,653 ✭✭✭✭amdublin


    *If it was my decision I would have called their bluff, instructed them to repair the small amount of damage they did to the property and remark they property 'FOR SALE.

    :eek:

    What damage had they done? I missed that in the post.

    Thanks for your post btw.


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    #9
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    Sounds to me like both you and the EA just trusted the wrong people. It's natural under the circumstances to try to find someone else to blame.

    The "purchasers" played the game and won. Ain't some people a bitch. :(


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    #10
    bcmf
    Closed Accounts Posts: 6,679 ✭✭✭bcmf


    amdublin wrote: »
    :eek:

    What damage had they done? I missed that in the post.

    Thanks for your post btw.
    They put a small hole in the wall.


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    #11
    bcmf
    Closed Accounts Posts: 6,679 ✭✭✭bcmf


    Dades wrote: »
    Sounds to me like both you and the EA just trusted the wrong people. It's natural under the circumstances to try to find someone else to blame.

    The "purchasers" played the game and won. Ain't some people a bitch. :(

    Yep. Just bad judgement on everyone's behalf. Indeed they did win. Just hope someone can learn from this.


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    #12
    Dymo
    Registered Users Posts: 1,561 ✭✭✭Dymo


    Why do people assume that purchasers are angels, they will lie and do there best to cheat to make sure they don't have to pay a penny more than they have too. Not all but a large percentage do. The estate agent has to take them at face value unless they know different. It's hard to come out and accuse people of lying straight out and no matter how much experience they have.

    From experience anytime a house is left in a will, it's always messy among family members and they never agree on the price or how the house is being sold and are always looking to blame someone why it didn't achieve the value they thought it had. Generally the person who gets the most grief is the person looking after the sale for everyone else.


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    #13
    bcmf
    Closed Accounts Posts: 6,679 ✭✭✭bcmf


    Dymo wrote: »
    Why do people assume that purchasers are angels, they will lie and do there best to cheat to make sure they don't have to pay a penny more than they have too. Not all but a large percentage do. The estate agent has to take them at face value unless they know different. It's hard to come out and accuse people of lying straight out and no matter how much experience they have.

    I never implied that purchaser's were angels and dont expect them to be. If it were me buying I would try every trick in the book.
    BUT when the EA comes out and tells you , in relation to the bank dropping an offer amount*, that this is the 3rd time it has happened you really have to question why have the EA has not put in measures to counteract this. In fact ,to me anyway, having this happen and then putting up a sale agreed sign so early in the transaction when there is still another interested party is very shortsighted.
    The saying
    Fool me once....etc come to mind



    I dont know the rules which EA's have to adhere to so please bear this in mind when reading.


    *as this is the reason given by the purchasers as I outlined in my op


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