EA not allowing me to enter negotiations with sellers

djmcr

My situation, fortunate enough to have sold our property last year and lucky enough to have mortgage approval.

We have decided to try and buy a house this last few weeks and went to look at a property which we both liked so we put in a bid approx 15% under asking. EA rang back saying that vendors were happy to recceive my offer and unfortunately couldn't accept it which was to be expected. EA was trying to get me to increase my offer on the phone and also tried introducing a bit of competition by way of two other interested parties who had yet to make a bid even though house on market a number of months at this stage. We left conversation as was with me telling EA that I was stretched as it was but that I was also interested in other properties and I would get back to him.

I then received an email the following afternoon and below is an extract

I understand from our conversation that you are also bidding on several other properties at the same time. While this might seem logical, on relaying your course of action to my clients (the vendor), they have expressed concern about your genuine interest and intent in purchasing their home as your family residence.

Please do not view this e-mail as an attack on your approach but as advisors to the vendors, we can not encourage them to enter into genuine negotiations, knowing that there are several other home owners considering entering into negotiations with you

So the EA wants me to enter into a monogamous relationship with him and vendors and not allow me to put bids on other properties, whilst at the same time allowing him to court other buyers.

Am I wrong here or does this sound all wrong

Diddler1977

It's a tactic.

He is trying to force your hand. He wants to make you really want something that seemingly you can't have.

Walk away, there are plenty of other houses out there.

djmcr

That what I thought and I've walked.

cafecreme

That is complete twaddle, either the office junior is having a laugh during these slow days or the EA is trying to force you into bidding up. Tell them you have made your offer and it will stand until x date and you are not in the slightest bit interested in upping it, then sit back and wait. What part of the country is this EA in? He/She looks like a complete amateur.

djmcr

cafecreme wrote: »

That is complete twaddle, either the office junior is having a laugh during these slow days or the EA is trying to force you into bidding up. Tell them you have made your offer and it will stand until x date and you are not in the slightest bit interested in upping it, then sit back and wait. What part of the country is this EA in? He/She looks like a complete amateur.

I just withdrew my offer completely, there are plenty of other houses around and not a lot of buyers in my position

Dodd

You did the right thing.
It's buyers market out there and EA's like that are not helping anyone.

djmcr

How do these muppets get away with this crap is what I'd like to know and is there any way of letting the vendors know how poorly they are being represented

cafecreme

Note in the door addressed to "the owners", tell them what you told us and print the email or leave your number for them to call you. I still cant get over the nerve of that EA

djmcr

cafecreme wrote: »

Note in the door addressed to "the owners", tell them what you told us and print the email or leave your number for them to call you. I still cant get over the nerve of that EA

That thought has crossed my mind

Dades

I presume you withdrew the offer as the house wasn't of particular interest to you - which would suggest an element of truth in what the EA was suggesting?

If you really wanted the house you could have left the offer and let them crawl back to you.

Yes, what the EA did was ridiculous, but I'd never let an EA come between me and house I really wanted.

Snakeblood

cafecreme wrote: »

Note in the door addressed to "the owners", tell them what you told us and print the email or leave your number for them to call you. I still cant get over the nerve of that EA

I'd do that, the EA is a douchebag.

EricPraline

Dades wrote: »

If you really wanted the house you could have left the offer and let them crawl back to you.

Yes, what the EA did was ridiculous, but I'd never let an EA come between me and house I really wanted.

Unless the EA has a queue of buyers lined up, you can expect him/her to come crawling back anyway, regardless of whether the offer was withdrawn or not.

The idea that the OP should agree not to bid on other houses is hilarious. The EA must assume that the OP is completely oblivious to the balance between buyers v vendors in the current market. Amazing this EA is still in business.

djmcr

Dades wrote: »

I presume you withdrew the offer as the house wasn't of particular interest to you - which would suggest an element of truth in what the EA was suggesting?

If you really wanted the house you could have left the offer and let them crawl back to you.

Yes, what the EA did was ridiculous, but I'd never let an EA come between me and house I really wanted.

House was of great interest to me but I only showed an abstract of the email and the remainder was equally as condescending as the part I had shown so I in no way am going to let any of my hard earned cash line his pockets even at the expense of losing this house. There will be other houses. Unfortunate for the vendors I agree but thats what they get for picking this EA.

Duckjob

Tell this EA the 2006 property market rang and wants its talentless fool back.

Duckjob

Dades wrote: »

I presume you withdrew the offer as the house wasn't of particular interest to you - which would suggest an element of truth in what the EA was suggesting?

If you really wanted the house you could have left the offer and let them crawl back to you.

Yes, what the EA did was ridiculous, but I'd never let an EA come between me and house I really wanted.

While a lot of people do form an emotional bond with houses at the viewing stage, the idea that this can be expected of the buyer by the EA or the seller (particularly in a buyers market) is flawed, and quite ridiculous.

We're talking about piles of bricks here, not kittens. People are entitled to treat the purchase of a house as a clinical financial decision. IN fact, due to the size of the purchase price, people SHOULD do this. There is plenty of time to fall in love with your abode and make it your own after you've done the deal.

swirlser

cafecreme wrote: »

Note in the door addressed to "the owners", tell them what you told us and print the email or leave your number for them to call you. I still cant get over the nerve of that EA

This. It might just turn out that this EA being such a Dbag will result in a happy ending for you and well done on not getting sucked in by such BS as sadly some others might. Did you read the thread I posting awhile ago, a story you can relate to I think about my friends dealings with EAs.

djmcr wrote: »

We have decided to try and buy a house this last few weeks and went to look at a property which we both liked so we put in a bid approx 15% under asking. EA rang back saying that vendors were happy to recceive my offer and unfortunately couldn't accept it which was to be expected.

I wouldnt have expected a 15% under asking to be rejected, theres no end of articles doing the rounds (recent random one here) which all tell a very similar story, many highly respected economists believe another 15% is to come off from peak prices. So your offer of 15% under current asking is imo very realistic.

And actually Id go one further than very realistic. Given whats in store for us in the next few months, if you paid any more you may end up being in NE by the time you got the keys!

Do try direct contact if you like the place and carry on shopping around GL to you.

Theboinkmaster

swirlser wrote: »

This. It might just turn out that this EA being such a Dbag will result in a happy ending for you and well done on not getting sucked in by such BS as sadly some others might. Did you read the thread I posting awhile ago, a story you can relate to I think about my friends dealings with EAs.




I wouldnt have expected a 15% under asking to be rejected, theres no end of articles doing the rounds (recent random one here) which all tell a very similar story, many highly respected economists believe another 15% is to come off from peak prices. So your offer of 15% under current asking is imo very realistic.

And actually Id go one further than very realistic. Given whats in store for us in the next few months, if you paid any more you may end up being in NE by the time you got the keys!

Do try direct contact if you like the place and carry on shopping around GL to you.

Using a general percentage such as 15% is a complete fallacy:

- is an average so 4 bed semi D could be 10% and apartment 35%
- same goes for location
- what you apply the 15% on could be complete horsh!t, a seller can ask €2m for a city centre 1 bed apartment this is nothing to do with the value
- peak prices are IRRELEVANT

skelliser

Estate Agents..... a horrible class of human

swirlser

Ok, Ill bite this time...

Theboinkmaster wrote: »

Using a general percentage such as 15% is a complete fallacy:

Using a term which represents a figure, when talking about figures does make surprisingly good sense :eek: The statement about it being general is true, but these are calculated predictions, not an exact science.

Theboinkmaster wrote: »

- is an average so 4 bed semi D could be 10% and apartment 35%

Houses and apartments are being affected at a different rate, yes.

Theboinkmaster wrote: »

- same goes for location

Are you stating the obvious for a reason or just hopin' for a fight?

Theboinkmaster wrote: »

- what you apply the 15% on could be complete horsh!t, a seller can ask €2m for a city centre 1 bed apartment this is nothing to do with the value

Its possible it is complete horesh!t! But then, neither of us know the particulars of the property the OP is discussing. Im not trying to preach laws here, only encouraging the idea that it is a buyers market no matter how much an EA tries to convince you otherwise.

Theboinkmaster wrote: »

- peak prices are IRRELEVANT

Could pursue total thread derailment here and try debate what other interesting methods you have in mind to gage where the prices should currently be or may be going (which as it happens, I do believe there are more sensible ways, such as vs. income - but as your own post clearly shows - and Id agree - there is no 1 size fits all regardless of how you go about measuring it). But all I really want to say in response to this is "No luck selling yet? ".

subway

Dades wrote: »

I presume you withdrew the offer as the house wasn't of particular interest to you - which would suggest an element of truth in what the EA was suggesting?

If you really wanted the house you could have left the offer and let them crawl back to you.

Yes, what the EA did was ridiculous, but I'd never let an EA come between me and house I really wanted.

There's more than one house out there...
There is no "one house" for anyone

Theboinkmaster

swirlser wrote: »

Ok, Ill bite this time...



Using a term which represents a figure, when talking about figures does make surprisingly good sense :eek: The statement about it being general is true, but these are calculated predictions, not an exact science.


Houses and apartments are being affected at a different rate, yes.



Are you stating the obvious for a reason or just hopin' for a fight?


Its possible it is complete horesh!t! But then, neither of us know the particulars of the property the OP is discussing. Im not trying to preach laws here, only encouraging the idea that it is a buyers market no matter how much an EA tries to convince you otherwise.


Could pursue total thread derailment here and try debate what other interesting methods you have in mind to gage where the prices should currently be or may be going (which as it happens, I do believe there are more sensible ways, such as vs. income - but as your own post clearly shows - and Id agree - there is no 1 size fits all regardless of how you go about measuring it). But all I really want to say in response to this is "No luck selling yet? ".

Your statement of "many highly respected economists believe another 15% is to come off from peak prices. So your offer of 15% under current asking is imo very realistic"

i believe to be incorrect and suggest to OP not to use blanket arbitrary percentages based on peak prices.

and you asked about valuing property - compare the rent currently gained to price to purchase, add on mgt charges etc and unitl the rental yield is at least 7% IMO it's overvalued, as otherwise you'd get the same in the bank but for alot less hassle and risk. So the old rule of annual rent x 14 is a good starting point.

ShadowHearth

thanks god i did not met such EA on my quest so far...

OP, well done, just back off and let him have his time with that property. Its a buyers market, no matter what EA says.

Victor

skelliser wrote: »

Estate Agents..... a horrible class of human

Can we keep it somewhat constructive and not insulting?

swirlser

Well, we just have to agree to disagree :-)

Theboinkmaster wrote: »

Your statement of "many highly respected economists believe another 15% is to come off from peak prices. So your offer of 15% under current asking is imo very realistic"

i believe to be incorrect and suggest to OP not to use blanket arbitrary percentages based on peak prices.

It is relevant (imo), even if only as a ball park guide - it still serves its purpose for this, which is all its intended to be.

Theboinkmaster wrote: »

and you asked about valuing property - compare the rent currently gained to price to purchase, add on mgt charges etc and unitl the rental yield is at least 7% IMO it's overvalued, as otherwise you'd get the same in the bank but for alot less hassle and risk. So the old rule of annual rent x 14 is a good starting point.

In any other time I would have agreed with this. But the volatility of the markets and the fairly likely outcome that once another chunk comes off prices and whatever schemes the gov puts in place to push the country out of stagnation will lead to people being able to buy in the coming years. This in turn will greatly effect the rental market, so your calculation above makes perfect sense today, but I believe in 2014 (or 201_ pick your own), it'll make no sense whatsoever.

ShadowHearth

i just wonder now.... do owners of property even know about this stunt?

Zamboni

I understand from our conversation that you are also bidding on several other properties at the same time. While this might seem logical, on relaying your course of action to my clients (the vendor), they have expressed concern about your genuine interest and intent in purchasing their home as your family residence.

Please do not view this e-mail as an attack on your approach but as advisors to the vendors, we can not encourage them to enter into genuine negotiations, knowing that there are several other home owners considering entering into negotiations with you

That is an incredible read in late 2011.
Fair play on walking away.
He will be swallowing his brandy deep tonight in regret.
Neck, jockey etc.

RasTa

How much was this house? Surprised they didn't bite your hand off for 15% less.

djmcr

RasTa wrote: »

How much was this house? Surprised they didn't bite your hand off for 15% less.

House was reasonably priced for the market that it is in but not even allowing negotiation because I said I was looking at other houses in the area is the galling factor.

When I went initially to the EA it was to view 2 houses they had on their books and there was absolutely no problem with this. One of the houses has since been withdrawn due to some other reason unknown to me(not sold). Maybe they saw through the EA.

jimmycrackcorm

I suspect the EA saw through your tactics op. In the land of motor sales you might be labelled a tyre kicker. If you were genuinely interested at the house at a price then it stands to reason that there will be other potential buyers also who might not withdraw so quickly.

People might say that the seller should be biting your hand off, but the real issue with selling houses is a total lack of interest. Once a property is priced that gets interest then all bets are off.

Snakeblood

jimmycrackcorm wrote: »

I suspect the EA saw through your tactics op. In the land of motor sales you might be labelled a tyre kicker. If you were genuinely interested at the house at a price then it stands to reason that there will be other potential buyers also who might not withdraw so quickly.

People might say that the seller should be biting your hand off, but the real issue with selling houses is a total lack of interest. Once a property is priced that gets interest then all bets are off.

Nah, a tyre kicker comes to check cars out and not to buy. OP is trying to buy.

Your second point, that if one person is interested, then logically another will be at the same price isn't logical. There's no telling what a suitable pricepoint is for different people. He might be the best chance the vendor has of getting that price in the market as it stands.

The real issue with selling houses isn't a lack of interest, it's that prices are too high. The EA got rid of someone who was interested because he's an idiot.

djmcr

jimmycrackcorm wrote: »

I suspect the EA saw through your tactics op. In the land of motor sales you might be labelled a tyre kicker. If you were genuinely interested at the house at a price then it stands to reason that there will be other potential buyers also who might not withdraw so quickly.

People might say that the seller should be biting your hand off, but the real issue with selling houses is a total lack of interest. Once a property is priced that gets interest then all bets are off.

If I was buying a car I would go to several garages and I would make an offer on a car that I was intersted in but no way would I offer full asking price on initial throw of the dice. Thats how you start negotiations. Would a garage owner/dealer tell you that you couldn't negotiate if you said you were looking at other cars.

As for other potential buyers on the house, of course that is to be expected and that is what EA's want to have 2 buyers playing off each other. Why is it wrong for buyers to be able to play vendors off each other. The power has shifted....