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Auctioneers and Bogus bids.

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  • 23-11-2011 7:12pm
    #1
    mickmcl09
    Registered Users Posts: 304 ✭✭


    Just putting this out there. Got a phone call from an auctioneer today regarding a property that I have expressed an interest in. He told me that there was a bid of x amount on the property.

    He has not contacted an agent who has discreetly made enquiries on my behalf ie my name has not been revealed by the agent to the auctioneer.

    I suspect that there's no bid - but no proof - but that he's merely trying to sound me out.

    What would you do?
    Sit tight, I do believe property will go to auction which I would be quiet happy with. Or do I take a chance (and probably insult the auctioneer) and simply give him a lower bid, which to me doesn't make much sense either.

    Oh and price x that was quoted seems quiet a bit on the high side given the current climate.


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    #2
    audi a4 2008
    Registered Users Posts: 306 ✭✭audi a4 2008


    there allways pulling this trick:mad: nothing new from them.
    what u must do is play hardball back stand firm,say u might just back out of it as you have found another property:)


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    #3
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    mickmcl09 wrote: »
    What would you do?
    Sit tight, I do believe property will go to auction which I would be quiet happy with. Or do I take a chance (and probably insult the auctioneer) and simply give him a lower bid, which to me doesn't make much sense either.
    Walk away. If the agent says the other "bidder" pulled out due to crap excuse, offer €50,000 less with a time limit of one week.

    This being based on no info of the house or location (as you may be paying too much for it anyway).


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    #4
    Juniorhurler
    Closed Accounts Posts: 1,363 ✭✭✭Juniorhurler


    mickmcl09 wrote: »
    Just putting this out there. Got a phone call from an auctioneer today regarding a property that I have expressed an interest in. He told me that there was a bid of x amount on the property.

    He has not contacted an agent who has discreetly made enquiries on my behalf ie my name has not been revealed by the agent to the auctioneer.

    I suspect that there's no bid - but no proof - but that he's merely trying to sound me out.

    What would you do?
    Sit tight, I do believe property will go to auction which I would be quiet happy with. Or do I take a chance (and probably insult the auctioneer) and simply give him a lower bid, which to me doesn't make much sense either.

    Oh and price x that was quoted seems quiet a bit on the high side given the current climate.

    Don't ever be afraid of insulting anyone on a deal as big as a house. If people are that thin skinned they have no right to be in business. Its your money, hold onto as much of it as possible.


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    #5
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    You don't need to insult anybody when buying a house. I would be warey of anybody who tells you a method of communication that sounds rude. I doubt any have ever actually bought a house or anymore than one.

    If you want people to act proffessionally that is how you must act. Bare in mind you may meet the same agent on another property. Nobody likes to deal with somebody who is rude or they see as time wasters.

    You can state your price as your limit without any insult just what it is worth to you. It is your price but you can easily say it without insult.

    Take a moment and think about how you want to be treated and act accordingly. Anybody saying it is a "buyers market" and play "hardball" seem to give what is contry to normal concepts of how to negosiate. Taking an agressive stance with somebody who has years of negosiation experience and thinking you will get the upper hand is actually unlikely. It is like poker you are better off playing the odds than bluffing.


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    #6
    mountai
    Registered Users Posts: 953 ✭✭✭mountai


    Never believe anything an auctioneer or estate agent tell you.IMHO they,along with solicitors, are professional liars,greedy,have no morals.They should all be taken out and beaten to death with balls of their own sh1te.


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    #7
    ShriekingSheet
    Registered Users Posts: 3,476 ✭✭✭ShriekingSheet


    I'm finiding myself in similar situations to the OP. Of the two places I viewed recently, both EA told me a bid of x had been put in. Both said these bids were, or would be rejected.

    My reading of this is to discourage low ball bids, and to send a message to the viewer that any bid below x won't be entertained. Whether this message is fact, or bluff, you can't know.


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    #8
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    OP a savvy buyer can play underhanded tactics too. If a house is say €100k and you beleve it is worth €85k then send in a friend posing as a buyer. Get them to view the place and later submit an offer of €78k. Then you stroll along, view and bid €85k. The agent now feels he has something to back to the seller with. The seller thinks to himself that €78k is lowball which therefore leads to the €85k offer being seen in a more favourable light.

    Completely underhanded tactic I admit but hey the process is skewed against you to begin with. The agent has all the market information, this is just a technique of leveling it up somewhat so you have a better chance of getting a property for a price you're willing to pay.


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