Help dealing with an estate agent

TheDriver

its all a big game of cloak and dagger, wish it was like places in the states where all offers must be in writing and kept on file so EA can be audited and truthful. Ours can lie through their teeth, every house I see has an offer on it which is always near the asking price but they are always willing to accept offers.......

AfterHrsProp

quad_red wrote: »

I don't think you're looking at this right.

This is a negotiation. His client is the vendor, not you. The EA is going to try and extract the most cash out of you, particularly capitalising on your sense of impatience and emotional involvement - he/she has none.

Unless the vendor is in a screaming hurry, if they sense that you don't have alternatives and that you really want this house, they are perfectly willing to wait a few weeks and get 20k more off you.

EA's are a breed apart and normal manners and niceties don't seem to apply. Getting upset or emotionally involved will only benefit them. Stay calm - presuming you've made a reasonable offer and have made it clear you are serious (finance arranged etc.) then there's nothing you can do to 'hurry' the EA up. All you're doing is emphasizing how desperate you are to close. Which, conversely, may encourage the EA to string this out to get as much €€€ as possible.

ps. This is just based on our experience. My wife is pregnant and EA's light up when they see the bump. I know they're thinking 'these people need to get this deal done asap before the baby arrives etc'. This is the game you're playing.

It's frustrating and boring and grubby. But you're playing it whether you want to or not. Well, unless you're willing to offer 50k more than the asking or something

While I agree with alot of what you say, I dont think all of what you say is entirely true. Like any industry you will have good & bad companies. Some will sell their mother to make a quick buck but their are others who believe in doing things in a more upfront & honest way. The property market is no different.

For all the op knows, this bid may have been relayed to the owner already & they are the ones who's stalling. Selling a house in todays market isnt the easiest thing as everybody knows but the owner also might be in negative equiy or have the banks breathing down his/her neck. i.e. deciding on how much of a loss they are prepared to take on the property.

In alot of instances when an owner is struggling to make up their mind about whether to accept an offer or not, the auctioneer will often get accused of dirty tricks. Its important to remember that this isnt always the case

Frank Black

groom wrote: »

So how does your method work if your deadline has past but you are still interested?

Re-read my original post.
It's not rocket science and I hate regurgitating previously made points.

groom

black francis wrote: »

Re-read my original post.
It's not rocket science and I hate regurgitating previously made points.

Your original post doesn't answer my question. Answering my question wouldn't be regurgitating a previously made point.

Toffypop

Toffypop wrote: »

Oh no our offer was rejected which is what we were expecting anyway. We're going to wait until the middle of next week before ringing back with another one and (try!) play him at his own game!

Wait as long as you like - and don't go back with another offer. I realise that is difficult but unless you hear someone has bid more, I would do nothing. Remind the estate agent of your offer, tell them to call if they want to accept it, and tell him you'll continue to look around.

The vendor is the one sitting on a depreciating asset. Not you.

http://www.irishtimes.com/newspaper/breaking/2013/0108/breaking49.html

I'd also urge you to continue viewing as many houses as possible. It's very easy to convince yourself that a specific house is THE ONE and getting it is incredibly important to you. That is almost never the case.

I think back to some of the houses I nearly bought last time around - houses I was really disappointed to miss out on - and I thank god I did.

Frank Black

groom wrote: »

Your original post doesn't answer my question. Answering my question wouldn't be regurgitating a previously made point.

black francis wrote: »

I don't think there's any problem putting a specific time limit on an offer. You can say you are currently viewing other similar properties and want to be able to put in offers on these if you see one you like.
If the vendor turns down the offer, thank the estate agent and tell them you might contact them in the future.
This won't weaken your position - if anything it will strengthen it as it gives the impression you are not obsessed about this particular house and are looking at other properties.

I would have thought it pretty obvious that failing to respond to your offer is the same as turning it down - given that this is the whole point of putting a timeframe on the offer in the first place.

Henry Ford III

I remember someone I know getting so worked up about a particular house and so concerned that another potential buyer was snooping around that he actually outbid himself i.e. he was already the high bidder and he upped his offer

RATM

groom wrote: »

Can't believe you've left us hanging like that

I think she's got the hang of playing it all cool and casual and is now doing so on us too

groom

black francis wrote: »

I would have thought it pretty obvious that failing to respond to your offer is the same as turning it down - given that this is the whole point of putting a timeframe on the offer in the first place.

The vendor failing to respond to an offer before an artificial deadline imposed by you and turning it down are in no way the same. They might just like responding at their own pace.

groom

RATM wrote: »

I think she's got the hang of playing it all cool and casual and is now doing so on us too

Future Sherry Fitzgerald star employee

Frank Black

groom wrote: »

The vendor failing to respond to an offer before an artificial deadline imposed by you and turning it down are in no way the same. They might just like responding at their own pace.

They're exactly the same thing actually, if the timeframe element in an inherent part of the offer.
While vendors might like responding at their own pace, it's not the potential buyer's job to accommodate this.
You sound like your offering advice for vendors more than buyers tbh.

groom

black francis wrote: »

While vendors might like responding at their own pace, it's not the potential buyer's job to accommodate this.

If the OP continues to look and bid on other houses while allowing the EA / vendor respond when they want she isn't making any special accommodation, with the added advantage of not looking desparate

black francis wrote: »

You sound like your offering advice for vendors more than buyers tbh.

Frank Black

groom wrote: »

If the OP continues to look and bid on other houses while allowing the EA / vendor respond when they want she isn't making any special accommodation, with the added advantage of not looking desparate

Well, you can continue to adopt your strategy of accommodating the sellers whims. I'm sure it will be most successful for you.
I prefer to negotiate from a position of strength.

Mr.Wemmick

Toffypop wrote: »

Oh no our offer was rejected which is what we were expecting anyway. We're going to wait until the middle of next week before ringing back with another one and (try!) play him at his own game!

I would ring the EA next week and ask to see another property. Telling him you're really interested in buying soon but only at the right price, don't ever let them smell your interest in just one property.. while he/she is showing you around the next house, cut your viewing time short informing them you have another property to view with another EA.. keep cool and wait.

The EA needs to get a good sense that he might lose your business..

groom

black francis wrote: »

it's not the potential buyer's job to accommodate this.

black francis wrote: »

you can continue to adopt your strategy of accommodating the sellers whims

I thought you didn't like regurgitating.

Bought late last year. Didn't have any need for nonsense or ultimatums.

But do keep us informed on developments from that position of strength.

Frank Black

groom wrote: »

I thought you didn't like regurgitating.

I'll occasionally make exceptions for the slow learners.

jvlme

AfterHrsProp wrote: »

While I agree with alot of what you say, I dont think all of what you say is entirely true. Like any industry you will have good & bad companies. Some will sell their mother to make a quick buck but their are others who believe in doing things in a more upfront & honest way. The property market is no different.

For all the op knows, this bid may have been relayed to the owner already & they are the ones who's stalling. Selling a house in todays market isnt the easiest thing as everybody knows but the owner also might be in negative equiy or have the banks breathing down his/her neck. i.e. deciding on how much of a loss they are prepared to take on the property.

In alot of instances when an owner is struggling to make up their mind about whether to accept an offer or not, the auctioneer will often get accused of dirty tricks. Its important to remember that this isnt always the case

Spoken like a seasoned EA

Toffypop

I think I'm developing a serious dislike of estate agesnts :mad: Put in our final offer thursday and said we needed a response by Friday 1 p.m. Friday rolls around, at 4 I rang the EA who said they were waiting to hear from the sellers. I don't even know if the EA has put our offer into the sellers. How long do we wait? I know previous advise was to sit tight!

RATM

Toffypop wrote: »

I think I'm developing a serious dislike of estate agesnts :mad: Put in our final offer thursday and said we needed a response by Friday 1 p.m. Friday rolls around, at 4 I rang the EA who said they were waiting to hear from the sellers. I don't even know if the EA has put our offer into the sellers. How long do we wait? I know previous advise was to sit tight!

In fairness giving the vendors 24 hours to decide whether or not to accept your offer isn't giving them much time at all. It is a major life-changing decision (for both you and the vendor) and needs to be given due consideration. The 24 hour deadline may well have got their noses stuck up and to be honest I wouldn't be surprised if they reject it not necessarily on the basis of the price offered but on the manner on which it is submitted.

This may be a buyers market but you still need to give sellers some space to come to a considered decision, 24 hours is not enough time, a week would have been more appropriate IMO.

groom

Has there been much bidding going back and forth?

Toffypop

There was some going back and forth but the offer's been in since Thursday morning so we're coming up on 5 days. I've a feeling the EA never went to the vendors with the offer Thursday and it's more trying to push the EA than the vendors to be honest

AfterHrsProp

Toffypop wrote: »

There was some going back and forth but the offer's been in since Thursday morning so we're coming up on 5 days. I've a feeling the EA never went to the vendors with the offer Thursday and it's more trying to push the EA than the vendors to be honest

I would be very surprised if the EA did not at the very least relay the offer to the vendor especially in today's market when the vast majority of them are struggling to just stay afloat. Negligence on this scale would just not be tolerated. There is too much at stake for both the vendor & the EA

groom

If other parties have been bidding the EAs is probably waiting to see if they'll go higher.

why do you think he'd withhold the bid from the vendor?

P. Breathnach

Why concern yourself with the arrangements between the EA and the vendor? That's their concern, not yours.

You made a time-limited offer; the time has passed and the offer has not been accepted. Your offer no longer stands.

So what's your next move?

Toffypop

It's been a strange journey to say the least! We put in an offer, other bidder put in an offer, both were rejected. We put in another offer and then found out that the EA had lied about the other people and it was just us (only found out Thursday hence the last offer bit!). Does that make sense? We're frazzled at this stage and I'm certain I'll be snow white when this is all over

groom

Toffypop wrote: »

We put in another offer and then found out that the EA had lied about the other people and it was just us (

How'd you find that out? How come you put in another bid after that?

slavetothegrind

withdraw your offer and tell the vendor to ask the EA why you withdrew, be careful about making any accusations you cannot prove.

Toffypop

Would you believe we rang the EA, a different person answered the phone and quoted our earlier bid back at us as being the highest bid. We haven't put in another bid, we rang the EA, said we knew we were the highest bidders and that was our offer. And radio silence since!

groom

Any update?

Toffypop

Nope, nada. Still waiting to hear back. I've managed to resist calling the EA though