A frustrated buyer!

sandy_c

Myself and my partner have been looking for a house for the last 8 months and have come very close on two occasions. On those two occasions we have apparently as per the EA come up against cash buyers and were told that if we put in a counter bid we'd be outbid and basically it was game over. We have a bid in on a house now, asking price is 330, we put our initial bid in at 328 two weeks ago as there was a current bid of 325 on it. The ea has been waiting on the "cash buyer" that bid 325 to come back to her, and hasn't done so since our bid went in. So thurs we offered asking price to try close the deal. We gave them till Monday and them we might pull out. Just looking for some advice? Do we pull out without a counter offer or just sit and wait? Are there that many cash buyers out there?? Becoming very disheartened

Chris_5339762

There is a chance of the EA taking you for a ride. Are the "two occasions" houses still for sale?

If the EA starts mucking about, reduce your offer by 10k and say it expires the day after tomorrow and then you're walking. Call their bluff.

Balmed Out

sandy_c wrote: »

Myself and my partner have been looking for a house for the last 8 months and have come very close on two occasions. On those two occasions we have apparently as per the EA come up against cash buyers and were told that if we put in a counter bid we'd be outbid and basically it was game over. We have a bid in on a house now, asking price is 330, we put our initial bid in at 328 two weeks ago as there was a current bid of 325 on it. The ea has been waiting on the "cash buyer" that bid 325 to come back to her, and hasn't done so since our bid went in. So thurs we offered asking price to try close the deal. We gave them till Monday and them we might pull out. Just looking for some advice? Do we pull out without a counter offer or just sit and wait? Are there that many cash buyers out there?? Becoming very disheartened

The seller just wants as much money as possible, whether it comes from a cash buyer or from a bank giving someone a mortgage IT wouldn't really matter beyond being a bit safer with regards the possibility of the sale falling through. I hope it wasn't an estate agent who gave you the advice I highlighted.

murphaph

sandy_c wrote: »

On those two occasions we have apparently as per the EA come up against cash buyers and were told that if we put in a counter bid we'd be outbid and basically it was game over.

Why on earth would any (of the few) decent EAs discourage someone from bidding up the price of the property unless there was something untoward going on?? It's his/her job to maximise the price paid for his/her client. I'd be rightly p!ssed off if I was paying an EA to sell my house like that!

niallers1

Once an EA knows you want a house they know you've made the emotional decision to buy. They're playing games with you to get the max price from you.

the_syco

sandy_c wrote: »

On those two occasions we have apparently as per the EA come up against cash buyers and were told that if we put in a counter bid we'd be outbid and basically it was game over.

I read that as the EA's friend has put in a lower bid, and nothing else will be passed onto the owner.

If it happens again, get the owners address from a neighbours if the owner no longer lives there, and ask if they got your bid.

mikemac1

First I thought you were bidding against yourself OP and that this cash buyer may not exist.

But the EA told you game over and doesn't want 2nd or 3rd or 4th bids from you.
Very strange

Have they a buddy lined up for this house? Maybe

TheDriver

sandy_c wrote: »

So thurs we offered asking price to try close the deal.

you upped your own bid?? Sounds like you should have threatened to walk out with your 328 bid to be honest. Always be willing to walk away, always another house will come up

sandy_c

Yeah we upped our own bid I think we just panicked and wanted to try close the deal by giving them asking price. We've heard nothing as yet from the EA. So i think we are going to walk away from it today. Feeling very deflated about the whole thing and feel that i can't get excited about anywhere that we go to view as we'll be facing the same process again. There are only two EA's that are selling all the properties in the area that we're interested in so it's very hard to keep your financial situation private, i.e. if we bid higher on one place than another they know that we have more money and will try and hold out for it.

ABajaninCork

They might think they KNOW you have more money. Extracting it will be another story.

I'd walk away now. IF the EA comes back to you, then drop the offer by 10k, and stick to it.

jmayo

sandy_c wrote: »

Yeah we upped our own bid I think we just panicked and wanted to try close the deal by giving them asking price.

Don't ever go to an auction.
I am being deadly serious.

sandy_c wrote: »

We've heard nothing as yet from the EA. So i think we are going to walk away from it today. Feeling very deflated about the whole thing and feel that i can't get excited about anywhere that we go to view as we'll be facing the same process again.

And also never get excited about a property or at the very least never ever show the EA you are excited about a property.

sandy_c wrote: »

There are only two EA's that are selling all the properties in the area that we're interested in so it's very hard to keep your financial situation private, i.e. if we bid higher on one place than another they know that we have more money and will try and hold out for it.

Put in a bid and stick to it.
Don't start upping your own bids, especially if it is just a case you haven't heard back.

Although at this stage if you have bid on multiple properties and have upped your bids then they can see your track record and also maybe your desperation.

Also it might be an idea to try contact the owners direct and see if they have gotten your bids because the mullarkey about not even bothering to put in another higher bid is suspicious.

When you say there are only two EAs in the area, I presume you are looking at country location or smallish town ?

Either way it sounds like you aren't buying in the famous Southern part of Dublin County and thus there is likely probablity that property prices in the area are still decreasing.

sandy_c

Unfortunately it is south Dublin demand is very high. But there are two main ea's that seem to be getting a majority of the business. We had an issue with the ea that we're dealing with now on a previous property last year. We were trying to get a second viewing on a property and they wouldn't call us back so we contacted the seller directly. The ea called us the following day after getting an ear full from the vendor. The vendor ended up showing us around.

jmayo wrote: »

Don't ever go to an auction.
I am being deadly serious.



And also never get excited about a property or at the very least never ever show the EA you are excited about a property.



Put in a bid and stick to it.
Don't start upping your own bids, especially if it is just a case you haven't heard back.

Although at this stage if you have bid on multiple properties and have upped your bids then they can see your track record and also maybe your desperation.

Also it might be an idea to try contact the owners direct and see if they have gotten your bids because the mullarkey about not even bothering to put in another higher bid is suspicious.

When you say there are only two EAs in the area, I presume you are looking at country location or smallish town ?

Either way it sounds like you aren't buying in the famous Southern part of Dublin County and thus there is likely probablity that property prices in the area are still decreasing.