Owner Won't Take Asking Price - Wants €100k More

pychofairy

I recently viewed a house to buy. My wife viewed it twice and I got to see it once.
The asking price was €550k and there was one offer in for €430k already.
I placed an offer for €440k which was pretty much almost laughed at.
After another viewing and an offer of €490, the estate agent has just told me that the owner now wants €650k!!!!!!
This is despite the still advertised asking price of €550 and the only other offer being in of €430...... WTF!!!

I asked would the seller be prepared to sell the house at the advertised €550 and the answer now is definitely no, €650 at least wanted!!

I am pretty livid that my time has been wasted viewing the property, researching the property and area etc etc..
What should I do?

D3PO

pychofairy wrote: »

What should I do?

walk away. Surprised you even need to ask.

afatbollix

Walk away, Sounds like they dont want to sell. Maybe the bank is forcing them to sell but they dont really want to sell it so keep upping the price until no one is interested.

That gets the bank off there backs as they look like they are selling and they get to keep the house a little bit longer.

madalig12

pychofairy wrote: »

I recently viewed a house to buy. My wife viewed it twice and I got to see it once.
The asking price was €540k and there was one offer in for €430k already.
I placed an offer for €440k which was pretty much almost laughed at.
After another viewing and an offer of €490, the estate agent has just told me that the owner now wants €640k!!!!!!
This is despite the still advertised asking price of €550 and the only other offer being in of €430...... WTF!!!

I asked would the seller be prepared to sell the house at the advertised €540 and the answer now is definitely no, €640 at least wanted!!

I am pretty livid that my time has been wasted viewing the property, researching the property and area etc etc..
What should I do?

Walk away

scoobydoobie

If it was not selling at 540, what makes him think he is going to get 640, how long is it for sale, dont let your hart rule your head, their loss, and who is calling the shots the ea or the seller, maybe try approach the seller, if that fails, i would report the ad for being miss leading and walk away from the chancer.

Victor

Complaint to www.asai.ie

TheDriver

sometimes, a seller needs to be told to f**k off and keep their house.

Frank Black

Kinda frightening that someone who's prepared to pay over €500K for a house has to come onto boards to ask a question like that.

Sunny Dayz

Seller is being greedy! Realises that people are edging nearer to his original asking price and that there is real interest in the house, so now he wants to try milk it now.

tricky D

Put in offer for 435 which expires in 1 week.

davet82

name and shame!

MagicMarker

davet82 wrote: »

name and shame!

Name and shame who? The seller? What on earth will that achieve?

davet82

MagicMarker wrote: »

Name and shame who? The seller? What on earth will that achieve?

shush, i'm curious

pychofairy

Surely the Estate Agent has a responsibility to the buyer as well as the seller.
They never came back with a counter offer or a number that the owner was willing to sell for other than than the full asking and then the inflated number.
It really appears as if they don't really want to sell the house, (or maybe they thought they could advertise "relatively" low which might invite a bidding war)
I would have spoken to the owner directly to try negotiate but the house is rented at the moment.

whippet

the EA is getting paid by the seller, and has no reason to be loyal to you as the buyer. But you have to remember that the EA will operate (usually) on instruction of the seller.

Don't even engage in anymore offers etc .... just let the EA know that your last offer was your final offer, you will leave it on the table for a week (set a date) and after that walk away and keep looking for another house.

You are dealing with people here, not every person is rational and the vendors actions could be those of someone who hasn't read the newspapers since 2007 and thinks that asking prices can only rise as someone shows an interest in a property.

techdiver

The seller is probably believing the bull**** about the market on the rise again!

Naming the property in this instance is appropriate as it might save other people time dealing with a chancer!

Richard Dower

Frank Black wrote: »

Kinda frightening that someone who's prepared to pay over €500K for a house has to come onto boards to ask a question like that.

+ 650K ......lol, mansion?....nah, one of them houses owned by Brian McFadden :P

smcgiff

pychofairy wrote: »

I recently viewed a house to buy. My wife viewed it twice and I got to see it once.
The asking price was €550k and there was one offer in for €430k already.
I placed an offer for €440k which was pretty much almost laughed at.
After another viewing and an offer of €490, the estate agent has just told me that the owner now wants €650k!!!!!!
This is despite the still advertised asking price of €550 and the only other offer being in of €430...... WTF!!!

I asked would the seller be prepared to sell the house at the advertised €550 and the answer now is definitely no, €650 at least wanted!!

I am pretty livid that my time has been wasted viewing the property, researching the property and area etc etc..
What should I do?

Hang on, you've gone from €440k to considering €550k in a relatively short period of time.

Maybe the seller has the right strategy.

Richard Dower

smcgiff wrote: »

Hang on, you've gone from €440k to considering €550k in a relatively short period of time.

Maybe the seller has the right strategy.

If it has a swimming pool it be woth the extra 110K

smcgiff

Richard Dower wrote: »

If it has a swimming pool it be woth the extra 110K

€110k over 30 years is only €306 per month excluding interest, shure it'd be practically criminal to let it go for the sake a few hundred euros extra per month.

Galego

It sounds to me like this is not a real "sale" if you know what I mean. I've had few of these myself too. Once you put a serious offer seller seems to go irrational. It is clear than they are getting the bank off the back.

engineermike

What is the attraction with the property ? Has something radically changed in the period it went on the market & now ? such as road that was getting built through it that has lost planning permission or a prison that was getting built beside it ?
It was that carry on that got us (this country) into our current predicament.
Why on earth buy like your at an auction when your clearly not.
For me it would be like picking up a packet of biscuits in centra that have a fiver on the price, and you get to the till and they say there a tenner.
Keep yer biscuits ! absolutely loony tunes

mrmitty

I'm not knowledgable about contract law in Ireland but over in the states if an estate agent brings a "ready, willing and able" buyer for the full asking price then that agent is entitled to the commission irregardless of whether the sale is completed.

The more I learn about realestate laws over there (Ireland ) the more shockingly absurd it appears.

jmayo

D3PO wrote: »

walk away. Surprised you even need to ask.

Ehh I disagree about walking and instead would suggest ...



How anyone could contenance jumping the asking price by almost 20% today, in 2013, is a candidate for some form of asylum.
Maybe they have a memory lapse or a DeLorean and think they are back in 2006 ?

the_syco

pychofairy wrote: »

I asked would the seller be prepared to sell the house at the advertised €550 and the answer now is definitely no, €650 at least wanted!!

I'm guessing it's the 6 bed house with a nice bit of land in the south side of Dublin?

The seller smells a bidding war, so sees no reason to back down. Heck, you upped their offer by a 100k - they'd be mad to sell now!

ArraMusha

Seems like a case of "buyer is more eager to buy than Seller is eager to sell"

And it should be the other way around!

It must have an oil well out the back or gold buried under the kitchen at that money....

Senna

Greedy sellers who haven't learned any lessons from the past 10 years. I hope by the time the seller finally cops-on it sells for 350K.

Slydice

pychofairy wrote: »

Surely the Estate Agent has a responsibility to the buyer as well as the seller.
They never came back with a counter offer or a number that the owner was willing to sell for other than than the full asking and then the inflated number.
It really appears as if they don't really want to sell the house, (or maybe they thought they could advertise "relatively" low which might invite a bidding war)
I would have spoken to the owner directly to try negotiate but the house is rented at the moment.

Sounds like you're stuck on the house. Estate Agents will smell that off you a mile away.

Walk away. You'll find another house. It will be just as good. It's not the end of the world.

Norwesterner

Offer 660k to shock and awe competing bidders.

jetfiremuck

Dont give up hope. If you know an auctioneer have them sound out whats going on with the other side. Ive always used an auctioneer when i bought and it worked out well, even with a case like yours.( found out bank was putting pressure on seller). Saw house in jan closed august. The seller could be a bollix and the auctioneer too.

RATM

mrmitty wrote: »

I'm not knowledgable about contract law in Ireland but over in the states if an estate agent brings a "ready, willing and able" buyer for the full asking price then that agent is entitled to the commission irregardless of whether the sale is completed.

The more I learn about realestate laws over there (Ireland ) the more shockingly absurd it appears.

Thats what I was thinking. Sure the EA in this situation would have a problem with the vendor too, if the house wasn't selling at €550k then it certainly won't sell at €650k. So the EA is having his time wasted too by the looks of it, sure he would drop such a seller like a hot potato and not waste any more time on someone who isn't actually serious about selling ?