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Seller taking property off market

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  • 28-06-2013 10:57pm
    #1
    treouc
    Registered Users Posts: 6 ✭


    We have been looking at a house for a month or so now and have put in several bids. The final bid was over the initial asking price and all seemed to be going well. The estate agent confirmed that our bid had been the highest and that he was 99% the house would go sale agreed the following day once he heard back from the solicitor of the executor. When we contacted him the following day he told us that they owners had decided to sell it to a family member.

    I just wonder if anyone else has encountered anything like this before or had any thoughts on it?


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    #2
    Trhiggy83
    Registered Users Posts: 731 ✭✭✭Trhiggy83


    I have read a thread on here recently about houses being up on sites like daft.ie and myhome.ie but not actually for sale just to satisfy the banks. I can't comment myself but i know there was one case i read where a couple looked at a good fewhouses and none of them were actually for sale when they enquired.


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    #3
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    One possibility is that the executor used the market (basically, OP and any other parties that might have bid) as a mechanism to arrive at a valuation for a sale or transfer within the family.


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    #4
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    P. Breathnach wrote: »
    One possibility is that the executor used the market (basically, OP and any other parties that might have bid) as a mechanism to arrive at a valuation for a sale or transfer within the family.

    Certainly seems the logical reason:)


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    #5
    treouc
    Registered Users Posts: 6 ✭treouc


    Yeah, shucks.

    Why would they not just pay someone to value the house instead of going through this whole process?

    If your theory is correct, it seems like a prety selfish thing to do. Some of the viewings had about 20 people at them and we spent some money getting the house looked at professionally. We also let some other properties that we were geniunely interested in - go sale agreed and feel somewhat aggrieved now.

    The real estate dude seemed pretty embarrassed about it but I don't really trust real estate dudes that much based on threads I've read here.

    Anyway, I suppose these are some of the potential pitfalls to buying a house. If this has happened to anyone else, I'd like to hear from them.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    P. Breathnach wrote: »
    One possibility is that the executor used the market (basically, OP and any other parties that might have bid) as a mechanism to arrive at a valuation for a sale or transfer within the family.

    Sounds like you're bang on the money with this hypothesis.


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    #7
    treouc
    Registered Users Posts: 6 ✭treouc


    Has anyone ever heard of this happening before? Just wondering if it is commonplace.


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    #8
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    treouc wrote: »
    Has anyone ever heard of this happening before? Just wondering if it is commonplace.

    Have a look at this thread. Judging by that and the reports of lots of other prospective buyers, there's a lot of stock that isn't actually for sale.

    Only so long this phoney war can go on...


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    #9
    Citycap
    Closed Accounts Posts: 200 ✭✭Citycap


    treouc wrote: »
    Has anyone ever heard of this happening before? Just wondering if it is commonplace.

    It does happen. People change their minds. Other family members might think they have a right to a share of the proceeds, legal difficulties etc.
    Until contracts are signed no one is under any obligation


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    #10
    treouc
    Registered Users Posts: 6 ✭treouc


    Ah yeah, I understand that no-one is under obligation until contracts are signed. Thanks everyone for their comments on this and enlightening me on the subject.


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    #11
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    I bid for a house a couple of weeks ago, within 5% of the asking price, it had been on for 2 years, at the same price. Some people aren't under pressure, and in that case I think they just wanted to be arseholes.


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    #12
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,379 CMod ✭✭✭✭Pawwed Rig


    treouc wrote: »
    Why would they not just pay someone to value the house instead of going through this whole process?
    Because valuers have no idea either. As houses are not selling they have no point of reference so any 'valuation' is a guess.


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    #13
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Snakeblood wrote: »
    I bid for a house a couple of weeks ago, within 5% of the asking price, it had been on for 2 years, at the same price. Some people aren't under pressure, and in that case I think they just wanted to be arseholes.

    They might not be under pressure but they are losing money by delaying. Smart money gets the quick sale.


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