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Is this classed as messing about. Am I liable to be charged?

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  • 02-10-2013 7:41pm
    #1
    yoloc
    Registered Users Posts: 375 ✭✭


    I have my house on the market for over a year now with there being a high level of interest. 75% Of the viewings wanted to make an offer but couldnt get the full mortgage of the amount that i want (have made clear to the EA that im not listening to any below offers)

    However, i seen a house that i was really interested selling for real cheap so i contacted the EA and told him to drop the price by 25k for a quick sale so i could buy this other house and move on with my life. I get a cple who have shown a high amont of interest and are having their 3rd viewing this week with the potential of an offer for the full amount. I was just of the phone at 5ish to the other EA whos selling the other house, its now sold!!

    Im now wanting to put the 25k back on the asking price for my house and wont listen to this offer if it comes in. Im now wondering, will i be liable for a fee if this cple now put an offer in. I know one thing, the EA wont be to happy. I know if i were him, i wouldnt be happy but thats looking at it from his perspective, looking at it from my own, i had this opourtunity but it fell through and now im back to sq1.


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    #2
    Orlaw3136
    Closed Accounts Posts: 234 ✭✭Orlaw3136


    I take it it's your EA you're concerned about ?

    Depends on your agreement with him/her. I presume you singed some form of a contract of retainer. What does it say about the EA's charges ? What did you agree with them ?

    (side note : if 75% of 100% of people want to make an offer but 0% of them can get mortgage approval for your asking...either they're all liars , or your asking is set too high. That's your business though).


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    #3
    yoloc
    Registered Users Posts: 375 ✭✭yoloc


    Orlaw3136 wrote: »
    I take it it's your EA you're concerned about ?

    Depends on your agreement with him/her. I presume you singed some form of a contract of retainer. What does it say about the EA's charges ? What did you agree with them ?

    (side note : if 75% of 100% of people want to make an offer but 0% of them can get mortgage approval for your asking...either they're all liars , or your asking is set too high. That's your business though).



    No agreement was signed. He called out to the house, asked me how much i wanted for it and told me his fee @ 1.5% of the sale price. Now dont get me wrong, im not some fool like you still see in 2013 who thinks its still the boom times. My house would be the best value about for the price i have it at in a 5 mile radius and you get a bigger house with better views etc.. I have been pricing it against other houses around this area and mines would be 50k cheaper for same houses near me with same spec.

    As for the 75%, take that with a pinch of salt because i do, they are tge words from the EA.


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    #4
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    To be honest if I were that couple I'd be bloody p*ssed off. Your house was on the market at a price because you wanted a quick sell. They've spent time and possibly money organising repeated viewings and want to offer the full (albeit reduced) price. All of a sudden you don't want a quick sale and want to bump the price up again, and won't consider their offer.

    Do you actually want to sell your house at all? Why bother if it's been on the market that long and you're not considering any offers.


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    #5
    JustAThought
    Registered Users Posts: 5,324 ✭✭✭JustAThought


    Tbh it sounds iffy - you made an offer but by the time yiu got off the phone at 5 the other house was sold!? Things don't happens that quickly - sounds like you're not the only one playing around.

    & no - you don't have a written contract in place & nothIng has been sold ... You should be ok


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    #6
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    yoloc wrote: »
    My house would be the best value about for the price i have it at in a 5 mile radius and you get a bigger house with better views etc.. I have been pricing it against other houses around this area and mines would be 50k cheaper for same houses near me with same spec.

    As for the 75%, take that with a pinch of salt because i do, they are tge words from the EA.

    The whole situation doesn't sound very ethical to me ! In my simple and perhaps naïve world, value is a relative concept. The value of your property to a prospective buyer is represented by what they are willing or able to pay for it, not what you would like it to achieve . They at least deserve an explanation and apology for your change of heart.


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    #7
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    yoloc wrote: »
    I have my house on the market for over a year now with there being a high level of interest. 75% Of the viewings wanted to make an offer but couldnt get the full mortgage of the amount that i want (have made clear to the EA that im not listening to any below offers)

    However, i seen a house that i was really interested selling for real cheap so i contacted the EA and told him to drop the price by 25k for a quick sale so i could buy this other house and move on with my life. I get a cple who have shown a high amont of interest and are having their 3rd viewing this week with the potential of an offer for the full amount. I was just of the phone at 5ish to the other EA whos selling the other house, its now sold!!

    Im now wanting to put the 25k back on the asking price for my house and wont listen to this offer if it comes in. Im now wondering, will i be liable for a fee if this cple now put an offer in. I know one thing, the EA wont be to happy. I know if i were him, i wouldnt be happy but thats looking at it from his perspective, looking at it from my own, i had this opourtunity but it fell through and now im back to sq1.

    If you want to "move on with your life", why don't you accept an offer below the outstanding mortgage? Are you in arrears?


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    #8
    Rosier
    Registered Users Posts: 165 ✭✭Rosier


    Woodville56 wrote: »
    The whole situation doesn't sound very ethical to me ! In my simple and perhaps naïve world, value is a relative concept. The value of your property to a prospective buyer is represented by what they are willing or able to pay for it, not what you would like it to achieve . They at least deserve an explanation and apology for your change of heart.

    Sadly simple and naïve does not work in this world. I had a buyer renege and demand a reduced price at the last minute a while ago. Nothing had been signed and there was certainly no apology. Ethical is not fashionable.


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    #9
    ScottStorm
    Registered Users Posts: 364 ✭✭ScottStorm


    I understand that you want to get the best price for your property, but frankly you are messing about, I imagine that you might see a sharp decline in viewings going forward.

    I am in the market at the moment and certain houses the estate agents just have no interest in showing to prospective buyers, you sound like you are in danger of joining that group.


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    #10
    Rosier
    Registered Users Posts: 165 ✭✭Rosier


    ScottStorm wrote: »
    I understand that you want to get the best price for your property, but frankly you are messing about, I imagine that you might see a sharp decline in viewings going forward.

    I am in the market at the moment and certain houses the estate agents just have no interest in showing to prospective buyers, you sound like you are in danger of joining that group.

    In which case the EA will not get his fee...

    However I do tend to agree re the messing about but as the owner OP has the last say and nothing was signed.


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    #11
    Call me Al
    Registered Users Posts: 3,028 ✭✭✭Call me Al


    You sound a lot like a person a family member was trying to buy a house from a few months ago.

    House was marketed at a certain price, relative offered a lower price, another two offers came in and a bidding war ensued. Relative finally settled with the highest bid and we all thought great, they have their new home.
    The seller came back a few days later and said great you've put your bid in and it's the highest, now if you add 20k onto that bid it's yours!
    Essentially he wanted them to bid against themselves.
    Needless to say my relative told him they would not do so, and if the seller continued with that approach they would withdraw their offer.
    Your property is only worth what someone is willing to pay for it. If you continue with the same approach you need to be prepared to have a similar scenario, whereby you miss out on an apparent bargain, reoccur.


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    #12
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Rosier wrote: »
    In which case the EA will not get his fee...

    However I do tend to agree re the messing about but as the owner OP has the last say and nothing was signed.

    The EA won't get his fee if the vendor has no interest in selling at a market price either.


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    #13
    TheDriver
    Registered Users Posts: 12,508 ✭✭✭✭TheDriver


    I concur with previous posters, if you want to move on with your life, then accept offers and sell it. Are you actually willing to move out?

    Sounds like some sellers I have come across and TBH I would walk away from your house now because yes, you are seen as a messer. You buying a house has nothing to do with you selling the house and any prospective buyer doesn't care. I am sick of being told what something was worth in the boom etc, its what we as buyers are willing to pay for it now. Also the phrase "I can't sell it for less than xxx" is the sellers business, not the buyers.
    So expect the EA to not bother too much with you from now on, they are probably embarrassed.


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    #14
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    I just cant believe that you have had the house on the market for over a year with lots of interest but no solid offer, and when someone comes along with a sensible bid (which they thought was matching the asking price) you mess then about and drive them away. Lots of interest but no bids usually means that the property is overpriced; it doesnt matter a jot what you think its worth, the only thing that matters is what people will pay for it, and it sounds like nobody is willing to pay what you want for it.

    I agree with others; I expect that this will be the last time that the EA makes any kind of active effort to sell your property. They are working on a percentage of the selling price, and from their point if there isnt going to be a sale then they arent going to get paid, so why should they put the work in?


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    #15
    whippet
    Registered Users Posts: 7,687 ✭✭✭whippet


    yoloc wrote: »
    I have my house on the market for over a year now with there being a high level of interest. 75% Of the viewings wanted to make an offer but couldnt get the full mortgage of the amount that i want (have made clear to the EA that im not listening to any below offers)

    problem 1 there ... your asking price is too high. If there is interest and no offers; you are asking to much. Forget what you 'think' it is worth. It is only worth what the market is willing to pay for it.
    yoloc wrote: »
    However, i seen a house that i was really interested selling for real cheap so i contacted the EA and told him to drop the price by 25k for a quick sale so i could buy this other house and move on with my life. I get a cple who have shown a high amont of interest and are having their 3rd viewing this week with the potential of an offer for the full amount. I was just of the phone at 5ish to the other EA whos selling the other house, its now sold!!

    So you still haven't received an offer on your house? but with a more realistic asking price you are confident that you will get an offer? If so, this proves that your original asking price is too high.
    yoloc wrote: »
    Im now wanting to put the 25k back on the asking price for my house and wont listen to this offer if it comes in.

    If you don't entertain an offer based on an asking price advertised; I wouldn't wait by the phone waiting for an increased offer as the interested party will just assume that you dropped the price to suck someone in and in their eyes your level of trustworthiness is zero. Who would want to do business with someone who acts like this.
    yoloc wrote: »
    Im now wondering, will i be liable for a fee if this cple now put an offer in. I know one thing, the EA wont be to happy. I know if i were him, i wouldnt be happy but thats looking at it from his perspective, looking at it from my own, i had this opourtunity but it fell through and now im back to sq1.

    you probably won't be liable for any fees unless a sale is agreed, but i'd imagine the EA won't show a whole pile of interest in selling your house in the future, it will most likely be left on their website and that is that.

    Why would an EA waste their time with a seller who isn't realistic about the value of their property and acting in a manner as you describe.


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