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Gazumping

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  • 24-04-2014 9:52am
    #1
    Thespoofer
    Registered Users Posts: 1,064 ✭✭✭


    Have gone sale agreed recently on an old property which was on the market for a long time.
    The estate agent to be fair to him put sale agreed on Daft, his own site etc fairly quickly after a price was agreed.
    We put down the deposit and hope to close within the next couple of weeks.

    I have noticed that on Daft today the advert was renewed yesterday showing
    'price on application' ( sale agreed ), from the advert showing the asking price abd sale agreed from the time we put down the deposit.

    Why would the agent do this ?, I hope not to try and reel in any final offers in the hope of gazumping us or is this standard practice.
    I was thinking of maybe ringing the agebt and asking are they still taking offers but is thus a bad idea ?

    Thanks


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    #2
    OREGATO
    Registered Users Posts: 898 ✭✭✭OREGATO


    Our estate agent were slow to put up the sale agreed status on myhome but were quick enough to put it up on their own website.

    No harm in ringing up or even getting a friend to call to inquire about the house and gauge the EA's response I guess.


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    #3
    GavMan
    Registered Users Posts: 1,919 ✭✭✭GavMan


    The seller may have requested that it stay up online as it technically not sold until the contracts are inked. From the sellers POV, if someone wants to put in an offer later, greater than yours, they're perfectly entitled to do that...


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    #4
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    While it is true no deal is done on till the contracts are signed that doesn't mean you are in no position to be a annoyed.

    Personally I would ring the agent and say unless the ads are withdrawn the offer is withdrawn.


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    #5
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Vendor may have requested that it stays up until contracts are signed. If you were refused loan approval this would mean they would have to re advertise again. If you're mortgage approved try and get the contracts signed asap. This could be delayed due to your Solicitor raising questions on title etc.


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    #6
    runawaybishop
    Registered Users Posts: 9,504 ✭✭✭runawaybishop


    Ray Palmer wrote: »
    While it is true no deal is done on till the contracts are signed that doesn't mean you are in no position to be a annoyed.

    Personally I would ring the agent and say unless the ads are withdrawn the offer is withdrawn.

    That'll teach them alright - go without the house you want because of an ad that may or may not mean anything.


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    #7
    Wabbit Ears
    Registered Users Posts: 3,043 ✭✭✭Wabbit Ears


    its is smart selling. The fact that its got an offer will peak peoples interest in the property


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    #8
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    runawaybishop wrote: »
    That'll teach them alright - go without the house you want because of an ad that may or may not mean anything.
    Sorry do you not understand what a threat is versus an action?:rolleyes:

    The objective still remains securing the house. The ad does mean something, they haven't taken the property off the market and will still entertain other bids.


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    #9
    runawaybishop
    Registered Users Posts: 9,504 ✭✭✭runawaybishop


    Ray Palmer wrote: »
    Sorry do you not understand what a threat is versus an action?:rolleyes:

    Where did you say it was merely a threat? I must have missed that part.

    How about instead of playing childish games they just ring the agent up and ask what the story is.


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    #10
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    runawaybishop wrote: »
    Where did you say it was merely a threat? I must have missed that part.

    How about instead of playing childish games they just ring the agent up and ask what the story is.
    Where did I say remove the offer?:cool:

    You want the ad removed that is the best advice. Nothing childish about it, that is how you do it. Never watch Location, Location, Location? They pretty much always say the offer is dependent on them removing it from the market.

    There is nothing really to discuss to find out the "story" it is a clear example of still taking offers.


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    #11
    runawaybishop
    Registered Users Posts: 9,504 ✭✭✭runawaybishop


    Ray Palmer wrote: »
    Where did I say remove the offer?:cool:

    You want the ad removed that is the best advice. Nothing childish about it, that is how you do it. Never watch Location, Location, Location? They pretty much always say the offer is dependent on them removing it from the market.

    There is nothing really to discuss to find out the "story" it is a clear example of still taking offers.

    I think making empty threats is pretty childish tbh. A more adult way to conduct business would be to inform the agent that it appears they are still taking offers and so you will continue to consider other properties.


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    #12
    whippet
    Registered Users Posts: 7,687 ✭✭✭whippet


    Ray Palmer wrote: »
    Where did I say remove the offer?:cool:

    You want the ad removed that is the best advice. Nothing childish about it, that is how you do it. Never watch Location, Location, Location? They pretty much always say the offer is dependent on them removing it from the market.

    There is nothing really to discuss to find out the "story" it is a clear example of still taking offers.

    from real experience saying something like that to an EA won't wash. The reality is until the contracts are signed the house is not sold. Most EA's will not take the ad down based on a sale agreed.

    All you can do is make sure you have all your ducks lined up (bank, solicitor, cash, survey, insurance etc.) and are ready to actually complete the sale .. oh .. and pray that the seller has their affairs in order and can close quickly

    I went through 6 months of being 'sale agreed' and spent those 6 months dreading the phone call that I had been gazumped


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    #13
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    whippet wrote: »
    from real experience saying something like that to an EA won't wash. The reality is until the contracts are signed the house is not sold. Most EA's will not take the ad down based on a sale agreed.

    All you can do is make sure you have all your ducks lined up (bank, solicitor, cash, survey, insurance etc.) and are ready to actually complete the sale .. oh .. and pray that the seller has their affairs in order and can close quickly

    I went through 6 months of being 'sale agreed' and spent those 6 months dreading the phone call that I had been gazumped


    I have bought 6 properties over the years so maybe have more experience dealing EAs than you. Telling them you will withdraw the offer if the ad is not removed has worked. An EA is not going to jeopardise a sale for the potential of getting a few hundred extra euro for themselves and loose thousands

    If you don't want to be gazumped you want the ad down quickly and permanently.

    You lived in fear of the EA I don't ever. OP can ignore my advice gained from experience. You aren't showing you have experience just you are afraid of the estate agents.

    If they refuse to do it seriously think of withdrawing the offer. The EA is actively trying to gazump the sale that is not acceptable and unprofessional.


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    #14
    Thespoofer
    Registered Users Posts: 1,064 ✭✭✭Thespoofer


    I rang today and spoke to the agent.
    To be fair he seems to have some morals from what I can gather from the conversation. He said once the property has gone sale agreed they put ' price on application ' on all properties.

    He gave me an example of a situation where one buyer was dragging their feet in making an offer, someone else stepped in, made a firm offer, went sale agreed and when the first buyer saw this then came back and begged to accept a higher offer ( gazump ) which he declined.

    He assured me that there won't be any worries like that from his side.
    Time will tell I suppose.


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    #15
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    Thespoofer wrote: »

    He assured me that there won't be any worries like that from his side.
    Time will tell I suppose.
    NEVER ever trust any agent. They are not working for you and they will freely lie. If there is no fear then he should have no problem dropping the ads. I can guarantee he has told that story many times.


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    #16
    Thespoofer
    Registered Users Posts: 1,064 ✭✭✭Thespoofer


    Ray Palmer wrote: »
    NEVER ever trust any agent. They are not working for you and they will freely lie. If there is no fear then he should have no problem dropping the ads. I can guarantee he has told that story many times.


    The add has been moved from the 'for sale ' section to the ' sale agreed ' section on Daft. It has ' sale agreed ' on their own site.


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    #17
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    This is getting very boring.....OP you are right to think positive and trust your Agent and hopefully all will go well for you and you will get your dream home. No point in being negative and it's best to ignore the doomsayers.

    Best of luck and hope it works out for you.


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    #18
    Maphisto
    Closed Accounts Posts: 1,014 ✭✭✭Maphisto


    I think it is perfectly reasonable to keep the ad up. I did the same when I sold my last house.

    To illustrate the point. My cousin is house hunting. Has found the house he wants and agreed to buy it. However I've tried to explain to him that unless he gets taken off of the mortgage that he already has with his ex-wife, he wont get another mortgage. So although its "sale agreed" - it will not go through.

    Best of luck OP its a stressful time ;)


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