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Phantom Bids

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  • 12-05-2014 9:20pm
    #1
    maynooth_rules
    Registered Users Posts: 1,502 ✭✭✭


    Do Estate Agents actually use these? Went to see a house we loved a couple of weeks back and were told that there was a bid in at just below the asking price. Estate Agent had a backing story to the other bid but it threw us a bit, mainly because the house has been on the market at its original price for 2 years. Because the house was on the market for two years we felt confident with a bid quite a bit below the asking price but now we are puzzled :mad:


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    #2
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    The not-very-helpful answer is that some EAs do, and some don't, create phantom bids.

    You'll have to try reading the general market situation for the location and type of house, and arrive at an idea of the appropriate price level. Don't spend too long agonising over asking price.

    Bear in mind that a asking price that might have been optimisitic a couple of years ago might now be more realistic.


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    #3
    Santa Cruz
    Banned (with Prison Access) Posts: 3,126 ✭✭✭Santa Cruz


    maynooth_rules wrote: »
    Do Estate Agents actually use these? Went to see a house we loved a couple of weeks back and were told that there was a bid in at just below the asking price. Estate Agent had a backing story to the other bid but it threw us a bit, mainly because the house has been on the market at its original price for 2 years. Because the house was on the market for two years we felt confident with a bid quite a bit below the asking price but now we are puzzled :mad:

    This works both ways. Have a friend do a bit of bluffing as well to see if what the Estate Agent tells him is the same as he tells you


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    #4
    Ritchi
    Registered Users Posts: 319 ✭✭Ritchi


    In my experience they don't. We had theorised that they did, to inflate prices, but every one of them turned actually to be the selling price on the PPR.

    That's not to say some don't or won't, but the risk for them is usually too much to justify it. Most EA's don't care so much about the selling price, as long as it actually gets sold and they get their commission.


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    #5
    Phil_Lives
    Closed Accounts Posts: 228 ✭✭Phil_Lives


    Expose on RTE a few years ago showed a crooked estate agent working with mortgage providers to bid houses up to the approved mortgage amount.


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