Putting in an offer - how can you suss if counter bids are genuine?

ted1

kippy wrote: »

So they can do this outsode of consumer protection and trading law?

Please reference the trading law you are talking about.

Hello Lady!

To reiterates folks I am not assuming fraud or shifty practice from the EA...but my worry is how can I be sure the others bidding are actually in a position to bid? I can hope the EA asked them for proof in the same way he did us,but I only have his word for it. And since hearing that someone who I would have in the past believed to be an ethical and fair human being in fact engages in sharp practices when selling property this has led me to be very cynical.

Yes we really want the house, why wouldn't someone else? Good point. But it just seems strange that after a month of little interest in the property as soon as we offer things get frantic!

For reference another house is sale agreed about a week before this one hit the market. Sane house but it had an extension and attic conversion already (albeit late 80's style so not fully maximising the property but done nonetheless). That house went sale agreed for €2k less than the current bid on this property.

Really head wrecked trying to decide how far dowe go on this.... Are we being sucked into a falsely inflated market?

Any negotiating skills anyone cares to pass on? How would you go about shutting this down in your favour without spending too much???

davo10

Hello Lady! wrote: »

To reiterates folks I am not assuming fraud or shifty practice from the EA...but my worry is how can I be sure the others bidding are actually in a position to bid? I can hope the EA asked them for proof in the same way he did us,but I only have his word for it. And since hearing that someone who I would have in the past believed to be an ethical and fair human being in fact engages in sharp practices when selling property this has led me to be very cynical.

Yes we really want the house, why wouldn't someone else? Good point. But it just seems strange that after a month of little interest in the property as soon as we offer things get frantic!

For reference another house is sale agreed about a week before this one hit the market. Sane house but it had an extension and attic conversion already (albeit late 80's style so not fully maximising the property but done nonetheless). That house went sale agreed for €2k less than the current bid on this property.

Really head wrecked trying to decide how far dowe go on this.... Are we being sucked into a falsely inflated market?

Any negotiating skills anyone cares to pass on? How would you go about shutting this down in your favour without spending too much???

I can only give you advice based on my own experience of buying and selling properties. You have no control over the process beyond bidding what you can afford to. There are ways of "shutting down bids in your favour" but you are now beyond that point. Yes you are being sucked in, but that is what happens when you invest emotionally in a property, this usually happens when you are buying a property that you plan to live in for the test if your life. At this stage, all you can do now is sit down with your partner, decide on a maximum figure you can afford to pay and do not bid over that figure, that is how you can get really sucked in.

Do not focus on whether the other bidders are "in a position to bid", that is the concern of the other bidder and the seller.

The fact that another house was sold previously makes no difference, then there was two of this type of house, now there is only one. It's also possible that one of the under bidders on that house is now bidding on your one.

What you are going through is the same as we have all gone through, I bought/sold houses before I bought my current home and have bought/sold since, but the house I am on is the only property I paid more than it was worth, because I wanted it. That unfortunately is the emotional investment you make when buying a "home" rather than a "house".

Not2Good

That happened to us last year and three years ago. When we pulled out the phantom bidder disappeared and the estate agent came back to us and wanted us to continue where we left off! We did our ar#e!

Hello Lady! wrote: »

Folks, grateful for your advice and expertise please

We are hoping to buy a house soon, mortgage approved, confirmation of same in our hand, not in a chain. There is really very little suitable in the area we want to buy (need actually as we need to be close to family and work due to childcare).

We found a house in a very settled estate that ww already know some of the neighbours. It's in good nick but to be the house we need, it needs an extension and heating upgrade.

We put in an offer. Then there was a counter offer, back to us, we went up €1k, they went up €1k. We were then told another bidder entered. In the space of 2 weeks the house has gone up almost €20k to what it was first on at.

Both hubby and I are very keen on the house and we see it as being a long term home, particularly once tge extra work is done. We don't see that we would get anything like what we want at the moment and this is tge best alternative - buy and improve exactly the way we want.

So we are very keen on the house.

But something is itching at my instincts. I dunno why but the way the prices have suddenly raced up has me uncomfortable. The lack of property in our area seems to have created a mini property bubble. Much as I love the house I don't want to get stung either.

How do you - or can you - check if counter offers are genuine?. We had to provide proof of mortgage but how can we trust the EA that the others did? Can we ask to see the traffic on the offers? For all we know the vendor could have someone pushing up the price.

kippy

davo10 wrote: »

Which articles of consumer protection and trading law are you referring to?

ted1 wrote: »

Please reference the trading law you are talking about.

Okay,
I realise that the OP doesn't believe this to be going how however just to answer what I have been asked.

Here is the main piece of legislation that I believe the EA would be breaking were they engaging in such behaviour and it could be proven:
http://www.irishstatutebook.ie/2001/en/act/pub/0050/sec0006.html#sec6
(Making a gain or causing a loss by deception)
It's under the general "Fraud" category.

Now, there is a "Code of practice here"
http://www.npsra.ie/website/npsra/npsraweb.nsf/0/B86586662416AA6380257CDF004322A2/$File/Code%20of%20Practice.pdf
While not a legal instrument I believe it is important.
I'd draw attention to 1.9 (record of offers) and 3.1 (information provided to the public) as well as other areas.


I've no idea how widespread the practice is or if it happens at all but it's just another area that could be tidied up on.

The other side of the coin is the EA's services being engaged buy a seller - the EA deciding himself or another of his clients might be able to pick the property up on the cheap. They advise the client that there are no/low offers and only advise of the offers from EA's associate - thereby picking up the property at a price lower than that required by the seller.

Not sure how widespread that is either.

The main issue is, the lack of trust.
The EA is getting a truck load of money, is responsible for brokering a major financial transaction and a lot of what goes on is essentially hearsay. That is not, in my opinion, a good way to do business.

kippy

davo10 wrote: »

The seller employs the EA, if they feel the EA is screwing you as the seller, and you have proof, then you can sue the EA for misrepresentation and breach of contract. On the other hand, if EA maximises the price you receive for your property, well, happy days, that is exactly what you paid them to do.

Look,
I know how it works. In my opinion however if the EA maximises the price you receive for your property via fraudulent means, not happy days for the EA.

davo10

kippy wrote: »

Look,
I know how it works. In my opinion however if the EA maximises the price you receive for your property via fraudulent means, not happy days for the EA.

The purchase of a house falls outside the remit of legislation laid down in the sale of goods and services act, your solicitor and surveyor are there to advise you on the purchase and it is a case of caveat emptor. If you feel the EA is untrustworthy, discuss it with your solicitor.

The code of practice you refer to is voluntary, but binding on those parties that subscribe to it. It is not a statutory instrument and an EA cannot be prosecuted under its provisions.

When you consider that an EAs job is to bring a property to the market and invite interested parties to bid on it, accusing him/her of fraud when that very thing happens just because you don't like the fact that the property you want is going up in price, seems well, misguided.

Unless you can prove fraud, then yes, happy days for EA and seller.

I suspect this attitude is going to become more prevalent because prices are now going up. Two years ago the OP might have been the only bidder and the guide price cheaper but I still don't get why you are on your high horse about this kippy, it's a property with potential to extend, in an area with demand and low supply and where prices are rising. The shock would be if there weren't other bidders and the price wasn't going up, not what's actually happening.

Hello Lady!

I agree with kippys point that EAs should be more regulated and not just if they choose to be. I have personally seen some pretty sharp practice from EAs acting as letting agents. I also know of a few buyers and sellers who were stung but can do little about it. Given the sheer expense of buying a house they should be held to more stringent codes of conduct and they should be obligatory not voluntary. It's a pretty lame system to be fair.

kippy

davo10 wrote: »

The purchase of a house falls outside the remit of legislation laid down in the sale of goods and services act, your solicitor and surveyor are there to advise you on the purchase and it is a case of caveat emptor. If you feel the EA is untrustworthy, discuss it with your solicitor.

The code of practice you refer to is voluntary, but binding on those parties that subscribe to it. It is not a statutory instrument and an EA cannot be prosecuted under its provisions.

When you consider that an EAs job is to bring a property to the market and invite interested parties to bid on it, accusing him/her of fraud when that very thing happens just because you don't like the fact that the property you want is going up in price, seems well, misguided.

Unless you can prove fraud, then yes, happy days for EA and seller.

I suspect this attitude is going to become more prevalent because prices are now going up. Two years ago the OP might have been the only bidder and the guide price cheaper but I still don't get why you are on your high horse about this kippy, it's a property with potential to extend, in an area with demand and low supply and where prices are rising. The shock would be if there weren't other bidders and the price wasn't going up, not what's actually happening.

The fraud regulations/laws oversee everything and has a direct implication for consumer protection. You've stated exactly what the EA's job is, if however they break the law in doing their job it's the same as you or me breaking the law in doing our job.

I've already stated that the code wasn't legally binding.

I'm not getting on any high horse. I'm just pointing out that the EA is breaking the law IF there are no other bidders pushing up the price. Simple as that. Do you disagree with that statement?
Again, I am not suggesting the the EA is behaving like this in this particular instance just pointing out that it does happen, I have seen it happen, and others appear to have seen it happen as well. EA's get away with it because they are not well enough regulated despite the area they are involved in being a multimillion euro "industry". It is very difficult to prove any such allegation because it is so unregulated. As I've stated sellers can and in my experience have lost out also from this lack of regulation in certain cases.


I dont care either way if property goes up or down. I care that we've not learned a thing from the last bubble we had and haven't taken any steps to protect buyers and sellers from dodgy agents.

Derek Zoolander

Hello Lady! wrote: »

To reiterates folks I am not assuming fraud or shifty practice from the EA...but my worry is how can I be sure the others bidding are actually in a position to bid? I can hope the EA asked them for proof in the same way he did us,but I only have his word for it. And since hearing that someone who I would have in the past believed to be an ethical and fair human being in fact engages in sharp practices when selling property this has led me to be very cynical.

Yes we really want the house, why wouldn't someone else? Good point. But it just seems strange that after a month of little interest in the property as soon as we offer things get frantic!

For reference another house is sale agreed about a week before this one hit the market. Sane house but it had an extension and attic conversion already (albeit late 80's style so not fully maximising the property but done nonetheless). That house went sale agreed for €2k less than the current bid on this property.

Really head wrecked trying to decide how far dowe go on this.... Are we being sucked into a falsely inflated market?

Any negotiating skills anyone cares to pass on? How would you go about shutting this down in your favour without spending too much???

The bit in bold shouldn't matter - it seems that you a buying a house to live in long term. The relative value of the house shouldn't make any difference whatsoever - you shouldn't care if its worth 100k or 1million in 10 years time. You need to pick a figure that you can afford and then work on that basis.

The one thing that is worth avoiding is going up in small increments - I would guess if you'd initially upped your offer by 15k you would have been accepted rather than each party increasing 1K at a time

davo10

Hello Lady! wrote: »

I agree with kippys point that EAs should be more regulated and not just if they choose to be. I have personally seen some pretty sharp practice from EAs acting as letting agents. I also know of a few buyers and sellers who were stung but can do little about it. Given the sheer expense of buying a house they should be held to more stringent codes of conduct and they should be obligatory not voluntary. It's a pretty lame system to be fair.

OP, short of giving you the other bidders details and financial records, which will never happen, I don't see how the EA can be more transparent in his/her dealings with you. They have informed the seller of your bids and informed you of the other bids, what more do you expect?

You seem to be focusing "on the man rather than the ball", venting at the EA rather than considering what you could have done better. As Derek Zoolander posted above, increasing a bid by €1k is a waste of time, it shows the other bidders you are short on finance and nearing your limit. Also, an extra €2k each time is a no brainer to an under bidder, what difference does it make if the property final cost is €200k, it's 1% increase. If you bump it up by €5k or €10k, now the under bidders have to consider their position a lot more carefully before they bid. But it may be too late for that now, again at best all you can do now is consider how much you are willing to pay and give it one last punt.

Hello Lady!

Derek Zoolonder wrote:

The one thing that is worth avoiding is going up in small increments - I would guess if you'd initially upped your offer by 15k you would have been accepted rather than each party increasing 1K at a time

   

davo10 wrote: »

OP, short of giving you the other bidders details and financial records, which will never happen, I don't see how the EA can be more transparent in his/her dealings with you. They have informed the seller of your bids and informed you of the other bids, what more do you expect?

You seem to be focusing "on the man rather than the ball", venting at the EA rather than considering what you could have done better. As Derek Zoolander posted above, increasing a bid by €1k is a waste of time, it shows the other bidders you are short on finance and nearing your limit. Also, an extra €2k each time is a no brainer to an under bidder, what difference does it make if the property final cost is €200k, it's 1% increase. If you bump it up by €5k or €10k, now the under bidders have to consider their position a lot more carefully before they bid. But it may be too late for that now, again at best all you can do now is consider how much you are willing to pay and give it one last punt.

Surely it's all relative to the price of the property? I mean if the house is on at €130k you wpuld be very foolish to go in with €15k over that the quickly secure the house? Why would you go straight in at more than 10% over the price? That could well result in you paying €10k or more than you need to. If the objective of the seller is to get as much as possible then equally the aim of the buyer is to get it at the best price they can. Maybe going in at €15k over would be a reasonable strategy for a more expensive property doing so for anything unfer €250k could be a bit reckless. And we don't have a thousand here or there to pay more than we need to. So by going up €1k at a time we are less likely to end up paying more than we absolutely have to to secure it. Of course regardless of €1k/5k/500k it all means nothing unless you are thr last bidder in it.

Crusades

davo10 wrote: »

As s**tty as you think an EA is when you are buying, you will love their tactics when you are selling.

There's a different set of tactics they use for prising property from vulnerable, naive and/or stupid sellers at as low a price as possible.

These properties can be offloaded to their mates and/or "flipped" to vulnerable, naive and/or stupid buyers who think the EA is "really sound".

An EA is not your mate. They are only interested in your money.

kippy

Crusades wrote: »

There's a different set of tactics they use for prising property from vulnerable, naive and/or stupid sellers at as low a price as possible.

These properties can be offloaded to their mates and/or "flipped" to vulnerable, naive and/or stupid buyers.

I've already mentioned that but the posters here don't seem to care at all.

Crusades

Externally, EAs are well dressed, say all the right things, are "matey" and want to look trust-worthy by hiding behind accreditations and qualifications.

Underneath it all, they are ruthless snakes who do not care about you or your predicament. They want your money and that's it. You will never see their internal side.

This is understandable. The top three reasons for going into business:
1. make money
2. make money
3. make money

The more you make, the sooner you get to retire.

cpoh1

Crusades wrote: »

Externally, EAs are well dressed, say all the right things, are "matey" and want to look trust-worthy by hiding behind accreditations and qualifications.

Underneath it all, they are ruthless snakes who do not care about you or your predicament. They want your money and that's it. You will never see their internal side.

This is understandable. The top three reasons for going into business:
1. make money
2. make money
3. make money

The more you make, the sooner you get to retire.

Ridiculous post

Crusades

cpoh1 wrote: »

Ridiculous post

Look, I work a lot with salesmen.

I don't blame them. They're generally on on crap base salaries and have to be ruthless to get their commission. If they don't/can't compete, they don't survive. It's that simple.

They can make lots of money with the right attitude: a ruthless attitude.

Mr McBoatface

I'm hoping to get the keys of my new home this week. Bought it as a family home with no intentions of making money on it. I got it for less than asking but in my opinion I've overpaid. That said I wanted the house (was sure not to show this when viewing), the only advise I can give has been already given, set a cut off value and do go over that value.

Since I've secured my new home other houses in the same estate have come on the market at lower asking prices, but where not as modernized as the one I've bought garages not converted, old window, etc. If I bought one of those maybe I could have invested in renovation work and brought them up to the same standard and maybe saved a few thousand or had exactly the finish I wanted, but the fact is they where not on the market at the time, you can only focus on whats on the market currently.

I've no regrets on my purchases, I hope it all works out for you...... out of interest what locality are you looking to buy ?

davo10

Hello Lady! wrote: »

   




Surely it's all relative to the price of the property? I mean if the house is on at €130k you wpuld be very foolish to go in with €15k over that the quickly secure the house? Why would you go straight in at more than 10% over the price? That could well result in you paying €10k or more than you need to. If the objective of the seller is to get as much as possible then equally the aim of the buyer is to get it at the best price they can. Maybe going in at €15k over would be a reasonable strategy for a more expensive property doing so for anything unfer €250k could be a bit reckless. And we don't have a thousand here or there to pay more than we need to. So by going up €1k at a time we are less likely to end up paying more than we absolutely have to to secure it. Of course regardless of €1k/5k/500k it all means nothing unless you are thr last bidder in it.

OP you asked how to bring the bidding to a conclusion in your favour, that is how it is done, you clear out the other bidders. But in your case it is too late, you are almost at your limit and you missed the opportunity early on to show you mean business. Going up in 1s and 2s has just encouraged all bidders to keep their hats in the ring. Right now you are paying €25k more and all three bidders are still there so this will go higher, an early bump may have knocked out at least one. By going up in 1s you are less likely to pay over the odds but more likely to keep the other bidders bidding, watch now, the bidding time will slow, one bidder will smell blood and will make a big bid and that will be the end of it.

davo10

Crusades wrote: »

Externally, EAs are well dressed, say all the right things, are "matey" and want to look trust-worthy by hiding behind accreditations and qualifications.

Underneath it all, they are ruthless snakes who do not care about you or your predicament. They want your money and that's it. You will never see their internal side.

This is understandable. The top three reasons for going into business:
1. make money
2. make money
3. make money

The more you make, the sooner you get to retire.

Crickey, making money is one of the top reasons for every person to go into business, heck in most cases it's essential. I'd retire tomorrow if I had enough of it, wouldn't you? In the meantime it comes in handy to support the family, business, tuition fees, mortgage, that type of thing.

Ironman76

Currently have an offer in for a house that has been on the market for months.

After we viewed the house we hung around outside chatting about what to do and by chance we got speaking to the owner as he came back from a walk. Six people viewed the property since June and he seems desperate to sell. Seemed like a nice guy, he even said "I just want rid of the damn thing". Kinda screwing himself to be honest.

We put in an offer the next day and low and behold our offer was rejected by the EA as a higher offer had come in that morning also:rolleyes: So he got us up to asking price and he then said another offer came in for 7k over asking price.

Funny thing is the EA said the couple that made the offers are the couple that viewed the house the same time as us.

We viewed another house in the Glasnevin area a few days later and who did we meet? The couple that supposedly put an offer in:D They said they never put any offer in as werent all that impressed as house needed a bit of work and was far too big.

We have put in the asking price and are not budging. If EA comes back saying the phantom offer has been withdrawn we are offering 10k less than asking price.

If we lose the house then we lose the house. But my dislike of greedy f**kers far outweighs my desire for a nice house.

What I am wondering is do EAs disclose all offers to the owners? Im am 100% convinced the owner would dive at the asking price. Of perhaps EA is giving the "Hold off and I can get more out of these two" speech?

Not2Good

All true but ' … don't cut off your nose to spite your face…' if you get the house of your dreams for the asking price it should be considered and bury your pride … if this keeps on happening from one house to another you will never get the house of your dreams and prices may increase etc etc … just my thoughts (acknowledging that I do not know all the facts surrounding this case .. Good luck whatever your decision

Ironman76 wrote: »

But my dislike of greedy f**kers far outweighs my desire for a nice house.

Ironman76

Not2Good wrote: »

All true but ' … don't cut off your nose to spite your face…' if you get the house of your dreams for the asking price it should be considered and bury your pride … if this keeps on happening from one house to another you will never get the house of your dreams and prices may increase etc etc … just my thoughts (acknowledging that I do not know all the facts surrounding this case .. Good luck whatever your decision

Yeah I agree. But in this case we aren't going over the asking price as we know the owner is desperate to sell and house isn't really worth what we offered. Slightly less I think.

Current situation is win-win for everyone. But EAs being EAs have to go and complicate things. Raging now I never asked the owner how much did he want for it.

Thanks.

Hello Lady!

davo10 wrote: »

OP you asked how to bring the bidding to a conclusion in your favour, that is how it is done, you clear out the other bidders. But in your case it is too late, you are almost at your limit and you missed the opportunity early on to show you mean business. Going up in 1s and 2s has just encouraged all bidders to keep their hats in the ring. Right now you are paying €25k more and all three bidders are still there so this will go higher, an early bump may have knocked out at least one. By going up in 1s you are less likely to pay over the odds but more likely to keep the other bidders bidding, watch now, the bidding time will slow, one bidder will smell blood and will make a big bid and that will be the end of it.

In the end we trusted our gut. One of the bidders pulled out after our last bid. We were then asked for best and final, despite us being the highest bidder! anyway we gave best and final plus a few hundred, but in a random amount (i.e. not €200 but €223) - the reasoning being that if the other bidder had the same figure in mind as us that few hundred quid would push us ahead. Anyway, got a call from EA, saying that us and the other bidder had put in the same bid as us. 'Really??' I asked incredulously, given the €223 to which he replied well yeah except for that €223 so you both offered €XXX,000 with you offering the extra €223. So doesn't that make us the highest bidder then and the house ours? No, he says, the vendor won't consider the €223 and because you both gave the same, wants you both to give best and final again. Eh, what part of 'final' don't you understand??

Anyway, we pulled out, but we didn't say that to the EA, just said we were considering our position and would need more than the 3 hour deadline to give our decision. That evening the house went sale agreed online for the price we gave (excl the €223). We didn't get an opportunity to come back on it. Right so, we thought, that's that, better off in the end. Then two days later the EA rings me and asks me what I want to do?? I said, but its Sale agreed - yes he says, because either you or the other party will get it at that price, but I haven't heard from you as to what you want to do. 'So its not sale agreed then?' I said, 'no not yet, but it will be once one of you makes a higher bid'.

Eh good luck with that I replied. He was then pushing me to think on it a bit more. No thanks, the other fella can have it. But another couple of thousand will have it for you he persisted. No, thanks anyway.

The house is still on as 'sale agreed' at the price I offered.

I won't be at all surprised if this sale falls through and we get another call. But I won't be buying it, not at any price now - far too much messing going on.

We have since put in an offer on another house and are confident it will be accepted. Not much more than the first house and needs significantly less work. I still would have preferred the other estate, but this new one is just as nice, just a bit bigger. So alls well that ends well. But if this new offer isn't accepted we'll just be patient, something will come up.

BarryD

I'm afraid estate agents etc are very far down the list in terms of professions that people trust - probably lower than politicians, which says a lot..

Probably not true of them all but there's sufficient bad apples to dull the rest of them

Lash_Alert

Hello Lady! wrote: »

In the end we trusted our gut. One of the bidders pulled out after our last bid. We were then asked for best and final, despite us being the highest bidder! anyway we gave best and final plus a few hundred, but in a random amount (i.e. not €200 but €223) - the reasoning being that if the other bidder had the same figure in mind as us that few hundred quid would push us ahead. Anyway, got a call from EA, saying that us and the other bidder had put in the same bid as us. 'Really??' I asked incredulously, given the €223 to which he replied well yeah except for that €223 so you both offered €XXX,000 with you offering the extra €223. So doesn't that make us the highest bidder then and the house ours? No, he says, the vendor won't consider the €223 and because you both gave the same, wants you both to give best and final again. Eh, what part of 'final' don't you understand??

Anyway, we pulled out, but we didn't say that to the EA, just said we were considering our position and would need more than the 3 hour deadline to give our decision. That evening the house went sale agreed online for the price we gave (excl the €223). We didn't get an opportunity to come back on it. Right so, we thought, that's that, better off in the end. Then two days later the EA rings me and asks me what I want to do?? I said, but its Sale agreed - yes he says, because either you or the other party will get it at that price, but I haven't heard from you as to what you want to do. 'So its not sale agreed then?' I said, 'no not yet, but it will be once one of you makes a higher bid'.

Eh good luck with that I replied. He was then pushing me to think on it a bit more. No thanks, the other fella can have it. But another couple of thousand will have it for you he persisted. No, thanks anyway.

The house is still on as 'sale agreed' at the price I offered.

I won't be at all surprised if this sale falls through and we get another call. But I won't be buying it, not at any price now - far too much messing going on.

We have since put in an offer on another house and are confident it will be accepted. Not much more than the first house and needs significantly less work. I still would have preferred the other estate, but this new one is just as nice, just a bit bigger. So alls well that ends well. But if this new offer isn't accepted we'll just be patient, something will come up.

I might be wrong but could you not have just done 224 to win the house?

liam7831

Lash_Alert wrote:

I might be wrong but could you not have just done 224 to win the house?

Was 3 years ago

Hello Lady!

Lash_Alert wrote: »

I might be wrong but could you not have just done 224 to win the house?

but the €223 was not even being considered as part of the offer, EA wanted us to add €1k+ not a few hundred quid. So €223, €224, €300 wouldn't have been considered, it was another €1k or nothing.

In the 3 years since I first posted we are now in a 4 bed semi-d in a much better estate for €180k. If we had been successful in the other house it was €178k for a smaller 3 bed terraced. The house we bought needed a sh!tload of work, right down to new electrics and heating. It cost about €50k all up, so €230k but here we are 3 yrs later and the house has just been valued at €350k. The house we originally hoped to get did go back on the market and sold for €177,500 but currently asking price in same estate is €240k so all the game playing by the EA worked in our favour as in terms of area and long term investment we got the better deal.

Trust your gut is my advice, it paid off for us.

Just to add to this conversation. I know a former estate agent (he's moved into a very different field now) and while he says it's a cut-throat business, he says in 20 years he never once encountered a 'phantom' bid or counter bid. Based on that, I took it that most EA's were relatively honest behind all the bull you have to listen to.

However, I was bidding on a house before Xmas and had a bid in that was well below the asking price. I was in a bit of a hurry to close out so went to EA and asked to put in a closing bid to the vendor only. I offered a big increase on next highest bid (my own - no other bid had come in for over a month and got feeling we were only people left but vendor wanted a better price) to close it out and go sale agreed. The offer was to the vendor only to close sale and if it was rejected it was to be withdrawn immediately and we were going to walk away, which we did after. The EA knew exactly what I was on about as this is a strategy often used in bidding process.

Anyway, two days later I get a call from EA to say the underbidders had not only matched my bid but they had put in a significant increase. EA asked was I interested in a counter bid. I just laughed at him and told him that my previous bid was meant to be to the vendor only to go sale agreed and was to be withdrawn if it was rejected. It was not meant to be used to drive the price of the house up. We walked as had no intention of going any higher.

Ultimately, I felt the EA was very dishonest and unfair on the underbidder as they probably ended up paying way over the odds for the house and bidding an amount to blow us out of the water, thinking we were still in the game. We never had any intention of going higher than amount that was to close out sale with vendor. It didn't bother me at all as I was happy to walk away and not go any higher but felt the EA used what was meant to be a private bid to drive up the price of the house.

ted1

kippy wrote: »

It amazes me that there isnt a requirement of somesort on the EA to at the very least maintain a record that can be checked by a third party of bids taken on a property. Estate agents than engage in the behaviour that is bein talked about here are essentially defrauding the buyers involved.

Why? Estate agents job is to get the highest price possible for the sale of a private property.