Estate Agents not really selling some houses

Desmonddoyle

Looking at houses over the last year has led me to one strange conclusion - some estate agents don't want to sell certain properties, and I have no idea what is going on.

I can almost tell straight away if it is a 'phantom' house as it is almost impossible to arrange a viewing, or even to get anyone to talk to you about the house. They never follow up, don't give straight answers on anything, don't seem even the slightest bit interested in a potential sale.

Maybe from a sellers perspective they need to show the bank they are trying to sell or whatever, but I don't understand the estate agents angle - why would they knowingly go along with the ruse when there is no chance they will ever sell the house and get their commission ? Surely there are huge ethical questions, code of conduct issues if they are taking a small fee just to have it on their books knowing it wont be sold.

It's getting a bit tiresome - I've come across quite a few like this. Usually the tyre-kickers and time wasters are buyers, but sellers wasting everyone's time is incredibly frustrating.

Anyone else come across this, know anything ?? I definitely think its a lot more than the usual estate agent incompetence and nonchalance - there is something going on. Maybe I should move it to the Conspiracy theory forum

Probably haven't explained it well, but any insights would be nice ?

jmayo

You just have to realise that we do not have a proper functioning property market in this country.
AFAIK we have the lowest rate of repossessions to mortgages in default in the western world.
We have a huge percenatge of mortgages in default, some over multiple years.
Thus there is a sizable chunk of property out there that should really be for sale and it isn't.

Then there are definitely some properties that have been put on the market to give the illusion that they are for sale when really they aren't.
The prices are usually off the mark and they haven't varied over the years.
Sometimes they disappear then to reappear maybe with new agent.

Then you have the testers who put the property on the market to test the market. They realise no one is biting, often don't drop price or else take it off market to throw up after the latest glowing reports from the indo.

EAs know these and probably dont' bother putting in the effort which you can understand,.

Also in this country you can never discount some shady deal being done where a particular buyer is being lined up for a property.
We have seen enough examples of it in the pass to know that it does damm well happen, no matter how many excuses and claims about regulation we get from a particular "profession". :rolleyes:

CaoimheSquee

EA's don't get a fee till a sale closes.

It could be an unrealistic vendor, a vendor that just needs to have it for sale but has no intention of selling, it could be a property where there are still tenants in situ that won't allow viewings, it could be a difficult break up and therefore a very slow sale, vendor may be ill - lots of reasons

I've also seen instances where it is an executor sale with many siblings and some of them block viewings and house has to remain on while all that is sorted legally.

Usually the EA would explain this though and / or take details when the property is ready to or go back viewing again. Receiver sales are notoriously difficult to arrange viewings on (disgruntled, and understandably so, tenants), and also I have seen the previous owners block viewings in protest at the bank etc.

TheBody

I've seem this quite a bit too. Some are very obvious. You sometimes see a 3 bed pile of crap in the middle of nowhere advertised for €300K. Clearly priced out of the market on purpose.

I've had a few estate agents admit that houses are often advertised at ridiculous prices just to show the bank that they have it up for sale.

Yes, they certainly do exist. Some are houses sitting online at pre-crash prices simply because the owners refuse to acknowledge that the market has crashed and dont really need to sell anyway.

Other reasons can be to pretend to the bank that they want to sell, when they have no intention of doing so and also putting the house on the market to use this as a valuation method for other purposes eg inheritance, divorce.

Some EAs will never refuse a one of these house for their books but will not actively suggest that you look at them....

gaius c

Oldie but a goodie
http://www.boards.ie/vbulletin/showthread.php?t=2056977313

Dr Strange

Deleted User wrote: »

Yes, they certainly do exist. Some are houses sitting online at pre-crash prices simply because the owners refuse to acknowledge that the market has crashed and dont really need to sell anyway....

And they will continue if bombared with headlines like these: House prices went up again last month and they’re not stopping and similar every month. The media doesn't help when it comes to realising you over-priced your property. That and ea's who love to point to the papers and news and say: "See, this is not stopping, the only way is up. I recommend you do not lower your price but sit tight as prices are on the up and you will get a buyer". :pac:

Pac2015

I agree I have seen several house in the areas I was looking for sale for up to nearly 2 years they come off the market then go back on its crazy one house in Bancroft in Tallaght was on for 260K starting price we loved the house and requested viewings about 6 times, rang the office, emailed and then it was gone off the market and down as sale agreed I was on a forum and a few people mentioned the same house I dont know what happened there it was like a closed sale or someone that knew the EA got it instead as no one got viewings.

There is also the following:
House in D22 on the market since 2013 for 268K no viewings and cant get EA to answer.

House in Bohernabreena on market since 2012 for 390K and no sale this is down to the owners wanting alot more money even though they have been offered 30K over the asking price by a friend of mine they still wont budge and said they know they can get close to 500K

House in D24 on and off market 5 times since 2010 priced at 220K in bad state of repair owners keeps changing mind and EA wont do viewings.

It needs more regulation I think.

draiochtanois

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