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Am I a backup plan for the estate agent?

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  • 24-07-2016 7:47pm
    #1
    pacelut
    Registered Users Posts: 54 ✭✭


    Hi all,

    We've seen a property on daft couple of weeks ago (not in Dublin) at, let's say 240k. We arranged a viewing on a Tuesday. The EA told us there is an offer at 213k and if we liked it, we should put an offer soon, as the vendors would like to close soon. Next day we put an offer of 217k. Few days passed and we haven't heard anything. I've contacted the EA next Monday to ask if he has any news. He promissed he will get back to me. Same evening I've got a message saying the vendors didn't accept our offer, but will meet us half way between the asking price and my offer - so they want 228.5k. Next day we put a new offer at 220k. No news from EA for few days. Called him again last Tuesday. He told me he will contact vendors and get back to us. That evening he told me the vendors want 230k! We really liked the property, so we put a last offer at 222k, saying this is our final offer and asking for a definitive answer to be given by Friday. Of course we weren't contacted last Friday. Looking on daft, the property wasn't updated since end of May, which makes us believe they already went sale agreed at some stage, but he is keeping us in the loop as second option in case the sale fails. Are we paranoid? Any feedback welcomed.


Comments

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    #2
    Aka Ishur
    Registered Users Posts: 740 ✭✭✭Aka Ishur


    The reason you are being pulled around the place is you keep offering more money.


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    #3
    endacl
    Registered Users Posts: 22,307 ✭✭✭✭endacl


    My next offer would have been 216k.

    The process has become a long drawn out auction these days. Run by EAs, for the benefit of EAs. Wouldn't it be nice if they went beck to their original role as auctioneers? Gather everybody in a room at an appointed time, to openly bid? Of course that'd mean a lack of 'we've had an offer of X amount in', and an exiting of a lot of parasites from a business which only ever becomes increasingly parasitic.


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    #4
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    endacl wrote: »
    My next offer would have been 216k.

    The process has become a long drawn out auction these days. Run by EAs, for the benefit of EAs. Wouldn't it be nice if they went beck to their original role as auctioneers? Gather everybody in a room at an appointed time, to openly bid? Of course that'd mean a lack of 'we've had an offer of X amount in', and an exiting of a lot of parasites from a business which only ever becomes increasingly parasitic.

    I'm confused, the property is on the market for €240k, the EA told the op what the vendor has said they will accept, €228.5, the op then offers €220k, and you and the op are wondering why this wasn't accepted and why it is a drawn out affair?

    The price the vendor will accept is now €230k, the vendor put it up a little no doubt because they are a little bemused by the op's bids. If the op offered €228.5 it would most likely be accepted so it's over to the op.

    Considering the going rate is 1-2% of the sale price for EA commision, I don't think an extra 8k on the overall sale price makes much of a difference to the EA (about €50 - €80 after tax) in that price range. I'd say the EA would be happy for sale to go through at the op's offer price but as they work for the vender, not the purchaser, their job is to achieve the best price possible for their client.

    Op, the underbiddier is always the "backup plan", the highest bidder "is the plan" because they are willing to pay more than you for the property.


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