Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Estate agent refusing to accept offer on house

Options
  • 30-04-2018 10:11pm
    #1
    happihat
    Registered Users Posts: 40 ✭


    Have seen a house I like and have my own house to sell. However, my house is not on the market yet. Can an estate agent refuse my offer on the house I like if I am not a first time buyer?

    TIA


«1

Comments

  • Options
    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Yes if their client has said they don't want people in a chain or the EA thinks you're not far enough along.


  • Options
    #3
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    They would have to be happy that you have the funds to complete the sale.

    As yours isnt even on the market yet, you're not in that position.


  • Options
    #4
    happihat
    Registered Users Posts: 40 ✭happihat


    Samuel T. Cogley wrote: »
    Yes if their client has said they don't want people in a chain or the EA thinks you're not far enough along.

    Even if I am the highest bidder?


  • Options
    #5
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    It's not uncommon for EA's to insist on proof of funds before accepting any offers. Could that be what's catching you out?

    It's also likely a vendor would be less inclined to accept an offer from somebody waiting to sell if there are cash buyers or mortgage approved buyers making similar offers.


  • Options
    #6
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    happihat wrote: »
    Even if I am the highest bidder?

    Yes. A buyer in a chain is worth less than an unencumbered buyer. There is no rule requiring the sale to go to the highest bidder.


  • Advertisement
  • Options
    #7
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Quite responsible really, it would be unfair if the EA accepted your bid knowing the seller wont accept, and then letting that bid drive the price up potentially for other bidders.


  • Options
    #8
    the_syco
    Registered Users Posts: 37,300 ✭✭✭✭the_syco


    happihat wrote: »
    Even if I am the highest bidder?
    Do you have the cash right now to back it up?

    I could offer €99,999,999 and be the highest bidder, but without proof of funds, my bid won't be entertained.


  • Options
    #9
    Lumen
    Registered Users Posts: 31,074 ✭✭✭✭Lumen


    If your house isn't on the market and you don't have the cash you're wasting everyone's time, including your own.


  • Options
    #10
    wally79
    Registered Users Posts: 2,936 ✭✭✭wally79


    happihat wrote: »
    Even if I am the highest bidder?

    We are first time buyers and were highest bidders on a property but lost out to a lower cash offer.

    It feels crappy but that’s the way it is


  • Options
    #11
    cart man
    Registered Users Posts: 286 ✭✭cart man


    GingerLily wrote: »
    Quite responsible really, it would be unfair if the EA accepted your bid knowing the seller wont accept, and then letting that bid drive the price up potentially for other bidders.
    It is the EA’s role to drive the price up and get the best possible price for the client. Fairness doesn’t come into it at all.


  • Advertisement
  • Options
    #12
    OssifiedEd
    Registered Users Posts: 16 ✭OssifiedEd


    cart man wrote:
    It is the EA’s role to drive the price up and get the best possible price for the client. Fairness doesn’t come into it at all.


    Yet if they accept this person's bid and the house doesn't sell for as much as this person thought it was worth or it takes 6 months to sell then they could lose the sale.


  • Options
    #13
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    happihat wrote: »
    Even if I am the highest bidder?

    I hereby bid 1,000,000 for your house.

    Don't you worry your little head where the money is going to come from.




    That's you ^


  • Options
    #14
    lazygal
    Registered Users Posts: 12,644 ✭✭✭✭lazygal


    We had an offer refused, we were the highest bidder but the seller decided to go for a lower cash offer as they wanted a hassle free quicker sale. We weren't selling but had mortgage approval. That's the way it goes.


  • Options
    #15
    lawred2
    Registered Users Posts: 24,383 ✭✭✭✭lawred2


    happihat wrote: »
    Even if I am the highest bidder?

    highest bidder with imaginary funds

    not worth much to anyone I'm afraid


  • Options
    #16
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    GingerLily wrote: »
    Quite responsible really, it would be unfair if the EA accepted your bid knowing the seller wont accept, and then letting that bid drive the price up potentially for other bidders.
    cart man wrote: »
    It is the EA’s role to drive the price up and get the best possible price for the client. Fairness doesn’t come into it at all.

    It's the fairest way possible.

    The market value of anything, is what people are willing to pay for it.
    The close the EA pushes people to that limit, the better a job he's done.


  • Options
    #17
    ELM327
    Registered Users Posts: 21,990 ✭✭✭✭ELM327


    happihat wrote: »
    Even if I am the highest bidder?
    You're not a real bidder though as you don't have the funds.


  • Options
    #18
    _brendand_
    Registered Users Posts: 123 ✭✭_brendand_


    There are no laws governing how property sales operate up until the point of a sale being agreed. The Estate Agents role is simply to find the potential buyer with the best possible parameters for their client, given the clients needs. Often this just comes down to price but speed may be another factor, and particularly in markets where demand is so high, sellers can 'have it all' in terms of getting a great price from a buyer who can move quickly. You'll definitely at least need to be on the market before agents will start taking your offers seriously, and they are well within their rights to stipulate 'no chain', if their client wants a (relatively) easy sale.

    Personally I think this whole bidding culture is counterproductive for everybody, but nothing can be done at the moment.


  • Options
    #19
    happihat
    Registered Users Posts: 40 ✭happihat


    Ok thanks most of you for your valuable information. A lot of others here making assumptions that I do not have the funds!


  • Options
    #20
    ELM327
    Registered Users Posts: 21,990 ✭✭✭✭ELM327


    happihat wrote: »
    Ok thanks most of you for your valuable information. A lot of others here making assumptions that I do not have the funds!
    No assumptions, it's based on what you've told us.
    You do not have the funds as you are relying on the sale of a house which has not even been listed - let alone sale agreed - yet.


  • Options
    #21
    lazygal
    Registered Users Posts: 12,644 ✭✭✭✭lazygal


    happihat wrote: »
    Ok thanks most of you for your valuable information. A lot of others here making assumptions that I do not have the funds!

    The EA will assume you don't until you prove otherwise. They'll look for proof of deposit, mortgage approval etc.


  • Advertisement
  • Options
    #22
    happihat
    Registered Users Posts: 40 ✭happihat


    ELM327 wrote: »
    No assumptions, it's based on what you've told us.
    You do not have the funds as you are relying on the sale of a house which has not even been listed - let alone sale agreed - yet.

    You know as much information as I was willing to give and made assumptions based on that alone! And that's fine!


  • Options
    #23
    Tombo2001
    Registered Users Posts: 6,657 ✭✭✭Tombo2001


    Buyers seems to have an entitlement attitude with regards to Estate Agents; the EA isnt treating them fairly, the EA isnt doing their job properly, the EA isnt even returning their calls...

    They are there to do a job. And their job is to sell the house on behalf of the seller, in line with the market rate or better.

    Their customer is the seller. The seller is paying them.

    The buyer is paying them nothing - and if buyers are expecting this that and the other from EA's - well they really shouldnt expect to get something for nothing.

    The rational thing to do here is to ask yourself why the EA wont accept your bid; and do something about it, or dont do something about it, depending on how serious you are about buying.


  • Options
    #24
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    happihat wrote: »
    You know as much information as I was willing to give and made assumptions based on that alone! And that's fine!
    Does the estate agent have any information that you weren't willing to give to us? Because, you know, if he does, then it's impossible for us to answer the question you raised in your OP? And, if he doesn't, then you can assume he is thinking much like the people who responded to you here have been thinking.

    From the information given in the OP your offer seems likely to be an unattractive one, and may well fall into a class which the EA has been instructed not to accept.


  • Options
    #25
    ELM327
    Registered Users Posts: 21,990 ✭✭✭✭ELM327


    happihat wrote: »
    You know as much information as I was willing to give and made assumptions based on that alone! And that's fine!
    If your attitude here is matched by your attitude to the EA perhaps that's the reason your bid was not accepted :)

    Where's the Happy Hat?


  • Options
    #26
    pocketse
    Registered Users Posts: 142 ✭✭pocketse


    I was in a similar position last year. Estate agent hadn't refused an offer but i saw a house i liked and hadn't even considered moving. Got my house valued by the estate agent selling the other one and mentioned my interest. There were pros and cons.

    Pros:
    1. Estate agent was getting two commissions instead of one, so perhaps more likely to give you a bit more leeway with times/slow down the sale of the other house etc.
    2. Estate agent was in the know of what was happening in both sales.

    Cons.
    1. The estate agent had an inside knowledge into what exactly i got for my house, what exactly I could afford to spend. I was delighted when they got me an over the odds price for my house. Wasn't so happy when they squeezed me in buying the other !!

    I got the house but it wasn't an easy process. The house i was buying was a receivership sale so might be a bit different to yourself. Not saying this is the best thing to do. Its just what I did. If you really want the house might be worth looking into.

    Pocketse


  • Options
    #27
    jim salter
    Registered Users Posts: 680 ✭✭✭jim salter


    ELM327 wrote: »
    If your attitude here is matched by your attitude to the EA perhaps that's the reason your bid was not accepted :)

    Where's the Happy Hat?

    Just because the op is selling a house it does not necessarily mean the op is reliant upon the funds from the sale to purchase the new property.
    The op has stated they are a first time buyer.
    Scenario: person left a house in a will (that they currently live in). Person has deposit and mortgage approval. Wanting to purchase like anyone else and has approval to make them highest bidder (again like anyone else) but their bid is refused for a lower bid due to the EA being a dick.
    So many on this thread have made assumptions and I see no evidence of 'attitude' from op and 'attitude' is no reason for an EA to act with attitude.


  • Options
    #28
    spaceHopper
    Registered Users Posts: 3,991 ✭✭✭spaceHopper


    By bidding when you are not able to close all you are doing of forcing others to out bid you and driving up prices for everybody. Some EA's will accept you bid but only to use is at a stick to beat out more bids. This guy is doing his job well. He's found out you can't close and excluded you.


  • Options
    #29
    ELM327
    Registered Users Posts: 21,990 ✭✭✭✭ELM327


    jim salter wrote: »
    Just because the op is selling a house it does not necessarily mean the op is reliant upon the funds from the sale to purchase the new property.
    The op has stated they are a first time buyer.
    Scenario: person left a house in a will (that they currently live in). Person has deposit and mortgage approval. Wanting to purchase like anyone else and has approval to make them highest bidder (again like anyone else) but their bid is refused for a lower bid due to the EA being a dick.
    So many on this thread have made assumptions and I see no evidence of 'attitude' from op and 'attitude' is no reason for an EA to act with attitude.
    Surely if they provided the above scenario to the EA the bid would have been accepted.
    I know buyers not in a chain with approved funds (cash/deposit/mortgage full approval) are sought after by EAs. I know, because I was one.


  • Options
    #30
    happihat
    Registered Users Posts: 40 ✭happihat


    pocketse wrote: »
    I was in a similar position last year. Estate agent hadn't refused an offer but i saw a house i liked and hadn't even considered moving. Got my house valued by the estate agent selling the other one and mentioned my interest. There were pros and cons.

    Pros:
    1. Estate agent was getting two commissions instead of one, so perhaps more likely to give you a bit more leeway with times/slow down the sale of the other house etc.
    2. Estate agent was in the know of what was happening in both sales.

    Cons.
    1. The estate agent had an inside knowledge into what exactly i got for my house, what exactly I could afford to spend. I was delighted when they got me an over the odds price for my house. Wasn't so happy when they squeezed me in buying the other !!

    I got the house but it wasn't an easy process. The house i was buying was a receivership sale so might be a bit different to yourself. Not saying this is the best thing to do. Its just what I did. If you really want the house might be worth looking into.

    Pocketse


    Thank you, pros and cons very helpful ðŸ‘


  • Advertisement
  • Options
    #31
    Effects
    Registered Users Posts: 9,760 ✭✭✭Effects


    happihat wrote: »
    Ok thanks most of you for your valuable information. A lot of others here making assumptions that I do not have the funds!

    Well if you have the cash to buy it then the EA don't care if you have another house to sell. It's unrelated to your sale. You'll have no problems. You don't even need to tell them you are selling your other house.


Advertisement