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Offer issue

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  • 18-07-2019 10:18am
    #1
    Blanco100
    Registered Users Posts: 1,933 ✭✭✭


    at the stage now where house was listed 2 weeks ago, viewed it last week and EA told us it was almost sale agreed and potential buyer was waiting for the call until we entered the fray.

    EA said we needed to move quickly, only bidder met asking price. So advised next bid should be 1k more if we were interested.

    At risk of losing a nice home we offered 1k more and literally next day our offer was accepted. Im extremely dubious as to whether there was another bidder at all, was actually hopeful of going in well under asking price ourselves.

    Is there anything other than professional ethics to ensure we are not being played by agent here?

    Find it hard to believe this other buyer would offer asking a week after house is listed only to pull out due to our offer of 1k more.

    Very fishy

    Any advice would be greatly appreciated


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    #2
    duffman13
    Registered Users Posts: 8,952 ✭✭✭duffman13


    Blanco100 wrote: »
    at the stage now where house was listed 2 weeks ago, viewed it last week and EA told us it was almost sale agreed and potential buyer was waiting for the call until we entered the fray.

    EA said we needed to move quickly, only bidder met asking price. So advised next bid should be 1k more if we were interested.

    At risk of losing a nice home we offered 1k more and literally next day our offer was accepted. Im extremely dubious as to whether there was another bidder at all, was actually hopeful of going in well under asking price ourselves.

    Is there anything other than professional ethics to ensure we are not being played by agent here?

    Find it hard to believe this other buyer would offer asking a week after house is listed only to pull out due to our offer of 1k more.

    Very fishy

    Any advice would be greatly appreciated

    Seems odd, owner may want a quick sale, other offer may not have had full mortgage approval or be in a chain! If your unhappy then tell the agent, sorry but you've got to pull out as your only mortgage approved for 10k under asking or something. Risky game but you might save a few quid. If you love the house and think it's worth it then go for it


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    #3
    [Deleted User]
    Posts: 3,637 ✭✭✭ [Deleted User]


    Blanco100 wrote: »
    at the stage now where house was listed 2 weeks ago, viewed it last week and EA told us it was almost sale agreed and potential buyer was waiting for the call until we entered the fray.

    EA said we needed to move quickly, only bidder met asking price. So advised next bid should be 1k more if we were interested.

    At risk of losing a nice home we offered 1k more and literally next day our offer was accepted. Im extremely dubious as to whether there was another bidder at all, was actually hopeful of going in well under asking price ourselves.

    Is there anything other than professional ethics to ensure we are not being played by agent here?

    Find it hard to believe this other buyer would offer asking a week after house is listed only to pull out due to our offer of 1k more.

    Very fishy

    Any advice would be greatly appreciated

    The only advice is to remember that the estate agent works for the seller, not you. At €1k over asking and assuming the price was ‘right’, I’d chalk it down to experience and get on with it.


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    #4
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    Look at it this way OP, had you bid any less it wouldn’t have been accepted.

    That’s obviously the price that the sellers are willing to sell at.


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    #5
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    You made an offer and it was accepted if you didn't think the house was worth that you shouldn't have bid that amount.

    The estate agent gets so little extra money from and extra 1k that it really isn't worth the hassle to them.


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    #6
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Ray Palmer wrote: »
    You made an offer and it was accepted if you didn't think the house was worth that you shouldn't have bid that amount.

    The estate agent gets so little extra money from and extra 1k that it really isn't worth the hassle to them.

    Just to further add. that extra 1k is worth about 10-15e to the ea. Do you think they would really do a dodgy deal over the price of pint in temple bar.


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    #7
    MacDanger
    Registered Users Posts: 2,603 ✭✭✭MacDanger


    Fol20 wrote: »
    Just to further add. that extra 1k is worth about 10-15e to the ea. Do you think they would really do a dodgy deal over the price of pint in temple bar.

    If the OP was planning to bid say 10k under the asking price though, it's not just the 1k extra (although even for 10k, the additional fee is small)

    However, it's not just the additional fee due to the EA that comes into it, it's the improved reputation of the EA that goes with getting a good price for their customer - so even though they'd only make a tiny amount from that deal, the satisfied seller is more likely to recommend them to others so there's a significant potential upside there.

    That said, I'd agree with others that the OP should decide what the house is worth to them and bid that amount. If what you've bid (and it seems like you feel like you've been railroaded into it) is more than what you think the house is worth to you, then withdraw your bid


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