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First time buyer question

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  • 28-08-2020 11:23pm
    #1
    mousblaster17
    Closed Accounts Posts: 40 ✭


    Just wondering if you place a bid on a property, is an EA obliged to tell a vendor about it?


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    #2
    Queenio
    Registered Users Posts: 53 ✭✭Queenio


    mousblaster17 wrote: »
    Just wondering if you place a bid on a property, is an EA obliged to tell a vendor about it?

    Yes. And a record of all bids must be kept for review in case of audit.


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    #3
    mousblaster17
    Closed Accounts Posts: 40 ✭mousblaster17


    Queenio wrote: »
    Yes. And a record of all bids must be kept for review in case of audit.

    what about bids placed after a seller accepts an offer?


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    #4
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    mousblaster17 wrote: »
    what about bids placed after a seller accepts an offer?

    The EA does not have to pass them on after sale is agreed, it would have to me a bumper offer to get a seller to back out of an agreed sale, and probably a cash offer.


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    #5
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Dav010 wrote: »
    The EA does not have to pass them on after sale is agreed, it would have to me a bumper offer to get a seller to back out of an agreed sale, and probably a cash offer.

    Agree with that.

    A cash offer with proof of funds, or the person making the offer gives an irrevocable deposit.

    The last thing you want is some tyre kicker or someone in a chain who's depending on x, y, and z happening before they can pay.


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    #6
    mousblaster17
    Closed Accounts Posts: 40 ✭mousblaster17


    myshirt wrote: »
    Agree with that.

    A cash offer with proof of funds, or the person making the offer gives an irrevocable deposit.

    The last thing you want is some tyre kicker or someone in a chain who's depending on x, y, and z happening before they can pay.

    What would irrevocable deposit mean in this context?


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    #7
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    mousblaster17 wrote: »
    What would irrevocable deposit mean in this context?

    Property purchases are not covered by the Sale of G&S Act so your deposit is refundable up to the point where you sign the sale contract. In a shop, the owner does not have to return a deposit unless it states it in the t&cs of the purchase.

    In the case where you make a bid after a property has gone sale agreed, the seller might insist on you agreeing to the deposit being non refundable, even if sale doesn’t go through, in order to accept your break and break the agreement with the other bidder.

    Put simply, if you want the seller to tell the other bidder the deal is off, the seller will want you to agree to pay a non refundable deposit.


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    #8
    lcarrol3
    Registered Users Posts: 82 ✭✭lcarrol3


    Queenio wrote: »
    Yes. And a record of all bids must be kept for review in case of audit.

    Interesting. We recently made a bid on a property and the EA laughed down the phoned and refused to even take our details.


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    #9
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    lcarrol3 wrote: »
    Interesting. We recently made a bid on a property and the EA laughed down the phoned and refused to even take our details.

    I have told EAs not to bother recording nor contacting me about bids which are below a certain amount. Your bid was below the level the seller would consider.


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    #10
    JohnnyChimpo
    Registered Users Posts: 1,079 ✭✭✭JohnnyChimpo


    When I was house hunting I've put in a bid at 92% asking price (IIRC), then when I viewed the property again a week later a different EA told me there was no bids on the property. When I called her out she informed me that the bid was too low to be considered. I didn't make a big deal beyond that, what's the point. Make of that what you will, but there is zero oversight so it would be naive to expect an EA to follow the letter of the law if it runs contrary to their perceived interest


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