Softening house market?

herbalplants

https://www.boards.ie/discussion/comment/119870733#Comment_119870733

I have put bids through DNG, sherry and the likes and I never showed proof of my funds. I have it but nobody asked.

So what is your point on Auctioneera.ie. At least their fees are way lower than the others and do exactly the same job.

herbalplants

https://www.boards.ie/discussion/comment/119871065#Comment_119871065

I have put bids on SherryFitz and all they had was my email and phone number. So are they better?

herbalplants

https://www.boards.ie/discussion/comment/119870484#Comment_119870484

Well obviously everyone is entitled to their opinion but how are they more cowboys than other estate agents? They have an online platform which is transparent. Their fees are set fees.

I know for fact that on a house I bid through DNG, the winner bid against itself. DNG ghosted myself on two bids. So how are they better?

Xidu

175k in 2002 is probably the equivalent of nowadays 340k anyway

Large bottle small glass

https://www.boards.ie/discussion/comment/119872910#Comment_119872910

https://www.inflationtool.com/euro-ireland/2002-to-present-value?amount=175000&year2=2022&frequency=yearly

244k seems low to me and I'm not sure how accurate calendar above is

herbalplants

https://www.boards.ie/discussion/comment/119871503#Comment_119871503

I know for fact that any questions, a potential buyer has are sent to the seller straight away on the same day and seller responds through their platform.

I also believe every buyer has a responsibility to do their homework on the area, they are responsible for the bid they put in the heat of the moment, you cannot blame the agent on that.

I requested the building report the agent had on a house I was looking to bid, another old known estate agent, the report I got didn't have a small mention on the crack above the garage. I am not saying the agency is at fault, but what I am saying is agent had no breeze on the potential issue on the house.

So perhaps no estate agent knows too much the area or the house they are selling. It is down to you the buyer to do your homework.

byrne249

https://www.boards.ie/discussion/comment/119872564#Comment_119872564

It is a very very easy crime with no way of proving any wrong doing. I got very lucky I had no money to play with when I bought my first house. The EA called me back the same day after each of my bids to say there was a 1k higher bid. I told him my limit and he said no worries, the vendor will accept whoever bids 'x' first which just happened to be 2k above my limit which was also the current bid. Why would he stop a fast bidding war because I would bid first? We both knew what was happening. I bid and went sale agreed and that was that. 1.5% adds up when multiplied by a lot of sales.

DataDude

https://www.boards.ie/discussion/comment/119872980#Comment_119872980

If an EA generates an extra €10k through fake bids he gets €150 for the firm.

If the fake bid causes the sale to fall through as many on here claim it did for them because they wouldn’t stand over their offers, then the EA will regularly going through re-listing, new viewings, whole new bidding process. I am very confident the estate agencies very carefully monitor the amount of hours spent per sale as it would directly impact their fee structure. Sales falling through is an absolute disaster for them, getting them sold quickly and efficiently is much more important than eeking out a few extra quid.

There is no chance it can be economical for any estate agent to conduct business the way people are saying.

Donald Trump

https://www.boards.ie/discussion/comment/119873127#Comment_119873127

1) Next time he sells a similar house in that area, the benchmark for that area will be +10k

2) If the EA gets a reputation for getting the best prices for sellers, he will get the business in the first place.

It isn't about 150 Euro

HerrKuehn

https://www.boards.ie/discussion/comment/119875817#Comment_119875817

It really doesn't seem likely, as he would also potentially get a reputation for sales falling through the whole time. It is such a small amount of money, there is too much additional work involved for very little return.

I am a cash buyer, so I took the risk of selling first.

I got Sale Agreed on a renovated and extended cottage at the end of October. Renovation just completed this year, specifically for sale. Property hasn't been lived in and is vacant.

I since found out from my surveyor that extension does not have planning permission and will need retention. It should get it as the roof is no higher than original cottage roof and extension is at the rear. So it looks like its a formality.

However I am very frustrated as this will cause a 3/4 month delay. The advantage of being a cash buyer is hoping to get sale to close without delays. Now there is a delay. Is it common to put up a newly renovated property for sale with no planning permission, should EA not have to check this first before listing? Its just something I hadn't come across before....... thanks

Royale with Cheese

I put a bid in on a house at the very start of the summer, but then decided against it and left others to fight over it. I went to view another house on the same road at the end of the summer also sold by the same estate agent and was told the sale of the original house was about to fall through because the vendor never actually had permission to sell the house in the first place. It seems the ex husband found out and put a stop to the whole thing, only came to light when the solicitors got involved. Some absolute idiots out there.

MrMusician18

https://www.boards.ie/discussion/comment/119870484#Comment_119870484

Auctioneera is an absolute cod. It's all the pressure of a real auction without the obligation of the follow through - it's a recipe for bad faith bidding.

Bluefoam

https://www.boards.ie/discussion/comment/119876066#Comment_119876066

1. You are not a cash buyer until you have the cash

2. You put up an extension without planning and now you're trying to blame the estate agent... You did that, legally it's your fault, also if it is not built to regulation and there is a problem in the future you could have a legal liability. Stop blaming others for problems you caused.

pinksoir

I actively avoid Auctioneera listings. The couple of viewings I went to the agent was forcing the bidding number card thing into my hand even though I had expressed no interest in the property. In one case I was heading out the door of a busy viewing and he followed me out to give me the card.

Why is this bad? Well, it creates a feeling of urgency for those that are interested by making it seem like there's more competition than there likely is.

It's also feels, like mentioned above, more like an eBay auction, complete with last minute sniping. But it's not an auction, and thus bids are not binding. So you get craziness going on in terms of bidding wars that may or may not be genuinely reflective of bidders' real convictions as there's no protections against bad faith bidding. I'm entirely unsurprised that some of the worst bidding wars, and subsequent insane sale agreed prices, I've seen have been Auctioneera listings.

I genuinely can't believe it's legal, as I believe genuine property auction bids are binding. It feels like it's exploiting a loophole (or more likely flaunting soft regulation) by having a timed auction format.

SAMTALK

https://www.boards.ie/discussion/comment/119876387#Comment_119876387

i think you might have misread her/his post !

https://www.boards.ie/discussion/comment/119876387#Comment_119876387

I think you need to go to Specsavers.

redsheeps

October update. As always, this is just one set of data so interpret carefully.

Brock Turnpike

https://www.boards.ie/discussion/comment/119876387#Comment_119876387

Throw up an apology there as your next post.

markodaly

Still new supply coming on stream, which I find surprising given the time of year and all. Stuff is still selling but from the grapevine, I'm hearing that it's getting harder for EAs to get contracts signed and get those deposits on the books.

Lots of caution out there at the moment and many people are perhaps not willing to jump in as they did even 6 months ago.

ballyharpat

https://www.boards.ie/discussion/comment/119875817#Comment_119875817

If an estate agent gets a name for that, hes going to lose a lot more than e150, it's really not worth it. I've bought 6 houses, 2 from the same agent, Ive become friends with him since, I'm also friends with other agents that I have spolen to about a property they had for sale, or one that I was buying. Ive yet to see anything resembling the kind of complicated fake bids going on.

Ive bought from incompetent auctioneers, where I had to get a friend (auctioneer) to ring them, even to get a viewing from them. I've had a deposit taken for a house when I've found out that the house was no longer his listing. I've had buyers ask for 10k more the morning of close, I've had buyers hold off for 3 months to sign, because they wanted the bank to knock e700 off their debt (foreclosure).

But these are just down to incompetence on the part of the auctioneer, or silliness on the part of the seller-other than the auctioneer that took my deposit lol.

jimmybobbyschweiz

https://www.boards.ie/discussion/comment/119872355#Comment_119872355

Bit of a bump again; 434 in Dublin city now. Seems to have been a few dozen new rental ads added the last two days. One to watch for sure.

https://www.boards.ie/discussion/comment/119876387#Comment_119876387

What are you talking about?

I AM a cash buyer. My house sale closed last week and the money is in my bank account.

I am Sale Agreed on a property I want to buy. I DID NOT put on any extension, the vendors did that......without planning permission! Maybe read the post before you jump down my throat. And maybe apologise when you get it wrong, your bitterness shows through.

enricoh

https://www.boards.ie/discussion/comment/119876730#Comment_119876730

An estate agent I know in commuter town has said it's increasingly difficult to shift houses now. Consumer confidence gone altogether. Trying to shift 3 beds in a new estate and having no joy.

Said builders are only going to build social housing in future, deal done with council/ charities before anything starts. Everything else too risky now.

WhiteWalls

People aren't getting into ridiculous bidding wars but decent properties that are ready for occupation are still being snapped up for big money

maninasia

https://www.boards.ie/discussion/comment/119879563#Comment_119879563

Depends on the town doesn't it.

Headless_1916

https://www.boards.ie/discussion/comment/119876066#Comment_119876066

Just a note that 3-4 months is a pipe dream given the situation today when it comes to the planning board. My wife and I have been at sale agreed stage on a property since May of this year on a property that has been waiting on the board to meet and rubber stamp retention for sheds that have been on site for 10+ years and are completely innocuous (rural property, sheds not even visible from anywhere outside of the property).

Retention was filed for in January.

First, they said it would be ruled on in June. Then they said September. Then they said October. Then they said November. Now they say 'soon, but we can't tell you any date specifically' even though the statute states that if they don't make the ruling within the timeframe allotted (now long since past), they legally must give out a new date for the ruling. Note that the chairman and vice chairman of the board just stepped down amidst accusations of wrongdoing.

In short, An Bord Pleanála is basically broken in its current state and if you need to wait on planning permission for anything expect to be waiting until the end of next f*ng year if you kick off the process at this point. Plan accordingly.

Just a note though...if you're a cash buyer, you don't have to wait for planning retention to come through. You can just buy the place. I wish I was a cash buyer, I'd have paid the cash and we'd have moved into the house months ago...but since we're relying on BOI for a mortgage, we cannot close the sale without the planning retention being approved because of BOI's requirements around the mortgage.

thanks Headless, that's a nightmare for you. Yes luckily I am a cash buyer and I know I can go ahead. BUT my Solicitor is strongly advising that I get the vendor to sort this out. So I am trying to get occupancy on a "caretaker" agreement soon and pay nominal rent but sale won't close until retention is got.

what county are you in? I am buying in Kerry.

Large bottle small glass

House sales, in particular how they are dealt with by professionals have changed a lot since the last boom/bust.

Lots of solicitors and engineers have gotten sued for not carrying out proper checks; if as a seller you don't have your house prepared properly for sale, there will be delays and maybe it'll fall through.

I used a very pernickety solicitor and asked him what would he want to know if he was acting for buyer and to proceed as such.

Things like mapping, deeds, planning, spousal consent, tenancy termination all have to be sorted prior to going sale agreed if you want a smooth sale.

I sold in Cork recently which has a particular problem with subsidence. It is typically caused by a water leak in water supply or drainage system (which will wash away the fine materials under your foundations over time) and most engineers will recommend a drains survey to cover themselves. Rather than being told at contract stage that I had a leak (and would then be under time pressure to fix it or sale fall through) I got survey done before house was put up for sale.

There was a mapping query, in spite of a very recent survey by a very well known surveyor, but dealt with immediately.

Where people are nervy your best bet is to be up front and get everything out in the open.

Bluefoam

I was buying a house three years ago... Had gone through the full process and was sitting in the solicitors office, having signed the final documents... As part of my own mini celebration, I asked to see the land registry map... There was a parcel of the back garden missing.... The two pieces of property had been transferred together for decades, but sometime in the 1970s one parcel was not transferred... The house had been bought and sold 5 times since then each time the solicitors had failed to pay attention to the folio. Turns out that because I noticed the problem, that I couldn't purchase the house, bank wouldn't stand over the mortgage (as it would not be secure) and as far as I know the house has remained in limbo since and still has not been sold... Just goes to show that between estate agents and solicitors they don't give a **** what they are doing, they push things through and only care about the payday...

I did spend some time trying to track down the person who still owned the bit of land (a few m/sq) but they weren't traceable by my means... I looked into squatters rights, but that went nowhere... Ultimately it cost me almost a year of my life. But it highlights the incompetence of the professionals we put our trust in.

With regard to estate agents, I had some dealings with some of them that would make your stomach turn...