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Estate Agent Problem

  • 16-04-2024 7:34pm
    #1
    Registered Users, Registered Users 2 Posts: 355 ✭✭bossdrum


    I viewed a house twice recently and rang the estate agent the following week with an offer of 10k under the asking price.

    I heard nothing back for a week so I rang again and was told there were no further offers. I told the estate agent I'll give the asking price if the house is taken off the market as he said he understood I wasn't going to start bidding against myself.

    I heard nothing back for over a week and now the property has gone off Daft.ie and marked sale agreed on the Estate Agent's website.

    All last week I tried ringing the Estate Agent on his mobile but my calls weren't answered. I managed to get through to the Estate Agent's office on Friday and was told that the Estate Agent was in hospital. He said he knows nothing about the sale but that it is sale agreed. There is only one Estate Agent in this business. The guy I was dealing with is the owner.

    Has anyone experienced anything like this before or have any advice? I know it's too late regarding buying the house but Estate Agents shouldn't be allowed to get away with stuff like this.



Comments

  • Posts: 0 [Deleted User]


    To me it reads like you gave him an ultimatum, you weren’t bidding any more in case you were bidding against yourself, and you wanted the property off the market if you bid asking, despite the fact that in sellers market properties often go far above asking.

    For future reference, EAs don’t decide to accept bids or take properties off the market, vendors do. If another buyer came in and offered above asking with the same conditions as you, that the house be taken off the market, I really don’t see why you have a problem, isn’t that exactly what you wanted the EA to do for you?



  • Registered Users, Registered Users 2 Posts: 3,384 ✭✭✭Kaisr Sose


    The converse of that is agent should have went back to 1st bidder (OP) to see if they would bid against someone else? Surely thats how they get max price for seller ?

    Post edited by Kaisr Sose on


  • Posts: 0 [Deleted User]


    Possibly, but read the op again.

    The op bid on condition that the property be taken off the market (ie no other bidders) , it would appear that another bidder had the same condition.

    And the op thinks the EA shouldn’t be able to get away with stuff like, accepting the same conditional bids from other buyers.

    You don’t see the hypocrisy in that?



  • Registered Users, Registered Users 2 Posts: 355 ✭✭bossdrum


    There were no other bids when I offered the asking price. There was no ultimatum given. He also hadn't come back to me as to whether any of my bids were accepted or turned down. He also said that he understood that I wasn't going to start bidding against myself.

    I'm amazed that anyone can think the Estate Agent was correct in not getting back to me to say another offer had been received in order to maximise the amount received for vendor.



  • Posts: 0 [Deleted User]


    Just a moment, this is what you said in the op:

    “I told the estate agent I'll give the asking price if the house is taken off the market ”.

    There is no doubt that this was intended to prevent other bids if you bid the asking price, and you wouldn’t bid the asking price if the EA/vendor didn’t agree to your condition.

    It would seem another buyer bid above you, with the same condition.

    Why would it be ok for you to have that condition, and not someone else?

    Post edited by [Deleted User] on


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  • Registered Users, Registered Users 2 Posts: 1,371 ✭✭✭herbalplants


    In this country, EAs walk like kings and we are expected to be treated badly by EAs and take it and make no comment , despite parting with lots of money on our purchase.

    There are good few EAs on the market who don't care about you as a buyer and funny part is there is no repercussions on them, they are not regulated or audited to see if they act in a transparent way.

    Remember the shills only get paid when you react to them.



  • Registered Users, Registered Users 2 Posts: 6,548 ✭✭✭Claw Hammer


    You showed yourself to be inexperienced and a messer. A week is a very short time for a vendor to consider a bid. Rining up asking about it is nuts. demanding a house be taken off the market is also nuts. You make a mid, which is accepted, "subject to contract". The EA only agrees not to actively market the property but is still obliged to pass on any bid received to the vendor, who can accept it and send back your booking deposit.

    The risk for any EA dealing with you is that you would be a time waster and would pull out of the deal because of something that should have been obvious from the start.



  • Registered Users, Registered Users 2 Posts: 746 ✭✭✭Kurooi


    What in your mind happened to oblige the EA and the owner to now sell exclusively to you? I mean you could say "I'll put another 10k if you call it sale agreed today" but you didn't. you didn't commit. you just asked them to commit. Taking a property off the market is a big signal they're not keen to do that until they know there is a real buyer on the hook. Next time if you're so keen get it confirmed that it's sale agreed and talk deposit.

    The only blunder on EA part is not informing you that there was a higher bid. That's stupid, you were obviously interested and eager, you were very likely to keep bidding. In that way, they potentially screwed their client over. And they don't care. An extra 10k is lots to the owner but the % commission off that is nothing to the EA. They just want the chunk. So that's very bad form.

    That has happened to me before, I bid on a property via email, they lost track of it, someone bid up and I found out later when I inquired about it they were quite rude and defensive. I forwarded them the emails, they apologized and let me put in a bid even though they were sale agreed. The specific EA in charge of the sale was pissed about it (me coming into their process again) but their office seem to have forced him to reopen it.



  • Registered Users, Registered Users 2 Posts: 47 Goldmark


    Did you ever hear of the Property Services Regulatory Authority



  • Registered Users, Registered Users 2 Posts: 1,371 ✭✭✭herbalplants


    From reading their reviews :

    "Another useless money making self unregulated set up. Mainly used by letting agents for a fake advertisment on their websites.
    They don't assist members of public or third party affected home owners subject to filthy operations by these so called paying 'memberships.'

    Some filthy cowboys and landlords you have on your list.
    You money making con job!"

    " Not fit for purpose, waste of space and taxpayers money"

    Should I expand further?

    Remember the shills only get paid when you react to them.



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  • Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    EAs work for the vendor, not the buyer.

    And contrary to what many people believe, a good EA balances the "max price" vs the "max likelihood of getting sold". I don't have an issue with conditional stuff like this (I've done it myself) but you need to be more clear.

    You didn't make an offer, you indicated a circumstance under which you would consider that. It might have been as simple as the EA calling you back saying "The vendor says if you offer asking+5k they'll accept immediately" and then you are done. However he went back to the vendor saying "OP says he'll offer X if you don't consider any more offers." … the vendor says "Did he actually offer X?" and the EA says "Not yet." so off they go.



  • Registered Users, Registered Users 2 Posts: 899 ✭✭✭SupaCat95


    That is just the old boys investigating their own nephews and nieces. Nothing would ever come of that. But a few years ago they were warning people not to be buying houses without an EA. Heaven forbid someone could sell a house without the services of an EA?



  • Registered Users, Registered Users 2 Posts: 355 ✭✭bossdrum


    Its no wonder Estate Agents act the way they do with apologists like you sticking up for them.

    I did make an offer, I got no response. I made another offer of the asking price and still got no response. Bare in mind I was the only offer. If he was acting in the interest of the vendor he would try and create a a bidding war.

    Why was he not answering my calls?

    I have since emailed him and he said he has been sick for a period of time which includes the time of my offer. Why is he telling lies now and not just say he got a higher bid?

    I would think it's fairly obvious that he favoured a certain buyer for whatever reason and that certainly wasn't acting in the interest of the vendor.

    In my initial post I didn't mention that during the viewing the Estate Agent told us of problems with the property and stating it would cost a lot to fix. I foolishly thought at the time he was being transparent and helpful.



  • Posts: 0 [Deleted User]


    Again, I think you are being hypocritical, your second offer was made on condition that the property be taken off the market (no other bids), but you are irked when another bidder would appear to have bid with a similar condition.

    Now you are insinuating that he lied about the need for repairs, surely you could see the issues he was referring to? That also makes the acceptance of the higher bid easier to understand/believe, if the property was going to need a lot of work, the vendor was going to grab any bid that reached level they were aiming for.

    You played a game with the EA/vendor, someone played it better, next time don’t put a condition on your bid, and check if you are giving off a vibe that you either don’t know what you are doing or a bit of a flakey bidder. That isn’t an apology for the EA, it’s simple advice, there are a lot more buyers out there than vendors.



  • Registered Users, Registered Users 2 Posts: 314 ✭✭carfinder


    Sounds like there is something else going on with that sale. The OP alleges that the EA told him/her that the property has problems that would cost a lot to fix. I'm thinking this could be an executor sale and the vendor maybe was not looking to sell at all but to get a "market price" agreeable to the beneficiaries and take it off market - I might be entirely wrong on that but something doesn't add up here



  • Posts: 0 [Deleted User]


    What difference would informing buyers of issues with the property make to the scenario you mention?
    If the problems are visible to buyers during viewing, might as well be transparent and get it out there rather than have someone go online and accuse the EA to trying to hide it.

    Bidders make conditional bids, it happens, the op did it and would have been happy if other bidders were unable to bid, and, would have been happy with the EA doing that if it worked in the op’s favour.



  • Registered Users, Registered Users 2 Posts: 314 ✭✭carfinder


    You're assuming that the intention of the vendor was to sell the property, I'm suggesting a possible alternative motive. A motive that might not wish to achieve the actual market value - if so, pointing out that the property would cost a lot to fix would certainly help to dampen market enthusiasm for the property - one that had received no other bids at the time of viewing … something doesn't add up!



  • Posts: 0 [Deleted User]


    I think most assume vendors who advertise their property for sale, intend to sell.

    In your scenario, why would a vendor want to dampen interest if they were trying to find a market value?

    Something does add up, there is another bidder, similar to the op, who bid more and had that bid accepted. In a couple of months the op will be able to check the PPR and this may all make sense.

    When you hear hooves, think horses, not zebras.



  • Registered Users, Registered Users 2 Posts: 314 ✭✭carfinder


    While you're thinking of horses and zebras, I'm thinking of inheritance tax



  • Posts: 0 [Deleted User]


    Why would they mark it sale agreed on both daft and the EA website, and the person the op spoke to in the office confirmed it was sale agreed, instead of just taking it down?

    There are probably hundreds to different scenarios/reasons which could explain why the op didn’t get the house, but Occam’s Razor applies.



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  • Registered Users, Registered Users 2 Posts: 1,623 ✭✭✭JVince


    Estate agent works for the seller.

    Part of the agent's remit is to find the best buyer. The best buyer is not always the highest bidder.

    Your approach to the agent was poor. Ultimatums to take it off the market do not go down well and would mark you out as a difficult customer and best avoided.



  • Registered Users, Registered Users 2 Posts: 314 ✭✭carfinder


    Sale agreed by the executor to one of the beneficiaries perhaps... the EA and the vendor know for sure, the rest of us are speculating. And I'm suggesting a possible scenario which you seem fairly exercised to discount for some reason.



  • Registered Users, Registered Users 2 Posts: 1,623 ✭✭✭JVince


    This post shows why the agent did not respond you.

    You seem to have a short fuse if things are not done to your bidding.

    Agent obviously sensed you would not be the ideal buyer



  • Registered Users, Registered Users 2 Posts: 630 ✭✭✭Meeoow


    My estate agent passed that message to me when I was selling. I was pretty insulted. Didn't accept offer or take house off the market. Why would a seller in a sellers market take their house off the market at your request without waiting to see if they get any better offers. They might well be buying another house, and need as much as they can get.



  • Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    "I told the estate agent I'll give the asking price if the house is taken off the market "

    "I made another offer of the asking price and still got no response."

    I know you think you made an offer, but the estate agent didn't think so and the vendor didn't think so. I think it's a fair thing to say in this situation, and in a different market can get results. But also sometimes can undermine your credibility.

    I do agree that it's weird that the agent didn't call you back, and the sick thing seems like an excuse, but you asked why estate agents should get away with this… you are the one who did the non-standard thing. Complain to the IAVI and the agent will say "this guy didn't make an offer at asking" and that's the end of the complaint.



  • Registered Users, Registered Users 2 Posts: 789 ✭✭✭GSBellew


    OP bid 10k under.

    Then OP said I will bid asking if taken off market, so OP showed their hand as asking price Maximum.

    Someone else bid more than the OP, no point going back to OP as they gave their ultimatum already, that is the way I read this.





  • that’s not how house buying works and any estate agents worth their salt knows this. If a bidders wants a house they will get carried away and max bid is thrown out the window.



  • Registered Users, Registered Users 2 Posts: 4,101 ✭✭✭spaceHopper


    When you phoned the office you were told that EA was in hospital, he's since told you he was ill for a period. So take that at face value, he had bigger problems than you. The owner my have put it on the market to get a value and sold or it might have been a divorce so they used you to set the price and bought out their ex. Anyway they told you they were sick so I think you are looking for wrong where it doesn't exist



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