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Guest crashdesk

New Offer Been Put In On House I Like

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Guest crashdesk

Hi,

I haven't posted in a while, but I just received a phone call from an estate agent keeping me informed on a property I was/am interested in. Here is a summary of the story so far (I don't want to give out any details on the exact property).

1. The house is priced at £151,000

2. I put an initial offer of £130,000 3 months ago(my first ever offer on a house). This was rejected immediately

3. I then put in an offer of £140,000 (stupid me). This was rejected after a few days

4. Now someone else has put in my initial offer and it's been accepted and I assume they want me to get into a bidding war

5. The house hasn't come down in price and I think my offer was really good. I think the estate agent told them to hold off, but now it's been on for a few months they want to get thing srolling again. I don't want to get sucked into this and am in a very good position with me being a FTB and have mortgage agreed in principle.

Any advice?

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Guest crashdesk

Is it true that estate agents have to declare all offers in a book and if so, who's to say that they are real offers?

I have been looking for a house for the last 5 months and have to say that my experience of all estate agents and their representatives have left a lot to be desired. If I wasn't so thick skinned, I would have been put off on my first encounter.

Thanks for your opinion!

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Is it true that estate agents have to declare all offers in a book and if so, who's to say that they are real offers?

I have been looking for a house for the last 5 months and have to say that my experience of all estate agents and their representatives have left a lot to be desired. If I wasn't so thick skinned, I would have been put off on my first encounter.

Thanks for your opinion!

There more and more laws and less and less people follow them!

My approach would be to put in a offer of £120K in lieu of your chain free status. They have had 2 apparent offers at that level or they are lying, either way they were stupid to turn down your first offer. You are in power and should punish them with a lower offer, unless you have already decided you have to have the house in which case you not in much of a negotiating position.

There are plenty of houses to go around. I do think things have stagnated a bit and price drops seem to have levelled off on my information collecting, but the next events have not yet unfolded, still plenty more drops have to occur to restore sales and normality to the market, now that credit has been reduced.

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You are in power and should punish them with a lower offer,

I still can't get my head around this approach to buying anything, never mind a house.

Them, us, screw the b@stared for what you can get, they deserve to be punished. Jesus no wonder NI's the way it is.

I've been in business for myself going on 10 odd years and have never taken this approach. Dealt with plenty of people like that but it ain't for me.

crashdesk, you can put a valid case to the estate agent why you think the offer should be less than you previously offered. There's enough info on here to support your case.

If you've looked at other properties with the same EA try putting an offer in to show your serious about buying, make them aware your putting offers on other properties with different EA' from a shortlist you have. Might just give them the motavation they need.

Edited by statinstoinker

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My approach would be to put in a offer of £120K in lieu of your chain free status.

Ditto to that sentiment. But definitely don't bid above your original offer - as much out of principle!

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Them, us, screw the b@stared for what you can get, they deserve to be punished.

If you are being messed around by an estate agent or vendor what do you do?

What is fair market value of property now the credit bubble is gone?

When I enter the market again - I will be ignoring asking prices and estate agents valuations. I will find several properties I like with several estate agents. Then I will place offers of rateable value minus a percentage, depending upon my valuation of the market due to economic conditions. I will make it clear that these are temporary offers and will be withdrawn after 1 month.

If I get no interest in my offers my plan is simple. I will wait. No need to rush into a falling market.

After 6 months or maybe a year I will repeat the process. I have no real need to buy.

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I personally would not put any offer whatsover on any huse unless I know how much the current owner paid for it last time, so I can establish a proper current value based on that and past price inflation/deflation.

Who is not to say that the 150K asked for is not way overpriced to start with? If that house was sold in 2007 for, say 125K, then they are trying to rip you off.

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Statin - I can only assume you have never come across the EAs that I have. I've been treated as invisible, insane,an idiot who cannot understand market forces, You name it I've been called it. I have visited EAs across NI and only one treated me as a potential customer and were polite. I don't honestly think I've been made an exception judging by the stories on here. When the market was in bubble territory they abused their position of power - for some reason they still carry this on. It won't be till customers start going to the vendors direct to get a response that they will wake up.

I'm sure your right. IMO EA's need training in customer service.

I would not tolerate ignorant condescending people no matter what business there in.

How many would be buyers have reported the condescending employee to head office, manager, proprietor or dropped them down a peg or two in the office?

If a lot have had the same experience as you, why not start an Estate agency and focus more on customer service than the competition. If your experiences are common it sounds to me that it would be a very successful business. No better time to start, transaction levels can only go up.

Edited by statinstoinker

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Statin - I can only assume you have never come across the EAs that I have. I've been treated as invisible, insane,an idiot who cannot understand market forces, You name it I've been called it. I have visited EAs across NI and only one treated me as a potential customer and were polite. I don't honestly think I've been made an exception judging by the stories on here. When the market was in bubble territory they abused their position of power - for some reason they still carry this on. It won't be till customers start going to the vendors direct to get a response that they will wake up.

+1! Is it because I is blonde and female? ;) If I hear those words, 'oh you'll NEVER be able to afford a house like that in that type of area' again....lol!

My favourite was a discussion I had with an EA at shopping centre in SE Belfast who said to me this time last year, 'if you wait till next year to buy prices will be up again, but i'd don't have a chrystal ball'.... no sh1t! this was his response after I gave him the economic indicators to suggest that house prices would continue to fall........ but what do I know. :lol:

I have rung up 2 separate EA in the last 5 months to ask if there was any offers on 2 properties. Both EA told me there were offers on at the asking price (hughly overvalued) and when I ask if the offers were subject to sale, they said 'err no'!!! BUT still those properties have not gone sale agreed! Wondered why they were so desperate to get me out to view them since they were so popular ;) After my experiences with a few I don't trust a word they say!

Also a colleague of mine just got gazumped by an EA in Newtownabbey, something like £3k! They were left homeless for 3k! :( Have heard very bad stories recently about some sharp practice going on :angry:

Edited by sophia

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I have rung up 2 separate EA in the last 5 months to ask if there was any offers on 2 properties. Both EA told me there were offers on at the asking price (hughly overvalued) and when I ask if the offers were subject to sale, they said 'err no'!!! BUT still those properties have not gone sale agreed! Wondered why they were so desperate to get me out to view them since they were so popular ;) After my experiences with a few I don't trust a word they say!

There are currently no offers on the property. I do not feel at this stage the the vendor would consider an offer of £250,000 as they have quite recently turned down an offer of £280,000.

- recent reply from EA . how does that work?!

anyway offered 250 regardless. up for rent now. lol

im so bored with bt9 now i think ill just look towards fermanagh were i plan to build in a few years anyway

Edited by getdoon_weebobby

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I still can't get my head around this approach to buying anything, never mind a house.

Them, us, screw the b@stared for what you can get, they deserve to be punished. Jesus no wonder NI's the way it is.

I've been in business for myself going on 10 odd years and have never taken this approach. Dealt with plenty of people like that but it ain't for me.

crashdesk, you can put a valid case to the estate agent why you think the offer should be less than you previously offered. There's enough info on here to support your case.

If you've looked at other properties with the same EA try putting an offer in to show your serious about buying, make them aware your putting offers on other properties with different EA' from a shortlist you have. Might just give them the motavation they need.

I've been in business 20+ years and have always taken the approach that if someone pisses you around or is asking too much you need to send them a message and probably walk away. My work is not very personal though, its big business to big business, very cut throat, but I do value suppliers that are honest and provide a reliable service/materials at a consistently reasonable price (not necessarily the lowest). However I have found that even the best suppliers do tend to drift upwards in price unless they have real competition to keep them on their toes.

This is not a N.Ireland attitude I do business globally.

But regarding house buying, I kind of used it on my first purchase, after the EA created a bidding war against someone who out bid me and then could not pay, so having greater visibility on the market place I then put in a lower offer than my first. The EA laughed and said they would not accept, but phone back shortly to say the offer was accepted. Its nothing to do with screwing anyone, its free market negotiations.

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But regarding house buying, I kind of used it on my first purchase, after the EA created a bidding war against someone who out bid me and then could not pay, so having greater visibility on the market place I then put in a lower offer than my first. The EA laughed and said they would not accept, but phone back shortly to say the offer was accepted. Its nothing to do with screwing anyone, its free market negotiations.

Exactly the same thing happened to me years back with PJ and when I said that I would only pay my initial offer as the other offers were totally invalid they laughed, could have been false bids to find my top price for all I knew. Found a nicer cheaper place few months later so was for the better and have them on my s**t list of agents that I will use extreme prejudice with if I have to speak to them again as they have shown their true colours already.

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Guest crashdesk

The estate agent rand back on Friday. Two months ago they said the vendor wouldn't accept less than £140,000 and this latest offer was £130,000. Not wanting to get into a bidding war or trying to up my bid enough to gazump the other buyer, I just said to keep me posted and I wouldn't put in another offer at this time. Still looking at other properties and I do feel it is overpriced still. Why can't the EA or vendor see this? Crazy!

PS Sorry I'm so wet behind the ears, but in relation to Sophia's post, what does "offers were subject to sale" mean?

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Exactly the same thing happened to me years back with PJ and when I said that I would only pay my initial offer as the other offers were totally invalid they laughed, could have been false bids to find my top price for all I knew. Found a nicer cheaper place few months later so was for the better and have them on my s**t list of agents that I will use extreme prejudice with if I have to speak to them again as they have shown their true colours already.

Dont talk to me about PJ. I put in an offer of 130k for a house a couple of months ago, they called me back and told me this was too low as there was an offer of 145k on the same property. So I rang back a few weeks later out of curiosity and didnt give my name to see what the most recent offer was and they told me it was 130k. I then asked if any offers had been withdrawn and they said no, the only offer currently on the property was 130k.

So they told a pack of lies to try and bump the price up, my advice is to avoid them. They also plague me with calls, had 11 voice mails in one afternoon

Edited by crashbandicot

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The estate agent rand back on Friday. Two months ago they said the vendor wouldn't accept less than £140,000 and this latest offer was £130,000. Not wanting to get into a bidding war or trying to up my bid enough to gazump the other buyer, I just said to keep me posted and I wouldn't put in another offer at this time. Still looking at other properties and I do feel it is overpriced still. Why can't the EA or vendor see this? Crazy!

PS Sorry I'm so wet behind the ears, but in relation to Sophia's post, what does "offers were subject to sale" mean?

Subject to sale of their own house (at a ridiculous price) in order to fund the purchase.

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Dont talk to me about PJ. I put in an offer of 130k for a house a couple of months ago, they called me back and told me this was too low as there was an offer of 145k on the same property. So I rang back a few weeks later out of curiosity and didnt give my name to see what the most recent offer was and they told me it was 130k. I then asked if any offers had been withdrawn and they said no, the only offer currently on the property was 130k.

So they told a pack of lies to try and bump the price up, my advice is to avoid them. They also plague me with calls, had 11 voice mails in one afternoon

Good job mate! sounds like the basis of a complaint to the OFT.

This is really useful information, just to know they are still at it, b'stards.

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Just sit there and hold tight. They'll soon come back to you with open arms when they realise how good a position you are in and they can't get the price they want. It's a waiting game - mind over matter. Don't give in!!

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