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Estate Agent Selling Scenarios

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I've seen a number of posts lately along the lines of:

Went to view a house

Liked the house

Asking price is 250K

We think it's worth 200K

Estate agent tells me they have rejected an offer of 240K.

I think we might offer 245,

I'd say this is common practise.

I'd like this thread pinned so we can record E.A. selling strategies/bull***t that they come out with in various scenarios.

Anyone got any other E.A. "strategies"for coning you out of your hard earned cash ?

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"I'm thinking of buying it myself."

"There's another buyer viewing it again this afternoon - he's going to offer near asking."

"They've spent x,000 over the last few years on it."

"If you want us to take it off the market, offer just over asking and that should seal it."

"You're one of the very first to view this."

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Too many to mention. They will use any trick you could possibly think of.

One from personal experience is the creation of fictitious offers. You make an offer then all of a sudden there is another offer on the table higher than yours and do you want to increase. No is the answer! I won't bid against anyone. Especially myself!

Best thing to do is assume everything they say is a lie until proven otherwise.

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Also there's has been an awful lot of interest in this property you need to view straight away!

Didn't view. And 4 months on still on the Market with a reduced price. :lol:

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I don't doubt that it goes on, which is a shame to have to admit, not everyone will know that under the 1979 Estate Agents Act, inventing an offer is against the law. EAs, of course, should.

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Me: "The house is £380k, that's way above my budget of £300k"

EA: "I think they might accept £300k. Why don't you offer."

Me: "Why are they asking £380k if they'll accept £300k?"

EA: "You should try"

Me: "OK. I'll offer £300k"

EA: "Oh, sorry, they've turned it down. Oh well, never mind."

A week later the house goes under offer.

Suspected reason: Estate Agents are using me to drum up business with other potential buyers. Or they are using me to soften up their seller.

Either way, I feel used, and am no longer putting in low offers. From now on, if the Estate Agents want me to put an offer in they will have to lower the asking price first.

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Me: "The house is £380k, that's way above my budget of £300k"

EA: "I think they might accept £300k. Why don't you offer."

Me: "Why are they asking £380k if they'll accept £300k?"

EA: "You should try"

Me: "OK. I'll offer £300k"

EA: "Oh, sorry, they've turned it down. Oh well, never mind."

A week later the house goes under offer.

Suspected reason: Estate Agents are using me to drum up business with other potential buyers. Or they are using me to soften up their seller.

Either way, I feel used, and am no longer putting in low offers. From now on, if the Estate Agents want me to put an offer in they will have to lower the asking price first.

Face

Nose

Spite

Off

Cut

To

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I've seen a number of posts lately along the lines of:

Went to view a house

Liked the house

Asking price is 250K

We think it's worth 200K

Estate agent tells me they have rejected an offer of 240K.

I think we might offer 245,

I'd say this is common practise.

I'd like this thread pinned so we can record E.A. selling strategies/bull***t that they come out with in various scenarios.

Anyone got any other E.A. "strategies"for coning you out of your hard earned cash ?

well i viewed a house the other day needed shed loads of work put a low offer in the owner said no and has increased the price by 20k !

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Too many to mention. They will use any trick you could possibly think of.

One from personal experience is the creation of fictitious offers. You make an offer then all of a sudden there is another offer on the table higher than yours and do you want to increase. No is the answer! I won't bid against anyone. Especially myself!

Best thing to do is assume everything they say is a lie until proven otherwise.

That is a criminal offence, but one for which they are famed but rarely caught! Another strategy is to ensure you view whe n someone else is viewing. It gives the false impression that there are many willing purchasers about to make an offer. In most cases, a house only has one offer at any time and sometimes none for many weeks and months. Another viewer may be ahouse tourist or on their first viewing or just looking to make a comparison, or not ready to buy but looking about anyway. Who knows? Not even the EA!

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My gf and I offered on a property about 10 weeks ago. Our offer was rejected and we refused to increase. The EA phoned on Monday to say that the vendor had decided to accept our offer as they no longer wanted to wait for "the fair price" and were happy to "give us a bargain" as they needed to move to a larger house.

I said that the offer no longer stood as better properties had come onto the market at similar prices. EA response...... silence..... :lol:

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One strategy many espoused here a couple of years ago, was to make a low offer, and when rejected, inform the EA the offer would drop by x every week/day.

course, if your not interested, dont make an offer at all. Or even if your are interested...

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I've seen a number of posts lately along the lines of:

Went to view a house

Liked the house

Asking price is 250K

We think it's worth 200K

Estate agent tells me they have rejected an offer of 240K.

I think we might offer 245,

I'd say this is common practise.

I'd like this thread pinned so we can record E.A. selling strategies/bull***t that they come out with in various scenarios.

Anyone got any other E.A. "strategies"for coning you out of your hard earned cash ?

When I was in work and a couple of years ago I went to see a place for the second time with, naturally, a lower than asking price to offer the Estate agent told me that they had that VERY morning received an offer on the place. The vendor had rejected. I asked the EA what was the value, but she wouldn't say. when I then said was it in the region of £X-thousand she kind of confirmed it. I then asked if the vendor had rejected it immediately to which she replied 'yes'.

At this point I just said :

Well I won't waste your time because I not going to get into a bidding war nor am I going to offer anywhere close to that.

I then headed for the exit but I still remember the look of shock on the EAs face. :)

The place did sell a few months later fore jsut a few thousand under the asking price. Happily another very similar property came up for sale on the same street. Its asking price much lower than the one I was interested in.

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One strategy many espoused here a couple of years ago, was to make a low offer, and when rejected, inform the EA the offer would drop by x every week/day.

course, if your not interested, dont make an offer at all. Or even if your are interested...

Absolutely a good tactic. Don't forget buyers have just as much power if not more, they have the cash!!!

So put in an offer, and if you start to get the runaround then tell the EA that your offer reduces by X per day/week or whatever or is timebound and you will not be offering again, but don't just stop there. Tell them you will be writing to the owner of the house too in the next couple of days just so they are clear on the offer and how it's reducing or timebound as you don't want confusion. Of course there isn't confusion, but the EA, if trying to play you, is not going to look good to the seller now are they ;) Adding the 'I'll write in a couple of days' gives a lying EA an exit route, which is important for a deal to work.

You have more power in a negotiation than you think, and the poster who just walked away when the EA approached again later is showing this. For some reason most people seem to buckle and give ground, same with car dealers and any good salesmen. It's all a game.

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" OK, Kirstie, I'll relay your offer of £50K over the asking to the vendor. Fingers crossed, Phil. I think I can swing this for you two".

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Me: "The house is £380k, that's way above my budget of £300k"

EA: "I think they might accept £300k. Why don't you offer."

Me: "Why are they asking £380k if they'll accept £300k?"

EA: "You should try"

Me: "OK. I'll offer £300k"

EA: "Oh, sorry, they've turned it down. Oh well, never mind."

A week later the house goes under offer.

Suspected reason: Estate Agents are using me to drum up business with other potential buyers. Or they are using me to soften up their seller.

Either way, I feel used, and am no longer putting in low offers. From now on, if the Estate Agents want me to put an offer in they will have to lower the asking price first.

Don't tell me....

Farnham.

Andrew Lodge.

Absolute ringer for their tactics. Every single fecking time.

Observed by us on numerous occasions, and even confirmed by one of their own staff, who'd had waaaay too many sherbets one Christmas party last year :lol:

Or are their plenty of other lying, conniving, effing weasels out there in EA-land, who just happen to fit exactly the same description? (Along with "errr, we've had a lot of interest on that one..." the second they pick up the phone - before you've even told them which property you're calling about!!!) :blink:

B@stards. The lot of them. I truly hope there are some searing and painful bankruptcies in the sector this time round. It's no more than they richly deserve....

B

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B@stards. The lot of them. I truly hope there are some searing and painful bankruptcies in the sector this time round. It's no more than they richly deserve....

B

I don't see anything wrong with an EA encouraging you to put in a low-ball offer. It's not as if it's costing you anything, and it sends the signal to the seller about where the market is. If you feel used because of this then I suggest you never leave your parents home. :lol:

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Don't tell me....

Farnham.

Andrew Lodge.

Absolute ringer for their tactics. Every single fecking time.

Observed by us on numerous occasions, and even confirmed by one of their own staff, who'd had waaaay too many sherbets one Christmas party last year :lol:

Or are their plenty of other lying, conniving, effing weasels out there in EA-land, who just happen to fit exactly the same description? (Along with "errr, we've had a lot of interest on that one..." the second they pick up the phone - before you've even told them which property you're calling about!!!) :blink:

B@stards. The lot of them. I truly hope there are some searing and painful bankruptcies in the sector this time round. It's no more than they richly deserve....

B

Its their job...they are paid by the Vendor to get the best price.

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I don't see anything wrong with an EA encouraging you to put in a low-ball offer. It's not as if it's costing you anything, and it sends the signal to the seller about where the market is. If you feel used because of this then I suggest you never leave your parents home. :lol:

Not costing us anything? Eh? If I spend an hour looking round a house, two hours discussing the house with the missus, an hour doing the maths, and all on the premise that the agent believes that the vendor will accept a low offer when he knows that this is blatantly not true, then I would say that's a pretty dirty, dishonest game the EA is playing.

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The whole "someone elsehas already put in an offer" line seems quite common then.

It's happened to me most times I have viewed a house.

People(sheeple) seem to take them at face value and believe them though.

Can you ask for them to put the list of offers in writing ? :lol::lol::lol:

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How to do it in Future:

EA : Yes it's fantastic value at £x thousand pounds. We have already had an offer the client has rejected.

You: Well I think it's worth £x thousand; please communicate my offer.

EA : OK

Hours later.....

EA : They have turned down your offer, plus the other party has offered closer to their asking price. You could still get it if you offer 2% below their asking price.

You : OK here is my next offer x - 35%. Please communicate it.

EA : errrr.

It really doesn't matter, if they have another offer then let them be suckered into it. The only way to cause house prices to lower is to offer them less money than the over inflated opinion of the EA, who have no special training to make them the arbiters of the value of non-liquid assets.

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How to do it in Future:

EA : Yes it's fantastic value at £x thousand pounds. We have already had an offer the client has rejected.

You: Well I think it's worth £x thousand; please communicate my offer.

EA : OK

Hours later.....

EA : They have turned down your offer, plus the other party has offered closer to their asking price. You could still get it if you offer 2% below their asking price.

You : OK here is my next offer x - 35%. Please communicate it.

EA : errrr.

It really doesn't matter, if they have another offer then let them be suckered into it. The only way to cause house prices to lower is to offer them less money than the over inflated opinion of the EA, who have no special training to make them the arbiters of the value of non-liquid assets.

Quite right,...I'd come back with:

"Well, I've researched the local housing market extensively and that's what I think is a reasonable offer. My offer will remain valid for 1 month at which point I will review the local market and in all likelyhood remove the offer or decrease it. I suggest you relay that information to vendor, if they wish to accept my more that generous offer then please get in touch. Also, please put in writing my offer to both myself and the vendor. Thanks you. Goodbye".

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Me: "The house is £380k, that's way above my budget of £300k"

EA: "I think they might accept £300k. Why don't you offer."

Me: "Why are they asking £380k if they'll accept £300k?"

EA: "You should try"

Me: "OK. I'll offer £300k"

EA: "Oh, sorry, they've turned it down. Oh well, never mind."

A week later the house goes under offer.

Suspected reason: Estate Agents are using me to drum up business with other potential buyers. Or they are using me to soften up their seller.

Either way, I feel used, and am no longer putting in low offers. From now on, if the Estate Agents want me to put an offer in they will have to lower the asking price first.

Agents are doing disgusting tricks at the moment.

They are getting buyers to submit offers to soften vendors to show them the property is overpriced.

The worst is when an EA makes a buyer agree a price that the EA knows is way overpriced and gets the buyer to pay for mortgage arrangement fees, solicitor fees. and surveyor fees. They use the surveyor valuations (they usually do it a few times) to get the vendor to finally lower their price, making buyers waste thousands of pounds.

Another couple of great EA lies are:-

Get a phone call out of the blue (I get 5 of these a week)

I am phoning you about a house we have been just instructed on, but not yet marketing, you must view it now before others find out about it as it is a buyer.

On viewing a house

You must rush with this one, we have already had offers near the asking price (6 months later still in the market)

Whatever the EA says it is a lie. If a property is a bargain, they will sell it to a friend and get a kickback.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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