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Estate Agent At It?


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Yes. Why do you ask? You aren't the ghost bidder are you? :lol:

i just want to avoid the same problems with EAs in town as well, made a bid a few weeks ago on a house and im just wondering maybe how truthful they were on the phone. Who woud you rank as best to deal with? i have had limited dealings with them to be honest, but i did hear that donnnybrook and daniel henry have been known to have 'magic bidders' appear out of nowhere on houses that have been on market for a good while. Id say they all be at it to an extent, but itd be nce to have an honest one! Have you ever dealt with oakland?

PS and no it is not me that bid on your house!

Edited by OptimusSubPrime
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I would support the punishment strategy in a declining market;

1. Mysterious offer appears

2. Withdraw

3. When they phone you back to say the other 'offer' has fallen through, offer a lower price than you offered before.

Its the right and proper thing to do in a free market as you are now aware of the sellers/EAs weaknesses. I did it when I purchased in 1990, the EAs face was a picture but we got the house, a repo that had been vacant for a year.

If you are fighting a real cash buyer, they are obviously stupid and will keep bidding, best to back out now.

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I would support the punishment strategy in a declining market;

1. Mysterious offer appears

2. Withdraw

3. When they phone you back to say the other 'offer' has fallen through, offer a lower price than you offered before.

Its the right and proper thing to do in a free market as you are now aware of the sellers/EAs weaknesses. I did it when I purchased in 1990, the EAs face was a picture but we got the house, a repo that had been vacant for a year.

If you are fighting a real cash buyer, they are obviously stupid and will keep bidding, best to back out now.

They rang me back asking what i wanted to do. I told them there is now way i'll pay asking price. I told them to ring me back if the lastest offer falls through. Im in no rush to buy anyway

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This is my story:

I'm from NI but I've been living in Scotland for the last 5 years.

I've been on this site (one name or another) for 5 1/2 years and watched the madness and the chaos from afar.

Recently, I like a lot of you have been looking at places - most being vastly overpriced.

However, just before Christmas I saw a few properties in Derry (or Londonderry if you like) that were at "realistic" prices. Sort of between 60-70% off peak prices.

Anyway, I saw a place for sale for o/o about £50-60k. 2 Bed flat in a block. nice interior and good size. Rents for about £500/month

At the peak it could have sold for £150k+.

Repossession and are 2 few others for sale in the same place at the same price.

I put an offer in last Friday and had to wait 7 days for a public notice to be put in and the seller (bank) agree to the sale.

I am able to buy this place with cash - no mortgage required - which I thought would help me.

Anyway - today was the day that I would find out if I "won" it or not.

I call the EA and ask what the story is at about 2pm.

I'm informed that there is another bidder and I was asked if I wanted to up my offer.

I give it a think and when they call back (30 mins. later) I inform them that I am going to offer what I had offered before.

I get a further call later in the day - around 4.20pm telling me that the other bidder has bid more and do I want to increase me offer - I again repeat my offer and tell them that they can take it or leave it. The EA (who is very personably and I doubt that she is up to the shinnanegans) says that this is the first time that it has happened.

The other bid and mine are going to the company and the flat is still up for sale until contracts are exchanged.

I'm a bit pissed as I thought that after the 7 days of public notice - I'd either get it or not get it.

Instead, the seller thinks that they can squeeze more money from me or the other bidder.

I'm happy to lose it - there are another 2 for sale at the same price in the place - no offers on them.

There are other places to buy and prices will probably just continue to fall.

There will be more repossessions coming up for sale in the next few months - and especially if rates rise - cash will be king.

It's a but frustrating - but no damage done.

What do you guys think?

Phantom-bidder?

Bull$hit from EA / Bank

or a genuine bidder?

:(

With repossessions, banks are under obligation to get - or to be seen to get the best price they can for the property - hence the 7 day notice. It's a public notice in the local paper but it means that any Tom Dick or Harry that sees it knows what's been offered. As you are the original offerer you ought to be given the opportunity to just match the existing offer.

Repossessions are more likely to see multiple offers as the banks have no desire to keep them and are marketing them for rock bottom prices to get them shifted inside six weeks.

Further to an earlier post, an agent in English Law (sorry don't know for NI) is under legal obligation (Estate Agents Act 1979) to give all offers in writing to the vendor.

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Pajd,

There must be a lot of cash buyers slushing around in Derry.

Just noticed 12 houses in Derry have gone sale agreed on property pal.

wonder how many of those will still be listed in 12 months?

Two houses i was watching but not interested in (i wouldn't go that high for a house like that) have gone sale agreed today.

How long does it take between 'sale agreed' to 'sold'? Depends on the solicitor etc?

Im only asking because i was watching another house from around September and its still showing as sale agreed since then. Maybe they just haven't updated the EA website?

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With repossessions, banks are under obligation to get - or to be seen to get the best price they can for the property - hence the 7 day notice. It's a public notice in the local paper but it means that any Tom Dick or Harry that sees it knows what's been offered. As you are the original offerer you ought to be given the opportunity to just match the existing offer.

Repossessions are more likely to see multiple offers as the banks have no desire to keep them and are marketing them for rock bottom prices to get them shifted inside six weeks.

Further to an earlier post, an agent in English Law (sorry don't know for NI) is under legal obligation (Estate Agents Act 1979) to give all offers in writing to the vendor.

Yeah - I think I was very lucky when buying my repo - the agents were pretty good - they actually went as far as saying that they would not be actively marketing it after my offer was accepted - although they did place the advert inviting higher offers I suspect this was only because they (or the mortgagee in possession) are legally required to do so.

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Two houses i was watching but not interested in (i wouldn't go that high for a house like that) have gone sale agreed today.

How long does it take between 'sale agreed' to 'sold'? Depends on the solicitor etc?

Im only asking because i was watching another house from around September and its still showing as sale agreed since then. Maybe they just haven't updated the EA website?

depends on your solicitor. most solicitors seem to think it takes around 6-8 weeks to process a house purchase/sale. its complete rubbish, if you have a good solicitor you can get it done in 3 weeks (provided there is not much wrong with the legal docs, too many docs missing etc).

if its been sale agreed since sept, its more than likely fallen through.

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Just looking at the last 30 or so houses we have sold. Completion on average takes 4 months, with the shortest taking 1.5 months. All our legals are handed on a plate to the purchasing Solicitors and unless they are the first few purchasers on a development there are very few queries. Whilst some houses are left without kitchens - for the purchasers choice (which takes 4 to 6 weeks to make and install) the big delay is finalising the mortgage offer. from start to finish this can take 2 months and yes this can be delayed by sloppy Solicitors.

With one off houses you will find that the legals are not complete as the vendors Solicitor will not want to update the property searches until they have a buyer, so it could take longer. I would think that 4 to 5 months would be quite normal.

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  • 440 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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