Hullabaloo82 Posted May 2, 2016 Share Posted May 2, 2016 Have an EA coming to look at my house as a potential purchase today. Contacted us privately through a family member, absolutely desperate to get in and snap it up before it goes on the market. Clueless or do they know something we don't? None seem especially concerned about the way the winds are blowing (in my area at least) Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 2, 2016 Share Posted May 2, 2016 What area are you? Let us know when you get some more details. Quote Link to comment Share on other sites More sharing options...
Hullabaloo82 Posted May 2, 2016 Author Share Posted May 2, 2016 Not 100% comfortable giving too exact locations for personal reason but I live in a popular market town in a rural area of the wider West Midlands, just about within the Birmingham commuter catchment area. My wife and are I are preparing to put the house on the market in order to move somewhere bigger due to the impending arrival of our first child. Thinking about an STR now due to the current market uncertainty - I'm fairly certain there's a crash on the horizon and looks like it's coming sooner rather than later (well, to me it does anyway). Property is a small but nicely renovated 2 bed place in a n extremely popular (and, to be fair, extremely nice, area of town). Anyway, an acquaintance of a family member who is an EA found out about this and has through sheer persistence hassled our family member into getting us to let this person come and look at the place even though it's not on the market yet due to a couple of bits needing finishing and waiting for somewhere suitable to become available, Not sure if it's a BTL, surprised if not though. Seems crazy to me given the uncertainty at the moment which begs the question, either EAs are slow off the mark or their genuinely not concerned. I have to say the guy I'm talking to regarding the other side (ie buying our new place) is someone I trust (despite being an EA) and seems to be hinting that we'll need to move exceptionally quickly at the other end too. Don't know if this just means we're lucky with the area we own in or what. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 2, 2016 Share Posted May 2, 2016 I think, as crazy as prices are in some areas, there are people who look at the scale of the craziness in London and the SE and think that will be coming their way. Didn't the north have a big pop up in prices over 2006/07? Quote Link to comment Share on other sites More sharing options...
janch Posted May 2, 2016 Share Posted May 2, 2016 I had a similar experience with an EA seemingly desperate for business. I'm in Wilts by the way. I think it's because they don't have a lot of properties on their books to sell so will be straight round if there's a whiff of anything to sell before another agent gets wind of it. I got the hard sell of: "We can take the photos even if you're not ready to go on the market yet..then when you're ready there won't be any delay." etc etc... Quote Link to comment Share on other sites More sharing options...
Hullabaloo82 Posted May 2, 2016 Author Share Posted May 2, 2016 Just to clarify, this person is actually wanting to buy our house THEMSELVES (ie not just interested to see if they can flog it for us). But yes, have also had the Eas falling over themselves to undercut each other for the business. Because the market's so busy of course. Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted May 2, 2016 Share Posted May 2, 2016 They are sales agents paid by commission so yes they will tell you anything to get paid. If you tell them the markets going down as a seller they'll agree with you just to buy your business. Tell them it's going up and they'll agree with you too. Duplicitous is their middle name. .. Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted May 2, 2016 Share Posted May 2, 2016 Have an EA coming to look at my house as a potential purchase today. Contacted us privately through a family member, absolutely desperate to get in and snap it up before it goes on the market. Clueless or do they know something we don't? None seem especially concerned about the way the winds are blowing (in my area at least) It's an EAs job not to be concerned about the way the winds are blowing - you don't sell houses by telling everyone the market is going to crash. Your average EA is like a piece of plankton, riding the tide without a thought for anything except how the winds are blowing on that particular day, and at the end of it, he'll either get eaten by a whale, or survive to be eaten by a whale on another day. That's why the failure rate for EA businesses is so high in a downturn. Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted May 2, 2016 Share Posted May 2, 2016 Your average EA is like a piece of plankton :-D lol Quote Link to comment Share on other sites More sharing options...
Hullabaloo82 Posted May 2, 2016 Author Share Posted May 2, 2016 Just to clarify again, this is an EA wanting to buy my house to live in themselves so their enthusiasm is genuine not just sales patter. Makes we wonder if they really don't know what's up or if we're all getting a bit ahead of ourselves. Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted May 2, 2016 Share Posted May 2, 2016 Just to clarify again, this is an EA wanting to buy my house to live in themselves so their enthusiasm is genuine not just sales patter. Makes we wonder if they really don't know what's up or if we're all getting a bit ahead of ourselves. Genuine enthusiasm is easy to muster if you're a total fcukwit. I refer you to my previous post Quote Link to comment Share on other sites More sharing options...
Lifes a game Posted May 3, 2016 Share Posted May 3, 2016 (edited) Put them on a closed bidding and get them to bid against themselves, see how they like a taste of their own medicine Edited May 3, 2016 by Lifes a game Quote Link to comment Share on other sites More sharing options...
ccc Posted May 3, 2016 Share Posted May 3, 2016 The only reason they would do this is because they feel it will sell for more if put on the open market. Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted May 3, 2016 Share Posted May 3, 2016 Put them on a closed bidding and get them to bid against themselves, see how they like a taste of their own medicine Lol. Or arrange an appointment and then invite every other EA in town to come along at the same time Quote Link to comment Share on other sites More sharing options...
Byron Posted May 3, 2016 Share Posted May 3, 2016 Be very careful. Almost certainly they will want to buy it well below its value. Go and fly a kite, you cannot lose. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted May 3, 2016 Share Posted May 3, 2016 Just to clarify again, this is an EA wanting to buy my house to live in themselves so their enthusiasm is genuine not just sales patter. Makes we wonder if they really don't know what's up or if we're all getting a bit ahead of ourselves. maybe we're all wrong, it has happened.Can't you just keep it and rent it out? Quote Link to comment Share on other sites More sharing options...
CunningPlan Posted May 3, 2016 Share Posted May 3, 2016 I love the idea of an open house for EA's. Invite 20 of them along together and give them 30 seconds each to view. Show them who is in charge now Quote Link to comment Share on other sites More sharing options...
Hullabaloo82 Posted May 3, 2016 Author Share Posted May 3, 2016 To be honest, I have a price in mind. If I achieve that, the Mrs and me will come away with a 43% nominal gain (approx. 30% unindexed profit on disposal factoring in the money we've invested in the place). This person is aware of the EA asking price (which to be honest is at the kite flying end of our comfort zone) and seems keen (as does another potential buyer who's surfaced 'through the grapevine' today apparently). Maybe the interest indicates it is undervalued; I don't care to be honest, I'm more than comfortable if we achieve the price I've got in my head and we'll be well placed to get the bigger place we need as our family expands. If somebody wants to take the risk and go through the hassle of flipping it for a profit then good luck to them to be honest. Don't think that's the case though; I know a bit about this person's circumstances and am confident that they want the place as a home. Just suffering from a bit of cognitive dissonance to be honest. Seeing and reading a lot which indicates that now is almost last chance saloon to cash in our chips if we want to make the move in the next 2 years or so (which we need to) but what I'm experiencing in the local market suggests little has changed yet (early days I guess). Supply is low, EAs are desperate for the business are demand is high, especially in areas like the one where we live, as properties just aren't coming on to the market. The fact that it's an EA themselves who's expressed an interest in the place has thrown me a bit of a curveball. Either way, I don't really care at the end of the day. Bottom line; I need a bigger place for me and my family and need to do what I can to make it happen so should stop worrying and just get on with it I guess. Quote Link to comment Share on other sites More sharing options...
ccc Posted May 3, 2016 Share Posted May 3, 2016 I am struggling to understand why you would willingly restrict your potential sale to one person. Quote Link to comment Share on other sites More sharing options...
Hullabaloo82 Posted May 3, 2016 Author Share Posted May 3, 2016 To be honest we probably won't. I very much doubt we'll accept a first offer without at least widening the net. The point of the thread was more that an EA is keen to buy at this point. Thought that might be of interest to some. Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted May 4, 2016 Share Posted May 4, 2016 To be honest we probably won't. I very much doubt we'll accept a first offer without at least widening the net. The point of the thread was more that an EA is keen to buy at this point. Thought that might be of interest to some. I'm a little baffled that you start a thread titled "Clueless EAs" but seemingly believe that a single EA wanting to buy a house is somehow meaningful or interesting. No offence, but it's completely meaningless to anybody but you and the EA in question. Quote Link to comment Share on other sites More sharing options...
ccc Posted May 4, 2016 Share Posted May 4, 2016 To be honest we probably won't. I very much doubt we'll accept a first offer without at least widening the net. The point of the thread was more that an EA is keen to buy at this point. Thought that might be of interest to some. From reading many an anecdote on this site I don't think its unusual for an EA to do something like this. First dibs on a deal they think may be good value prior to releasing to the general public. I believe brokers for selling businesses do similar. It does make sense. Quote Link to comment Share on other sites More sharing options...
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