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londislagerhound

Bayswater Story

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I was in Bayswater yesterday working for a client and happened upon an "open house" viewing of a place. It was superb, no question and the asking price £8.5m - I said to the estate agent that I'd heard prices at this kind of level and above were dropping and also asked if they'd had any offers.

His (assumingly) honest reply was that there had been little interest, no offers and that a year ago it wuld have sold for £10m "within a few days of going on the market".

 

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10 hours ago, londislagerhound said:

I was in Bayswater yesterday working for a client and happened upon an "open house" viewing of a place. It was superb, no question and the asking price £8.5m - I said to the estate agent that I'd heard prices at this kind of level and above were dropping and also asked if they'd had any offers.

His (assumingly) honest reply was that there had been little interest, no offers and that a year ago it wuld have sold for £10m "within a few days of going on the market".

To be fair, I take statements like that with a pinch of salt. Some estate agents will say whatever they think you want to hear, to get you on side. We've viewed a lot of properties and often been told to get a low offer in because "it'll probably be accepted" only to find we're the leverage bid for a first time buyer willing to mortgage themselves up to the eyeballs and the estate agent knew it all along. I've been on the receiving end of a leverage bid too, where the EA says "there's a better offer on the table" (note the use of the word "better" not "higher") expecting you to raise your offer,  then getting frustrated that you don't play ball and they end up calling you back a few weeks later in desperation because the vendor is withdrawing their property or listing with another EA.

Estate Agents prioritise people in the following order:-

1) Themselves

2) Their mates/family Themselves

3) Their mates/family

4) Their colleagues

5) The local pub landlord

6) The vendor

7) Dogs

8) Dog poo

9) Solicitors & surveyors

10) The buyer

 

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