The Colour Posted February 2, 2006 Share Posted February 2, 2006 It was from this foxton's lady who told me that, and I quote: "Things are really going crazy, we have 20 buyers for each property on sale." She also said they had stopped showing houses to people who didn't already have an application for financing either approved or in the pipeline. Why would she lie to me like this? Quote Link to comment Share on other sites More sharing options...
red Posted February 2, 2006 Share Posted February 2, 2006 It was from this foxton's lady who told me that, and I quote: "Things are really going crazy, we have 20 buyers for each property on sale." She also said they had stopped showing houses to people who didn't already have an application for financing either approved or in the pipeline. Why would she lie to me like this? Er, because it's her job. Lying is an integral part of the EAs employment brief... Quote Link to comment Share on other sites More sharing options...
Realistbear Posted February 2, 2006 Share Posted February 2, 2006 It was from this foxton's lady who told me that, and I quote: "Things are really going crazy, we have 20 buyers for each property on sale." She also said they had stopped showing houses to people who didn't already have an application for financing either approved or in the pipeline. Why would she lie to me like this? With 20 buyers per property why make cold calls? At the height of the market in 2004 they reckoned on 5 buyers per property--things must have picked up a little with the cold weather. Quote Link to comment Share on other sites More sharing options...
Mushroom Posted February 2, 2006 Share Posted February 2, 2006 It was from this foxton's lady who told me that, and I quote: "Things are really going crazy, we have 20 buyers for each property on sale." She also said they had stopped showing houses to people who didn't already have an application for financing either approved or in the pipeline. Why would she lie to me like this? To help the mortgage approval figures? Quote Link to comment Share on other sites More sharing options...
beenhearingthisforyears Posted February 2, 2006 Share Posted February 2, 2006 (edited) Yes Angel office sure are busy with their marketing . also received a letter from their lettings department stating they had corporate client looking to "pay an excellent rent" wanting a flat in my area........ and as for EA's lying......my last flat the door got double locked by mistake when my brother went to pick up post.... i had only given EA's 1 key. They couldn't get access but stilled phoned with a "we had 5 viewings this week, and a Mrs Smith loved the flat and wanted a 2nd viewing......." When i eventually realised what my brother had done........i phoned them and played them along........then told them about the locked door! try getting out of that one you w's! So don't believe a word they tell me..but new Paris - London Euro link opens next year @ Kings Cross 0.5 miles away so believe N1 will get some interest. Edited February 2, 2006 by beenhearingthisforyears Quote Link to comment Share on other sites More sharing options...
Realistbear Posted February 2, 2006 Share Posted February 2, 2006 Yes Angel office sure are busy with their marketing . also received a letter from their lettings department stating they had corporate client looking to "pay an excellent rent" wanted a flat in my area........ Anyone thinking about buying a BTL had better get in quick to get this "Executive" willing to pay high rent quick. Quote Link to comment Share on other sites More sharing options...
Reality Check Posted February 2, 2006 Share Posted February 2, 2006 A friend at work got gazzumped a few days on a property in the Fulham area even though the offer had been accepted by the buyer last week. This was through Foxtons. Apparently they have a reputation for it in the market. I was very surprised by this but guess there is still demand for good houses. Quote Link to comment Share on other sites More sharing options...
The Colour Posted February 2, 2006 Author Share Posted February 2, 2006 Er, because it's her job. Lying is an integral part of the EAs employment brief... So you think that the bit about only showing property to people who have already started getting financing was a bluff, or them trying to look a bit exclusive? Quote Link to comment Share on other sites More sharing options...
Guest Fiddlesticks Posted February 2, 2006 Share Posted February 2, 2006 It was from this foxton's lady who told me that, and I quote: "Things are really going crazy, we have 20 buyers for each property on sale." She also said they had stopped showing houses to people who didn't already have an application for financing either approved or in the pipeline. Why would she lie to me like this? Was she trying to bully you into making a hasty offer (or a high one)? Just trying to work out what her agenda is. Quote Link to comment Share on other sites More sharing options...
geranium Posted February 2, 2006 Share Posted February 2, 2006 A friend at work got gazzumped a few days on a property in the Fulham area even though the offer had been accepted by the buyer last week. This was through Foxtons. Apparently they have a reputation for it in the market. I was very surprised by this but guess there is still demand for good houses. Foxtons effectively encourage gazumping through their website policy. When a property goes under offer, it remains on the website. There is no indication that the property is under offer. So if somebody calls up very interested in it, they can make a higher offer. Quote Link to comment Share on other sites More sharing options...
The Colour Posted February 2, 2006 Author Share Posted February 2, 2006 Was she trying to bully you into making a hasty offer (or a high one)? Just trying to work out what her agenda is. It was out of the blue - I think I registered with them about 12 months ago and she was just checking if I wanted to look at some properties. Thing that confused me was that she only wanted people had already applied for mortgage. Thing is I thought most people found a property first and then got a mortgage? Quote Link to comment Share on other sites More sharing options...
topqualitybanter Posted February 2, 2006 Share Posted February 2, 2006 I'm currently renting in wandsworth and I chucked one of the foxton's "executive looking for a home" letters in the bin only last week. Muppets. Quote Link to comment Share on other sites More sharing options...
beenhearingthisforyears Posted February 2, 2006 Share Posted February 2, 2006 i will phone them as a seller and get a vibe of they way they see the market....... will post later. Quote Link to comment Share on other sites More sharing options...
IMD Posted February 2, 2006 Share Posted February 2, 2006 I've been renting in a v.desirable location close to the City - there are about 8 EA's in the (less than 1sq mile) area. There's always letters like this coming through with 'people looking for apartments to rent / buy', or 'we just sold a property just like yours'. It's come that we can recognise the letters by the envelope alone and know to bin them straight away Standard marketing guff. Quote Link to comment Share on other sites More sharing options...
GAL BEAR Posted February 2, 2006 Share Posted February 2, 2006 Er, because it's her job. Lying is an integral part of the EAs employment brief... : 20 CLIENTS FOR EVERY PROPERTY !!!!! Does she honestly expect anyone to believe that!!? (More like 20 properties for every client !) Estate agents are a whole different breed !!! Quote Link to comment Share on other sites More sharing options...
aussieboy Posted February 2, 2006 Share Posted February 2, 2006 Perhaps she means that she has to show 20 people with approved financings around each property before she gets a sniff of interest... Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted February 2, 2006 Share Posted February 2, 2006 Mr & Mrs X cash buyers have desperately been looking for a three bed house in my area the past two years. According to the LR forty have changed hands during that period, and only yesterday I had a leaflet saying Mr & Mrs X cash buyers are still desperately looking for a house in my area. What fussy people they must be. Quote Link to comment Share on other sites More sharing options...
beenhearingthisforyears Posted February 2, 2006 Share Posted February 2, 2006 (edited) phoned Foxtons Angel saying have 1 bed flat for sale or would consider renting it out. It was like talking to an over excited child at Xmas who had OD's on too much chocolate. They way she spoke of local market ......well phone yourself if you want a laugh!!! Quote: "Properties from 3 months ago are being revalued as prices are going up!" "Dec very busy, now it is CRAZY. 2 week wait for valuations." Not enough properties for Corporate clients, although rental market not quite a busy as sales......" End quote and did i want to put a date in the diary...... love to know if it is new stock coming on that is making them so busy or if they are busy with sales............? (must admit that the area is v.nice, & when Paris link opens next year it will be even better. the reason i purchased here. have always said can not see good property in this area crashing. ) Edited February 2, 2006 by beenhearingthisforyears Quote Link to comment Share on other sites More sharing options...
The Colour Posted February 2, 2006 Author Share Posted February 2, 2006 I've been renting in a v.desirable location close to the City - there are about 8 EA's in the (less than 1sq mile) area. There's always letters like this coming through with 'people looking for apartments to rent / buy', or 'we just sold a property just like yours'. It's come that we can recognise the letters by the envelope alone and know to bin them straight away Standard marketing guff. I live in Aldgate East - and this is the sort of area I'd like to buy in. Problem is this is one of the only areas of the country that posted any real HPI in jan (+0.8%) Had to happen to me. phoned Foxtons Angel saying have 1 bed flat for sale or would consider renting it out. It was like talking to an over excited child at Xmas who had OD's on too much chocolate. They way she spoke of local market ......well phone yourself if you want a laugh!!! Quote: "Properties from 3 months ago are being revalued as prices are going up!" "Dec very busy, now it is CRAZY. 2 week wait for valuations." Not enough properties for Corporate clients, although rental market not quite a busy as sales......" End quote and did i want to put a date in the diary...... love to know if it is new stock coming on that is making them so busy or if they are busy with sales............? (must admit that the area is v.nice, i love living here and when Paris link opens next year it will be even better. the reason i purchased here. have always said can not see good property in this area crashing. ) Thanks for the info BHTFY - maybe you spoke to the same girl who called me... I can't remember her name though... Quote Link to comment Share on other sites More sharing options...
geranium Posted February 2, 2006 Share Posted February 2, 2006 (edited) We've been keeping an eye on the Angel area for a while and a lot of the Foxtons properties have been on for over a year, the pricing left high and dry by a weak market in 2005. I would avoid buying and selling through Foxtons if you can. Their business model is geared towards getting an extortionate price out of the buyer to fund higher commission payments from the seller (they charge 2% not 1.5% and justify this cost with wonky photos of fireplace corners and vases of flowers). It's a business model that works (eventually) for a seller in a strong market, because the market will catch up with an overpriced property. It was not working for Foxtons last year around Angel. They have a lot of costs to cover: flash office, lots of agents, phone bills, wonky photos, those awful minis. Foxtons must be desperate for a better year in London in 2006. Sensible estate agents can make a living whether the market is going up or down. Foxtons can only survive if the market goes up. It is in their interests to ramp it. I smell desperation. You'll find that a lot of the properties are on with at least one other agent. These are usually a better bet (and less likely to come across as aggressive), because they are more willing to try to push the price down with the seller and get the sale through. Edited February 2, 2006 by geranium Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted February 2, 2006 Share Posted February 2, 2006 It was from this foxton's lady who told me that, and I quote: "Things are really going crazy, we have 20 buyers for each property on sale." She also said they had stopped showing houses to people who didn't already have an application for financing either approved or in the pipeline. Why would she lie to me like this? So was she offering you a viewing, or a booking with their mortgage rep? Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted February 2, 2006 Share Posted February 2, 2006 So was she offering you a viewing, or a booking with their mortgage rep? I like your new avatar, TTRTR. A perfect human manifestation of your future financial situation! Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted February 2, 2006 Share Posted February 2, 2006 I like your new avatar, TTRTR. A perfect human manifestation of your future financial situation! You just love everything about me. If you weren't occasionally rude to me, I'd think you weren't normal..... I thought my new avatar was probably a good representation of what people on the forum think of me. Quote Link to comment Share on other sites More sharing options...
The Colour Posted February 2, 2006 Author Share Posted February 2, 2006 So was she offering you a viewing, or a booking with their mortgage rep? She asked if I wanted to speak to their advisor about applying for a mortgage. I kind of made some excuses and said that I already had a broker (which I kind of do). Quote Link to comment Share on other sites More sharing options...
dogbox Posted February 2, 2006 Share Posted February 2, 2006 Dont forget my prediction; 8 - 10% HPI for London by July 2006 (reported by August / September). "World real estate, THE new currency". I dont rule out a UK crash at some point in the nearish future (2007 /8), although difficult to envisage in the absence of a catastrohic sudden jolt. Quote Link to comment Share on other sites More sharing options...
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