Good 'ole estate agents...
Discussion
5th feb: whilst expanding my search area on rightmove, i find a piece of land on a difficult corner plot that might just sneak in a 1 1/2 storey bungalow. i call the EA who says yes, yes still for sale, go have a look.
6th feb.
14:30hrs: Pouring down with snow. site very deserted but I go have a look. its not the best plot but worth the punt - no planning either. i call the EA agent, they are all smilies and smilies on the phone and take my bid and say right, lovely, we will tell the owner.
16;30hrs: EA rings back. Ah, cant accept your bid, best and final by midday of 7th Feb. I ask why; apparently, another bid came in that day just after i rang. The plot has sat on rightmove since 19th December so that's a decent 50-1 odds of that happening! Muppet on phone sadly got a mouthful from me as I REALLY REALLY found the coincidence of 2 bids within 2 hours and, after 50 days on the market as rather too much to believe.
Today: midday passes, they ring me to ask what my final bid was so politely told them to foxtrot oscar as I don't mind dutch auctions when i am told from the outset what the rules are, as opposed to being made up as we go along!
Another fine example of clueless estate agent broking by a provincial company in beccles!
Now to get my blood pressure down .
6th feb.
14:30hrs: Pouring down with snow. site very deserted but I go have a look. its not the best plot but worth the punt - no planning either. i call the EA agent, they are all smilies and smilies on the phone and take my bid and say right, lovely, we will tell the owner.
16;30hrs: EA rings back. Ah, cant accept your bid, best and final by midday of 7th Feb. I ask why; apparently, another bid came in that day just after i rang. The plot has sat on rightmove since 19th December so that's a decent 50-1 odds of that happening! Muppet on phone sadly got a mouthful from me as I REALLY REALLY found the coincidence of 2 bids within 2 hours and, after 50 days on the market as rather too much to believe.
Today: midday passes, they ring me to ask what my final bid was so politely told them to foxtrot oscar as I don't mind dutch auctions when i am told from the outset what the rules are, as opposed to being made up as we go along!
Another fine example of clueless estate agent broking by a provincial company in beccles!
Now to get my blood pressure down .
So you've walked away from the potential purchase because the EA got your back up? I suspect you may struggle to find anywhere, as EA's annoying purchasers is quite a regular occurrence.
I'd have just left my offer unchanged and see where that got me, walking away seems an odd thing to do
I'd have just left my offer unchanged and see where that got me, walking away seems an odd thing to do
kurt535 said:
they ring me to ask what my final bid was so politely told them to foxtrot oscar
EA's job is to get as much as possible. They work for the vendor not you.When we bought our current home our initial offer was declined.
We upped it.
We where then told that it was going to best and final offers by x date. EA called me as I didn't submit my final offer. I simply refered them to my previous offer and told them that was it.
The fact it's now our home should tell you how it went
No. Like most EA's they will have a few special 'ones' they keep posted on whats going on. Me saying 'Ill buy it' wasn't expected so they had to notify a.n.other who was 'suddenly' interested who, up until the 50th day, hadn't done anything. Ive seen this several times before with them where they have form in 'choosing' who ultimately gets the land. Another reason why I didn't bother getting further involved.
And to the OP who says they are there to get the most for their client, then what they should have done is supported the client explore getting PP and ultimately more cash.
Bottom line, EA's are boiler house businesses incredibly poorly regulated. I feel my observation is further backed up in the news today by the decision of Ombudsmen Services to withdraw their resolution services as they view the current situation as a 'broken solution to a broken market'. How very true.
And to the OP who says they are there to get the most for their client, then what they should have done is supported the client explore getting PP and ultimately more cash.
Bottom line, EA's are boiler house businesses incredibly poorly regulated. I feel my observation is further backed up in the news today by the decision of Ombudsmen Services to withdraw their resolution services as they view the current situation as a 'broken solution to a broken market'. How very true.
kurt535 said:
Like most EA's they will have a few special 'ones' they keep posted on whats going on. Me saying 'Ill buy it' wasn't expected so they had to notify a.n.other who was 'suddenly' interested who, up until the 50th day, hadn't done anything.
Very possible, but so is the EA's explanation, however unlikely it may seem to be... . EAs, like car insurance companies, need greater regulation. As an aside I have the MD of a reasonably large regional EA living near me and the - whilst still legal - 'manoeuvres' he's employing in an effort to sell his property are causing raised eyebrows.kurt535 said:
No. Like most EA's they will have a few special 'ones' they keep posted on whats going on. Me saying 'Ill buy it' wasn't expected so they had to notify a.n.other who was 'suddenly' interested who, up until the 50th day, hadn't done anything.
I suppose it's a bit like eBay where waiting until the end of an auction and then sniping seems to be the best approach. Bid early and it sets everyone off.A retired EA we know told us he has people he can sell almost every property to if the price is right. So if someone comes in with an offer and the seller seems interested then the EA is (hopefully, for the seller) going to start calling his mates
We had the opposite problem when FIL sold his house. Several people came forward but the EA rebuffed them all telling them it was sold, even though it had gone for less than hoped. The buyer dragged the purchase out for a long time and it would have been useful to have had other interested parties to fall back on.
PugwasHDJ80 said:
Why aren't you putting the offer in writing? the EA is required to pass the offer to the vendor
or, get on the land registry site, find out who the owner is and approach them direcly.
I agree, I should have received a confo for the bid i placed but given the activity that allegedly took place within the following 2 hours i doubt they will bother sending me a confo.or, get on the land registry site, find out who the owner is and approach them direcly.
Update part 1-PM : got a letter in afternoon post confirming my bid the other day and a thank you but no thank you to it as they have another buyer
Update part 2 - late PM: receive phone call informing me 'first buyer' had fallen through (within 30 hours) and would I like to proceed instead............oh dear oh dear......
Update part 2 - late PM: receive phone call informing me 'first buyer' had fallen through (within 30 hours) and would I like to proceed instead............oh dear oh dear......
kurt535 said:
Update part 1-PM : got a letter in afternoon post confirming my bid the other day and a thank you but no thank you to it as they have another buyer
Update part 2 - late PM: receive phone call informing me 'first buyer' had fallen through (within 30 hours) and would I like to proceed instead............oh dear oh dear......
let them know that you will proceed , less x% . Update part 2 - late PM: receive phone call informing me 'first buyer' had fallen through (within 30 hours) and would I like to proceed instead............oh dear oh dear......
kurt535 said:
Update part 1-PM : got a letter in afternoon post confirming my bid the other day and a thank you but no thank you to it as they have another buyer
Update part 2 - late PM: receive phone call informing me 'first buyer' had fallen through (within 30 hours) and would I like to proceed instead............oh dear oh dear......
Well well well, would you look at that, within 30 hours they ve had a bid on something that's been there for 50 days, and now its "fallen" through. Update part 2 - late PM: receive phone call informing me 'first buyer' had fallen through (within 30 hours) and would I like to proceed instead............oh dear oh dear......
OP you d be a fool to stick with your 1st offer, id most certainly be reducing it.
After all you d give up on the idea.
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