Discussion
The0perator said:
I'm the buyer so perhaps that is good news for me?
Perhaps... but our experience of buying in a slow market was that decent houses simply didn't get listed for sale. The stuff sitting around was the dross that nobody wanted.We lucked out in the end (and got a good deal) but my god it was painful.
Snow and Rocks said:
To a minor extent they might but in my experience they tend to just want to get the deal done rather than going for every last penny.
Most work on a commission basis and a few percent fee on 500k really isn't all that much more than the same small percentage applied to 480k.
Not sure i would agree with that, last time i was buying a house i found it a miserable experience.Most work on a commission basis and a few percent fee on 500k really isn't all that much more than the same small percentage applied to 480k.
We saw a house we liked at the right price, rang the agent who said there will be an open day for viewing and then sealed bids, i went along and put in an offer a bit over asking, and told the agent i was a cash buyer, we had already sold, even showed him proof that i had the cash sat in the bank, told him i could do a transfer the next day subject to a survey.
We lost out , they accepted a higher offer. Oh well.
Two weeks later the agent rang, the other buyer couldnt get the finance, did i still want it.
He got told where to stick it.
We had already bought another place, no agents involved, i had a chat with the owner, we agreed a deal, job done, all happy.
I cant stand the games that estate agents play, no wonder they have such a bad reputation. Snakes the lot of them.
The0perator said:
Back to buying a home, hurrah. Do estate agents play a game when it comes to purchasing? Like you put an offer in...
It's currently a buyers market and many sales fall through after offer.Find out everything you can about the status of the property, when previously sold and for how much, how long on the market, how many and when were price changes made.
Find out everything about the buyers and their circumstances, reason for sale, urgency of sale, upward chain and pressure of chain.
In the current market there is no urgency so casually enquire of the agent what sort of offer could be interesting to the sellers?
In the current market only make an offer after a second viewing.
Gauge your offer according to responses to the above.
When you make your offer put in writing and fully justify the reasons for offering under or over the asking price with a breakdown of values and just be honest and then no one can argue against you and also outline you expectations for the timescales for exchange and completion.
When your offer is accepted you can arrange a survey and then it all starts again.
As others have said, they do & they don't.
They will do EXACTLY what you want them to do but one thing they won't do is to lead you somewhere you don't want to go.
We have offerred on 4 & one of those is now going through.
Depending on your area & price band in that area decides how well the market is moving, we have sold over £450 & downsising to under £350 & neither of these sectors in our area is slow at the moment.
8 weeks for sale to be "well on the way" & 5 weeks into our purchase.
They will do EXACTLY what you want them to do but one thing they won't do is to lead you somewhere you don't want to go.
We have offerred on 4 & one of those is now going through.
Depending on your area & price band in that area decides how well the market is moving, we have sold over £450 & downsising to under £350 & neither of these sectors in our area is slow at the moment.
8 weeks for sale to be "well on the way" & 5 weeks into our purchase.
Snow and Rocks said:
To a minor extent they might but in my experience they tend to just want to get the deal done rather than going for every last penny.
Most work on a commission basis and a few percent fee on 500k really isn't all that much more than the same small percentage applied to 480k.
This is correct. Difference in commission for the agent themselves using the example above would be no more than a couple of quid after NI/tax so simply not worth risking the deal over.Most work on a commission basis and a few percent fee on 500k really isn't all that much more than the same small percentage applied to 480k.
The0perator said:
Not sure if this is the right forum
Back to buying a home, hurrah. Do estate agents play a game when it comes to purchasing? Like you put an offer in and they lead you on to get you to offer more past the asking price? I assume that they do since they are working for the seller?
I'm convinced they do when it's a buoyant market (or it seemed to be the case when we lived in Essex)Back to buying a home, hurrah. Do estate agents play a game when it comes to purchasing? Like you put an offer in and they lead you on to get you to offer more past the asking price? I assume that they do since they are working for the seller?
We had discussed the purchase and agreed the price directly with the seller, as we told her we didn't trust agents. We said we wouldn't go any higher with price and she agreed the price, understood we didn't have a house to sell (were in rented)
After a few days the agent rang us and told us to offer more because they'd had a higher offer. I told him we would speak to the seller. We called her and were told "the agent has explained how you can't afford the house and don't have a mortgage offer". We explained he was telling lies, went to her and showed her the deposit in our building society account, and the mortgage offer in writing. Her partner went to the agent the next day and there was nearly fisticuffs. The agent wanted another buyer who had a house listed for sale with them (but no active interest) to buy the house so he could get more commission. The agent rang me the next day and tried the same "someone else has offered more" line again. I told him we wouldn't fall for any of his tricks, and I'll speak to the seller and tell them what he's doing. I also used a couple of choice words
richhead said:
Snow and Rocks said:
To a minor extent they might but in my experience they tend to just want to get the deal done rather than going for every last penny.
Most work on a commission basis and a few percent fee on 500k really isn't all that much more than the same small percentage applied to 480k.
Not sure i would agree with that, last time i was buying a house i found it a miserable experience.Most work on a commission basis and a few percent fee on 500k really isn't all that much more than the same small percentage applied to 480k.
We saw a house we liked at the right price, rang the agent who said there will be an open day for viewing and then sealed bids, i went along and put in an offer a bit over asking, and told the agent i was a cash buyer, we had already sold, even showed him proof that i had the cash sat in the bank, told him i could do a transfer the next day subject to a survey.
We lost out , they accepted a higher offer. Oh well.
Two weeks later the agent rang, the other buyer couldnt get the finance, did i still want it.
He got told where to stick it.
We had already bought another place, no agents involved, i had a chat with the owner, we agreed a deal, job done, all happy.
I cant stand the games that estate agents play, no wonder they have such a bad reputation. Snakes the lot of them.
the initial HIGHER offer and when that fell through would have asked them if they now wanted to accept your LOWER offer.
When you informed the Estate Agent you had now bought an alternative property they would have informed the vendor and then spoken to the next one down the list.
In my experience whilst vendors want to know a buyers situation they nearly always go with a higher offer.
We went to see a house for sale in Essex. We were early, and another couple arrived to see it as well. Whilst we were waiting for the 'suit' to arrive, an elderly lady walked by, and said 'are you here to see that house? my friend used to live there, but she went into a home" She then went on to explain that she'd seen the nice young lady who's buying it! The agent arrived and ushered all 4 of us in. We didn't follow the other couple, and I asked the agent "Is it true that this house already has a buyer?" Cool as a cucumber he said "well, yes, but if you want to offer more you can have it". I gave him the 'sale details' (torn in half) and told him we'd never deal with his company, I also said to the other couple "He'll do the same to you in a few weeks". They meekly continued to view! The company were known locally as 'Barefaced Thieves'
Fastpedeller said:
We went to see a house for sale in Essex. We were early, and another couple arrived to see it as well. Whilst we were waiting for the 'suit' to arrive, an elderly lady walked by, and said 'are you here to see that house? my friend used to live there, but she went into a home" She then went on to explain that she'd seen the nice young lady who's buying it! The agent arrived and ushered all 4 of us in. We didn't follow the other couple, and I asked the agent "Is it true that this house already has a buyer?" Cool as a cucumber he said "well, yes, but if you want to offer more you can have it". I gave him the 'sale details' (torn in half) and told him we'd never deal with his company, I also said to the other couple "He'll do the same to you in a few weeks". They meekly continued to view! The company were known locally as 'Barefaced Thieves'
You realise the agent works for the vendor and has to, legally, pass on any offers received until the vendor instructs them to take it off the market...Fastpedeller said:
We went to see a house for sale in Essex. We were early, and another couple arrived to see it as well. Whilst we were waiting for the 'suit' to arrive, an elderly lady walked by, and said 'are you here to see that house? my friend used to live there, but she went into a home" She then went on to explain that she'd seen the nice young lady who's buying it! The agent arrived and ushered all 4 of us in. We didn't follow the other couple, and I asked the agent "Is it true that this house already has a buyer?" Cool as a cucumber he said "well, yes, but if you want to offer more you can have it". I gave him the 'sale details' (torn in half) and told him we'd never deal with his company, I also said to the other couple "He'll do the same to you in a few weeks". They meekly continued to view! The company were known locally as 'Barefaced Thieves'
They're agents for the sellers. They have a clear moral and legal obligation to obtain the highest bids they can and present them to the vendor. The vendor chooses who they'll sell to. Don't blame the estate agent for doing their job.If you want to change the system, talk to your MP. It's the system that leads to gazumping in a strong market.
A few observations from having just sold my house in SE London in order to move into my late mother's house for a while before selling that.
I get the feeling that estate agents compete to present you with an overly high valuation because they know that if they dont they wont get the business. They then struggle to sell it for you. This is what happened to me and I didnt even pick the company with the highest valuation. Heck knows what would have happened if I had.
My EA seemed to be quite keen to show they complied with the law on presenting all offers to me in writing and not passing back info to bidders about other bids. I ended up going with a bid that was very slightly lower than another one because it was from a first time buyer. But I actually got the other bid first from someone who had not actually put their own home on the market at that point. My EA was quite clear to say to them that I only accepted it "in principle" but that my house was still on the market. That sounds a bit like an example higher up the thread.
For anyone selling I think they need to be careful about turning down good offers that come right at the start in the hope a better one will arise as some point.
I get the feeling that estate agents compete to present you with an overly high valuation because they know that if they dont they wont get the business. They then struggle to sell it for you. This is what happened to me and I didnt even pick the company with the highest valuation. Heck knows what would have happened if I had.
My EA seemed to be quite keen to show they complied with the law on presenting all offers to me in writing and not passing back info to bidders about other bids. I ended up going with a bid that was very slightly lower than another one because it was from a first time buyer. But I actually got the other bid first from someone who had not actually put their own home on the market at that point. My EA was quite clear to say to them that I only accepted it "in principle" but that my house was still on the market. That sounds a bit like an example higher up the thread.
For anyone selling I think they need to be careful about turning down good offers that come right at the start in the hope a better one will arise as some point.
We were ready to list just as the orange idiot launched his Iran campaign. House for 495 in, sort after, South Warwickshire village.
EA was not surprised when we called the next day delaying.
Desperate for interest rates to start heading down and then we are "all-in" again. TBH it's gives us chance to clear out loads of crap and prepare to stage the house.
EA was not surprised when we called the next day delaying.
Desperate for interest rates to start heading down and then we are "all-in" again. TBH it's gives us chance to clear out loads of crap and prepare to stage the house.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff