Tradefair & Financials
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24 May 11
16:09
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Date Joined:
22 Sep 05
How much are they actually allowed to get away with & lie to you ?
I viewed & bid on a house recently .. and afterwards put a bid bid in of 85k from an asking price of 88k
I was told another woman had viewed the same morning and has put a bid in very similar to mine ?
They said the management company selling wanted our best & final bids right away to be fair to us both
I said my best would be 86k (i know i shouldn't of budged)
They phoned me back quickly and said they'd accepted the other womans offer and was now SOLD to her
I then made another bid closer to the asking price and they phoned back to say ok they'd now accepted My new offer
I'm sceptical at how fast all this was put on me and always doubted the other woman story but can estate agents just totally lie to you like this and get away with it ?
They haven't got that much to gain by trying this on really if they only take 1-2% fee
It's a real minefield trying to buy a property right now for me & i liked the place enough to bid on it but am having serious doubts now whether i've been duped slightly or not
What you make of it guys ?
I viewed & bid on a house recently .. and afterwards put a bid bid in of 85k from an asking price of 88k
I was told another woman had viewed the same morning and has put a bid in very similar to mine ?
They said the management company selling wanted our best & final bids right away to be fair to us both
I said my best would be 86k (i know i shouldn't of budged)
They phoned me back quickly and said they'd accepted the other womans offer and was now SOLD to her
I then made another bid closer to the asking price and they phoned back to say ok they'd now accepted My new offer
I'm sceptical at how fast all this was put on me and always doubted the other woman story but can estate agents just totally lie to you like this and get away with it ?
They haven't got that much to gain by trying this on really if they only take 1-2% fee
It's a real minefield trying to buy a property right now for me & i liked the place enough to bid on it but am having serious doubts now whether i've been duped slightly or not
What you make of it guys ?
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Replies: 42
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Put simply, offer what you are prepared to pay, and don't shift from it. There will be other opportunities.
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Cheers turtlehead
Wise advice i know but it's much more difficult when you've just viewed a nice place you've looked for for months & are being told it's counterbid & Sold as soon as you try to buy it In hindsight a couple of grand extra's probably worth paying if you really want to secure the place against an investor & doubts are common , but am still wondering whether they span me a yarn or not ? any estate agents this would be common practise to , they just acted so fast on it ? |
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I suppose if you were always happy to pay 88 then it doesnt matter so much. I'd say what happened was unethical at the very least - were they part of a national chain? Or an independant? Are they a member of a trade body?
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Well i really didn't want to being a cash buyer , you think it sounds dodgey then ?
They're an independent estate agent for that area & am told it's being sold by the builders management company , who'd bought it from the owners part-ex to enable them to move into a new 3 bed house , the owner showed me around though , and mentioned another woman had viewed it too , even said she didn't seem too interested Can i check the trade body at all .. would it make any difference ? Thanks |
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Like any salesmen, estate agents will lie to you. What they had to gain was a faster sale and a little more commission. You can't blame them for lying anymore than you can blame an alligator for biting.
Turtleshead has summed it up nicely but you've paid what you thought it was worth and bought the house so put it behind you and move on. |
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Yes i know thanks poly
I can still pull out if nothing has been signed for though right I've got a solicitor but have only spoken on the phone so far , he's sent me the contract but i haven't been in to give a deposit or sign anything yet What will he charge me if i pull out now ? |
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Depends on what work/searches he's done. I would believe that there will be a price to pay unless the sol is a family friend. I've seen "bids" on a few houses (especially over the last 3 years) that have failed to materialize should you stick to your original bid. What turtleshead said was correct - have a price, but don't be too quick to respond to an estate agent. Let them stew and then tell them you can't go any higher because of funds/bank whatever.
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Thanks Banwana
It's so true i know & always have done with other bids I never intended to up my offer so soon but they played the sold otherwise card & caught me off balance a bit , kept phoning & bugging me immediately I've had serious doubt now though over the last week & realise it's probably the wrong thing to do right now My Solicitor hasn't done any searches as i didn't want them doing he's just spoken briefly on the phone & recieved/sent contacts out to be signed I don't mind a small fee to him but can he charge me for Legal costs if nothing's been signed or just an hourly rate for his time ? |
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He can certainly bill you for his time, this would include anything he's done in that context. Just ask him, I doubt it will be a huge amount from what you've said.
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Yes thanks turtleshead that's what i thought
Buying a place certainly gets your emotions running at 100mph & too many doubts just can't be too much of a good thing Maybe i should just wait a while & see what else materializes Really appreciate all your replies guys  |
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It is an unacceptable situation when the biggest purchase most people will ever make is carried out by agents who have absolutely no regulation whatsoever.
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McMoonbeam
No disrespect but they eat people like you for breakfast. To them you have a sign on your head saying kick me. Does your heart race when you buy a loaf of bread? How about a new telly? Until you can view the purchase of a house a little less passionately then they will stripe you. You are a CASH buyer. Right now you are the golden goose. Right now you have the biggest balls in the school and you can slap them on any girls forehead. Stop treating estate agents like they have the first clue what they are talking about. They are nothing more than greasy haired oafs who haven't got the talent to do a decent job. They should be honoured and falling over themselves to look after someone in your position. My advice to you is simple. Go and view several properties. Identify what houses have actually sold for in that street ignore asking prices and then knock at least 10% off because you are a cash buyer. At least. Make offers on all 5 and tell them they have a week and that in the meantime you will be looking at other properties. Then sit back and watch them fight like ferrets in a sack over your business. Don't be discouraged if you don't get a bite straight away. Keep doing this until you find a motivated seller. In the meantime the market will continue to fall and your savings continue to increase in relative value. Patience grass hopper. You will thank me later. |
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If you want the house, continue with searchs,surveys etc. Then just before you are ready to exchange, reduce your offer. The vendor may pull out but I doubt it or they will have to start all over again.
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" Right now you have the biggest balls in school and you can slap them on any girls forehead ".
Charming. Greasy haired oaf is what comes to my mind to describe this poster, rather than the collective body of real estate agents he is talking about. |
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I knew I'd snare at least one of the cretins.
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Keep it going buddy, you're in fine form.
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[b]real estate agents[/b]
I didn't catch that beauty first time round. Not only is he one of the spotty idiots but an American as well. All my Christmases have come at once. There is nothing real about your lot. You're all fake. |
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Way off mark.
But no problem. I would hate to think that you're intelligent and perceptive. But let's not hijack the thread by going down the boorish path of personal insults. Your original turn of phrase was totally unacceptable in any form of civilised debate. Let's just leave it there and move on. |
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You can move on as quickly as you like son. Jog on in fact and take your pomposity with you.
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Tks. Dad.
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You can't help it can you. I keep putting you back and you leap straight back into the net. I don't eat tiddlers now off you go. |
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Cheers for your honest reply Eeternaloptimist I know i may seem a bit naive but i have studied the market for a long time now & do check sold prices & graphs for the street , postcode etc I've traded on here for 10 years plus the stock market , poker etc so i understand markets well enough.. but still have to buy my first property so although i have viewed a few & made offers this one really caught me out (almost - I've bailed out now) You are of course spot on regarding estate agents & this has originally been my mindset all along .. but guess i'm getting tired of waiting now !!I can't wait much longer i have to buy (and have other pressures until i do so) so yes i probably jumped the gun slightly & could of been a hasty mistake to make . My plan now is to go to Auction for an investment type apartment to live in .. again there's a bit i need to learn but it's something i've always wanted to do & feel it's the best way for a cash buyer in my situation (would you agree ?) Nobody really seems to know the exact worth of anything right now so although i'd be slightly nervous i don't feel though i can go too far wrong any auction tips would be most welcome  Cheers guys |
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Mc Moonbeam as your as cash buyer you are king of the castle.
There are bargains to be had at auction but also tread carefully because a lot of the properties at auction are there because they are dogs. Trawl all the local agent for houses/apmnts that have been on the market for a while. Death Debt and Divorce are what you are after. If the seller is involved in one of these your chances of catching a bargain increase. I recently bought a house 20k less than it was up for, it had been on the market for 6 months and was being sold by 3 brothers who had it left to them. In the end they just wanted rid and took a hit of just over 6 k each. Good luck. |
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As for the estate agents I would say no 2 are the same. Some are more bent than other while some do EVERYTHING by the book.
Get your solicitor in place and tell the seller you will move as fast as possible. |
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Cheers maineroad
Yes you're right many properties just have no interest & sit on the market for months on end whilst being gradually reduced While i have noticed the cheaper or affordable places are selling at the right kind of price fairly quickly too , lots of offers , Sold STC's , etc .. so you just can't expect everything at a knock down bargain price (it just doesn't happen so easily in reality does it) I've been interested in auctions for a while too , watch sold prices etc & if nobody else is too interested it seems you can get a bargain (if you're willing to move to the next town or so) Though some places just sell so cheap it leaves you wondering just WHY they're so CHEAP . an apartment sold recently , new price was 139,995 around 3 years ago , it sold for 51k , i couldn't believe it sold so cheap tbh though if i'd have been & bid i could've added 10k or so myself to the price , so i'm thinking it's just the right bid at the right time / auction , though am never too sure , i guess the same applies Have My Price & Stick to it |
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You certainly aren't daft then. Bide your time and don't fall in love with bricks and mortar. If you really have to buy soon I'd wait till autumn when things will be a lot clearer. The government cuts will be feeding through, I think the trend downward will be gathering momentum and buyers are usually thinner on the ground. At that time sellers who really need to sell will be aware that they will be lucky to get a buyer until the supposed spring bounce and so you will be in an even stronger position.
I sold to rent in early 2008 and am very happy where I am and with my decision. Everybody has different circumstances. Good luck. |
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Thanks Eeternaloptimist
Yep not falling for a particular property is key now i know . Looking at Rightmove etc gets all too tempting to make offers when a nice property hits the market , and as you say everybodies circumstances are different (and can pressure you into making the move at the wrong time) I'm more than happy to sit & watch for a while , i knew all along the market's not going anywhere in a hurry , so shouldn't tell myself i have to buy asap , i'd be happy to rent for 6 months or so now Lloyds shares are telling the truth at the moment don't you agree It does leave me wondering though if auctions are selling at such discounts why aren't the investors snapping them up , instead of trying to haggle with estate agents ? |
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Just don't try and pick the bottom of the mkt. moonbeam.
Nobody is that good. If you're buying for a long term hold, now is as good a time as any to get a foot on the ladder. Just buy within your means and you will not regret it. |
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I also tried to buy in 2008 & don't see much real change from now to then (if you forget inbetween)
It just proves that the recovery will be a long & drwn out process , though will come eventually , but who knows how much these cuts will really affect the economy Good Luck to you too . |
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Cheers FINE AS FROG HAIR
Yes i do have a habit of trying to catch the bottom of everything & can sometimes lose out as a result I'm happy to buy the right place at the right price , but will wait for it to materialize To be fair the one i almost bought was about worth the money . I'd just like to know that the place would actually be an investment , giving me a bit of lea-way for the future , instead of an anchor attatched to me |
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Buy a place you like and will enjoy living in.
Buy a place you want to improve and keep in good repair and be proud of and be secure in. That's what it should be all about, unless you doing it solely as part of your investment portfolio to try to become rich. |
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Wise words
That's been my aim all along just to buy a decent place to live but every time you speak to anybody all they mention is Investment , Investment , Investment It can be offputting if anything , but makes me think i can do slightly better being in a good position to buy Thanks |
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The problem with waiting is that even if you can get a place slightly cheaper in say 6 months time, are you going to be any better off when you consider that interest rates will have gone up and the mortgage may be more?
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Hi mate
It doesn't matter to me as i'm a cash buyer , but can't stay where i am for too long & renting is expensive (even with the cash) I viewed a cheap flat today & was told an investor has already made an offer & is moving fast on it , was told if i offer slightly more he's likely to 3 bet me again  They just bully the market for fast rentals , fair play though i'd do the same if i had more cash to play with |
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Or the estate agent has a nice cushy arrangement with his investor friend and will be looked after if they are the "only one" who has come up with the readies.
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Oh, you can pay the whole amount in cash, fair play, wish I could
I bought my first place 8 months ago, and am now fairly skint especially as I am overpaying with my poker and footy winnings, but there's not much point saving in a bank, is there |
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Yes i thought the same too Eeternaloptimist
There was 2 of us viewing & the super cool estate agent hardly tried to 'sell' us the place at all Just went off on a tangent babbling non stop mortgage & investor type spiel & made it pretty clear this guy Was already Having the place He said he was a good regular customer of theirs & then tried to interest us in 'other' available properties |
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Cheers turtleshead
It'll be mainly poker winnings i'll be spending too then i'll be in roughly the same boat as you I'll be glad when i've made the right decision though as you say money in the bank's not good to many at the moment I've spotted what i think's a v good opportunity last few days an Investor (lol) is selling off 4 of his fairly new bulid apartments .. asking price of 80k .. they're renting for 525 month - fee's of course The only trouble is they all have tenants already in them for at least another 6 months I'd be happy with that kind of investment .. though it'd be my home so i'd never really see much income from it .. but is nice to know it'd rent so easily if needs be |
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Did you buy a house or an apartment ?
Dare i ask how much ? gl & hope it was worth all the effort I know i've struggled to get this far myself |