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 Post subject: Re: how much to low ball
PostPosted: Fri Nov 27, 2015 10:41 pm 
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Property Magnate

Joined: Oct 23, 2011
Posts: 514
irish_bob wrote:
how do you deal with an estate agent who tells you two weeks ago that a sale should be wrapped up within days and then doesnt get back to you at all to let you know whether or not you are even the highest bidder

i know auctioneers love to play games but im wondering how you suss out whether or not you are being used as a guinea pig , seen it before where properties are not really for sale at all , banks are just testing the local markets


be a permabull, offer them more money, that ought to sort it...


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 Post subject: Re: how much to low ball
PostPosted: Sat Nov 28, 2015 10:38 am 
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Location: To the right of the decimal place
Put a time limit on your bid.

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 Post subject: Re: how much to low ball
PostPosted: Sat Nov 28, 2015 2:02 pm 
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Neo Landlord

Joined: Aug 26, 2012
Posts: 273
Mantissa wrote:
Put a time limit on your bid.


did that in the past ( though my bid was a good bit below asking price ) and the auctioneer just never got back to me

doing that can make you look flaky and not a serious bidder , remember , being a straight shooter is only expected of the bidder , estate agents place no standards or ethics on themselves whatsoever so while you must be quick and clear about what you can afford and when you can deliver , they can feck about for months on end and we dare say anything for fear of being labelled difficult

i was bidding on a retail property at the start of the year , put in a bid in march , for two whole months was told the bid was fine and it was merely a case of the various credit departments of the bank giving their aprooval ( receivership sale again ) , then one day the estate agent told me that the bank had revised their view of the local market , he didnt even ask me to put in a higher bid or say what the revised asking price was , same property is still on the market with the same old asking price , in reality the property is probably not for sale at all and the banks are simply testing the water

the same may apply with the current property im interested in


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 Post subject: Re: how much to low ball
PostPosted: Sat Nov 28, 2015 2:18 pm 
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Limiting your bid flushes out that nonsense though. If you had put a 2-week limit on the original bid you might have saved yourself a couple of months of messing. Can't see how it makes you look "flaky" -- on the contrary it emphasises that you're seriously looking to buy and not willing to hang around.

Of course, when receivers and banks are involved there can be stuff outside of the EA's control, and time-limiting a bid might be counterproductive. But if it's a private seller I don't see any downside.

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 Post subject: Re: how much to low ball
PostPosted: Sat Nov 28, 2015 3:21 pm 
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Neo Landlord

Joined: Aug 26, 2012
Posts: 273
Mantissa wrote:
Limiting your bid flushes out that nonsense though. If you had put a 2-week limit on the original bid you might have saved yourself a couple of months of messing. Can't see how it makes you look "flaky" -- on the contrary it emphasises that you're seriously looking to buy and not willing to hang around.

Of course, when receivers and banks are involved there can be stuff outside of the EA's control, and time-limiting a bid might be counterproductive. But if it's a private seller I don't see any downside.



im very inclined to put in a time limit as there are other properties available to me which while not as well located , can provide a better return on money , it could well be the case that the EA has a particular buyer who he wants to see get the property and is merely stringing me along

i bid on an apartment in stoneybatter back in the middle of 2012 ,the EA never even came back to me ( and i put the money in stocks after a few weeks ) , my bid was 1500 above the highest bid at the time ( 101500 euro ) , i saw from the PPR that the property in question was sold in early 2013 for 108 k , sometimes EA,s have a preferred buyer for places

the market is rife with politics


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 Post subject: Re: how much to low ball
PostPosted: Wed Dec 02, 2015 2:00 pm 
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Neo Landlord

Joined: Aug 26, 2012
Posts: 273
got an email from EA yesterday , said my ( near four week old ) bid needs another week or so as his client is NAMA and it takes them longer to come to a decision

probably horse manure but sure il wait another week


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 Post subject: Re: how much to low ball
PostPosted: Wed Dec 02, 2015 2:17 pm 
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Joined: Apr 15, 2008
Posts: 1033
I think time limits somewhat show your hand as "This is my top house right now".

Any attempts to get some negotiating upper hand are pretty pointless, in my view. If you're only interested in one house, you're in it until you back out or hit a number acceptable to the vendor. The estate agent knows that buyers will come along for any realistically priced house, and they don't have to entertain your nonsense. It would be nice if they showed more professionalism, but you're not gonna force it out of them with threats. Plus they're potentially dealing with an unreasonable seller.

"Let me know if the situation changes, I may still be in the market at this price later if I don't find something else" is passive, and stops the vendor/agent from holding your bid as a floor for new bids.

If you want to speed things up, offer more money.
If you don't want to offer more money, but really want the house, hold tight while the vendor checks if anyone else will.
If you think they're playing silly buggers and won't sell at your offer, walk.

At the end of the day you're trying to agree a price - it's about the numbers. If you're not changing your number, you're not moving the negotiation. "I'm prepared to walk away" is an empty threat, just walk away. If it's still on the market 2-4 weeks later and you still want it, enquire where bidding is at, and maybe resubmit your last bid. They haven't accepted your bid because they think they can get more. Don't give them your bid as a floor for trying to get more. There's also the possibility the vendor will think you're timeboxing your offer because you yourself think a better bid might come along.

A friend was put in a spot a few years back:
"They're happy with your bid, but they want to have one more open house on Saturday to see"
He politely informed the EA that he was withdrawing the bid, and would be at the open house. On arrival, he reminded the EA that he couldn't quote his bid of X, and hung around quietly to ensure this.
The following Tuesday he resubmitted his bid, and it was accepted. They're happy out in the house.


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 Post subject: Re: how much to low ball
PostPosted: Wed Dec 02, 2015 3:06 pm 
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Neo Landlord

Joined: Aug 26, 2012
Posts: 273
jammyBastard wrote:
I think time limits somewhat show your hand as "This is my top house right now".

Any attempts to get some negotiating upper hand are pretty pointless, in my view. If you're only interested in one house, you're in it until you back out or hit a number acceptable to the vendor. The estate agent knows that buyers will come along for any realistically priced house, and they don't have to entertain your nonsense. It would be nice if they showed more professionalism, but you're not gonna force it out of them with threats. Plus they're potentially dealing with an unreasonable seller.

"Let me know if the situation changes, I may still be in the market at this price later if I don't find something else" is passive, and stops the vendor/agent from holding your bid as a floor for new bids.

If you want to speed things up, offer more money.
If you don't want to offer more money, but really want the house, hold tight while the vendor checks if anyone else will.
If you think they're playing silly buggers and won't sell at your offer, walk.

At the end of the day you're trying to agree a price - it's about the numbers. If you're not changing your number, you're not moving the negotiation. "I'm prepared to walk away" is an empty threat, just walk away. If it's still on the market 2-4 weeks later and you still want it, enquire where bidding is at, and maybe resubmit your last bid. They haven't accepted your bid because they think they can get more. Don't give them your bid as a floor for trying to get more. There's also the possibility the vendor will think you're timeboxing your offer because you yourself think a better bid might come along.

A friend was put in a spot a few years back:
"They're happy with your bid, but they want to have one more open house on Saturday to see"
He politely informed the EA that he was withdrawing the bid, and would be at the open house. On arrival, he reminded the EA that he couldn't quote his bid of X, and hung around quietly to ensure this.
The following Tuesday he resubmitted his bid, and it was accepted. They're happy out in the house.



wise words there


many on this site seem to believe that time limit bids are a clever tactic , ive tried them before and the EA never even replied to my email and the deadline passed

the EA,s email tone was pretty cordial however , he claimed to have put my bid to NAMA and thanked me for my patience , he may of course just use my bid as a floor bid , sometimes the asking price of repossessed properties are in reality reserve prices which must be made , they also act as a way of getting in more interested parties by guiding low

il probably wait until year end but after that il know im a staging post to a higher target , waited three months earlier in the year and was told the deal was acceptable , only to be told in the end that the banks had revised the market , same property is still for sale with same asking price ( 10% above where i was told was an acceptable bid ) so i reckon it was never really for sale at all


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 Post subject: Re: how much to low ball
PostPosted: Wed Dec 02, 2015 7:55 pm 
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Again, time limits are unlikely to work with banks/NAMA. They don't really care about selling by the sounds of it...

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“If you're afraid - don't do it. If you're doing it - don't be afraid!” ― Genghis Khan

"Do, or do not; there is no try" -- Yoda


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 Post subject: Re: how much to low ball
PostPosted: Wed Dec 02, 2015 10:37 pm 
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Neo Landlord

Joined: Aug 26, 2012
Posts: 273
Mantissa wrote:
Again, time limits are unlikely to work with banks/NAMA. They don't really care about selling by the sounds of it...


perhaps they put stuff on the market just to gauge things


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