Estate agents behaviour

londonmaiden

Jenniefour wrote: »

Yes, it's very hard trying to buy in London right now. EA's don't intentionally start bidding wars - they have them because there are multiple interested parties. Which usually means that the property will go for over the asking price and, in some cases, well over the asking price. Demand outstripping supply. That's not the EA's fault, they are simply working in the market that exists now.

It might be worth considering going for the price bracket below the one you are looking in so you are in a better position to offer over the asking price yourselves. Sadly, the reality in London now is that it's a sellers market - and I imagine you know this only too well. A re-think of what you're aiming for might be useful so you're not continually getting your offers refused whilst the prices are still on the up.

Thanks, actually contrary to my name I actually do not live in London but a town in the South East but it's a commuter town and we are now competing with all the people who are priced out of London and decided to move out. Actually EA's can be guilty of inciting a bidding war, a fairer way of doing it is to take sealed bids and some EA's in our town will only sell this way when there are multiple interested parties and do not wish to be associated with stirring buyers into a frenzy to get the highest price. This is my experience of the last year and yes you are right and indeed we are looking in the price bracket below and above but there is just not enough housing stock! We are looking further afield now and hopefully the market might settle over the next few months with the new lending requirements.

DRP wrote: »

He's not doing it to spite you, that's his job. An agent can't magic buyers out of thin-air - unfortunately there seem to be (lots of) people out there that can afford to pay more than you are willing/able to.


If you've been trying for a year, I really sympathise as it can be soul-destroying. I think if i was being priced out for a year i would be thinking of expanding my search area and looking over all the alternatives (new job/buy smaller/different area/extend existing).

Thank you, yes we are doing.

ognum wrote: »

is there a house that you have missed out on that you now wish you had offered the extra £20K for?

If yes then you now know you have got to stretch for the extra. If no then you have done the right thing.

Yes there has been but we do not have access to any more cash, we cannot borrow off family and we cannot get any extra credit. We will find somewhere eventually!!

DRP

londonmaiden wrote: »

snip.....Actually EA's can be guilty of inciting a bidding war, a fairer way of doing it is to take sealed bids and some EA's in our town will only sell this way when there are multiple interested parties and do not wish to be associated with stirring buyers into a frenzy to get the highest price. ....snip

For a vendor and an EA, the bottom line is by far the most important factor.

It may not be very nice to be on the wrong end of it, but as a vendor I would want the bets price possible, even if it is stressful for buyers...

googler

cattie wrote: »

Anybody who takes notice of the supposed property prices on sites such as zoopla needs to educate themselves as to the true value of a property. Zoopla clutches prices out of thin air & are about as much use as a chocolate teapot.

Where I live are 12 identical properties, all are given different values by zoopla, with the largest difference in price being £72k.

Yes, but surely you would agree that the Zoopla Sold Prices (not their 'valuations') are accurate...?

googler

londonmaiden wrote: »

It is miserable trying to buy a house in today's London and South East market believe me, it has nothing to do with being picky.

I edited that for you..... I'm open to debate, but I don't think your market is universal to the whole country....

hazyjo

YES (albeit with a different EA)!

The EAs I bought my house through were awful at the beginning. The bloke (partner, I believe) was 'telling me off' like I was 14. I was getting so frustrated as I just wanted to put a bloody offer in but he kept shouting me down. Kept saying how there was now tonnes of interest (after months on market) and that someone would ring me back in two weeks (after the snow had cleared as apparently this house would fly off the shelf). It was still for sale, and nobody rang. I called again and he was as rude as before saying I should ring back in a few weeks and sooner or later I'd not afford anything in North Chingford and how I should offer nearer the asking price. They just refused to take me seriously and I ended up shaking and in tears after putting the phone down to him the second time. I'd had 2 viewings by this time (the first one, several months before when it first came onto the market).

Absolutely awful practice. I've been on very good terms with EAs in the past, and am (now) 44, not 24 (although look younger and people do tend to talk to me like I'm decades younger than them when I'm not. Grrr). I have never encountered an EA I can't handle apart from this arrogant pr***.

In the end, I blocked their number and emailed them with an offer. Thankfully some woman there replied saying 'just a little bit more and I think they'll accept' so I went up around £1,500 and that was that. (Needless to say they'd ignored my line saying not to ring as it was difficult to talk at work and that ALL correspondence should be done by email from now on and tried to ring immediately (could see on my phone although blocked so they couldn't get through). I don't have voicemail so they had to email).

I did have to deal with them unfortunately and wish they'd not got any money (thankfully off the vendor, not me). He showed me round after my offer had been accepted so I could measure up and I've never felt so rushed in my life. Awful awful man.

Good luck!

Jx

benjus

hazyjo wrote: »

(Needless to say they'd ignored my line saying not to ring as it was difficult to talk at work and that ALL correspondence should be done by email from now on and tried to ring immediately (could see on my phone although blocked so they couldn't get through). I don't have voicemail so they had to email).

One of the things I like most about the agent I'm using to sell is that they actually respect my request to communicate by email unless something really requires discussion. Of course I don't know if they are as flexible with buyers, but I've been pretty impressed with them.

hazyjo

benjus wrote: »

One of the things I like most about the agent I'm using to sell is that they actually respect my request to communicate by email unless something really requires discussion. Of course I don't know if they are as flexible with buyers, but I've been pretty impressed with them.

Same here - have always generally communicated with every party (solicitor, EAs for sale and purchase, mortgage provider, etc) by email. But I have never had to submit an offer by email and not spoken with the EA on the phone. I just refused to take any of their calls - wasn't for convenience, I just hated that bloke.

The horrible EAs did use email throughout obviously, but it was that initial contact that annoyed me cos I just know it was him trying to have another go at me down the phone. I emailed them to give my offer and said don't ring, and the idiot rang straight away.

I'd gone in way under for my first offer which I knew would be refused (it was), but was worth a try. I then told them another figure and that was when the bloke was horrendous down the phone and was shouting things like 'look, instead of throwing offers around willy-nilly... blah blah'. I'd only effing offered twice! He talked over me constantly and I was belittled over every single thing I managed to get out.

Can't believe I finally got the house (£26k under asking price). Let him stick that in his pipe...

Jx

londonmaiden

googler wrote: »

I edited that for you..... I'm open to debate, but I don't think your market is universal to the whole country....

Thanks! I would probably agree except for the South and especially SE might be worse due the the fact that people from London who are priced out and don't want to live in the god awful outer boroughs are now choosing to move further afield and commute in.

dominoman

googler wrote: »

Yes, but surely you would agree that the Zoopla Sold Prices (not their 'valuations') are accurate...?

Accurate yes, but several months out of date.

With the crazy market we have now people are prepared to pay 10-20% more for a house than one that sold even very recently.

If you believe house prices are going to continue to increase at 20% a year as they did last year then paying over the odds to secure the place you love is not so silly.

dominoman

londonmaiden wrote: »

Thanks! I would probably agree except for the South and especially SE might be worse due the the fact that people from London who are priced out and don't want to live in the god awful outer boroughs are now choosing to move further afield and commute in.

What are these God-awful outer boroughs of which you speak?