How to tell if you're being played by EA

Jhoney_2

kilby_007 wrote: »

All agents have their own personalities and it can be hit and miss what you end up with. The estate agent selling our last house was a total idiot. Unbeknown to us he told two people that their offer was accepted (both at asking price) because he wanted them as clients on his books too, selling their house (we knew that part, but he was supposed to tell one of them that we'd decided to go with the other cash buyer who came along a few days later). It wasn't until a few days before completion with the other buyer when I got angry facebook messages that I found out they'd only just been told, 2 months down the line!! It didn't end there, the agent then phoned me and said he'd managed to get another 7K out of one of them and would we allow them to gazump (he didn't use that phrase). I obviously told him where to go, but it amazed me as up to that point he'd seemed quite decent and genuine.

There are some good agents about that can facilitate a sale really well, and there are others who do very little leg work and show little interest. The problem I've got is that with the territory of being an estate agent there's nearly always lies involved, whether it's a little fib ("there's been loads of interest in this one" when it's just been reintroduced to the market after being sat there for 6 months) or full blown lies. I've had Estate Agents slip up and reveal that stories were completely fabricated in the past. To be a good liar, you have to have a good memory!

Sometimes I think it'd be nice to buy a house without the haggling. The vendor states a [STRIKE]realistic [/STRIKE]price that they want and you leave it if you think it's too much, or you just pay for it if you think it's the right price, rather than them adding 10% on and you trying to knock 15% off until you end up somewhere around what you'd have paid anyway!

I agree with almost all of that accept that realistic is subjective. As a result the only goalposts that seem to be moving are yours. They stated Offers over X amount and you went in under so you didn't take your own advice as above.

You say that they didn't want the 300K, yet they are not biting your hand off for your offer so maybe they do want that amount after all and were that perhaps rare seller who wants what it says on the tin.

I honestly don't see what they have done wrong - they have not accepted your offer so you have spent no money, time etc due to untimely information.

You may simply have misread the vendor and if you can't/won't meet their price, go and find something else and stop making it your/their problem.

Prothet_of_Doom

What I have learnt is that unless you are very clinical about what you value something at, and if you let any emotion get into your judgement, then you can be played like a fool.

It's like playing poker. You don't show your hand. Unless your hand is "Take it or leave it, but there is NOTHING more on the table"

Whilst attempting to buy a house or flat to rent out, I was told by my nephew (who is an estate agent), that I would be hated by any agent, because my decision making was too data based. When you buy a family home, the opposite is true, and the agent can see and feel the emotion.

Jhoney_2

marksoton wrote: »

Ill be frank,brutal but honest. You're a nightmare purchaser.

To be fair, nothing specifically to do with OP, I think a lot of people have bad experiences in this process and so there are chancers and time wasters on both sides trying to 'out manoever' one another.

One hears (and reads) horror stories re various EAs, vendors and buyers - from FTBs to cash purchasers - and it stays with them and the cycle continues as they aim not to fall 'victim' to some ruthless punter and get done over, lol

Important to think about what the purchase means to you, not wait until someone else wants it more and then react. Noone has to make an offer, noone has to accept. Them's the rules...

kilby_007

Jhoney wrote: »

I agree with almost all of that accept that realistic is subjective. As a result the only goalposts that seem to be moving are yours. They stated Offers over X amount and you went in under so you didn't take your own advice as above.

You say that they didn't want the 300K, yet they are not biting your hand off for your offer so maybe they do want that amount after all and were that perhaps rare seller who wants what it says on the tin.

I honestly don't see what they have done wrong - they have not accepted your offer so you have spent no money, time etc due to untimely information.

You may simply have misread the vendor and if you can't/won't meet their price, go and find something else and stop making it your/their problem.

I don't think they have done anything wrong and never have said that. The original post was just asking about ascertaining whether I was being told the truth by the EA, which obviously is a very difficult thing to do.

As far as the vendor is concerned, I've put forward 3 offers and that's that. I don't see how that would be a problem for them. I haven't argued with them or spat my dummy out, I was simply questioning the EAs integrity, which I don't think is unreasonable given their reputation and my past experiences! - several of which involve estate agents coming back to me weeks later after higher offers mystically disappearing and accepting my offer.

Jhoney_2

kilby_007 wrote: »

I don't think they have done anything wrong and never have said that. The original post was just asking about ascertaining whether I was being told the truth by the EA, which obviously is a very difficult thing to do.

As far as the vendor is concerned, I've put forward 3 offers and that's that. I don't see how that would be a problem for them. I haven't argued with them or spat my dummy out, I was simply questioning the EAs integrity, which I don't think is unreasonable given their reputation and my past experiences!

My post did contain the post I was replying to... As I said, I agreed with all that you had said/experienced but I then responded to the section in bold. That referred to vendors?

The spitting and arguing imbellishments are on you:)

kilby_007

Prothet_of_Doom wrote: »

What I have learnt is that unless you are very clinical about what you value something at, and if you let any emotion get into your judgement, then you can be played like a fool.

It's like playing poker. You don't show your hand. Unless your hand is "Take it or leave it, but there is NOTHING more on the table"

Whilst attempting to buy a house or flat to rent out, I was told by my nephew (who is an estate agent), that I would be hated by any agent, because my decision making was too data based. When you buy a family home, the opposite is true, and the agent can see and feel the emotion.

Usually I'm very clinical, when it comes to buying some dilapidated mess to renovate, I know what the profit margin will be, and the price I need to offer, make one offer and walk away. Invariably the estate agent tries the techniques to try and get a little more money, which is fine, and eventually they come back and accept, or you don't hear from them again, but when you're buying a property to live in, and every time you think of it you think of your kids running up and down the garden, entertaining parties, and going for walks in the nearby forest, you add sentimental value to it, which for me (we touched on this earlier) is different to market value, and you have to be careful not to get carried away, which I have started to do in this case!

kilby_007

Jhoney wrote: »

My post did contain the post I was replying to... As I said, I agreed with all that you had said/experienced but I then responded to the section in bold. That referred to vendors?

The spitting and arguing imbellishments are on you:)

Ah, I think you got the wrong end of the stick. I was referring to a different world of marketing where people actually ask for what they want and buyers don't haggle. That doesn't really exist, and I think everyone knows that, even estate agents admit it (when valuing they'll ALWAYS tell you to price it 5-10% above what you actually want for it unless it's an informal tender). The estate agent in this case didn't suggest that we were too low on our first offer of 280K, and they actually sat on it for quite a while before getting back to me so it can't have been offensively low to them. Anyway, I think we've bottomed out that most people think I'm a) overthinking it and/or b) a rubbish buyer. Thanks for the comments people. Good night

Jhoney_2

kilby_007 wrote: »

Usually I'm very clinical, when it comes to buying some dilapidated mess to renovate, I know what the profit margin will be, and the price I need to offer, make one offer and walk away. Invariably the estate agent tries the techniques to try and get a little more money, which is fine, and eventually they come back and accept, or you don't hear from them again, but when you're buying a property to live in, and every time you think of it you think of your kids running up and down the garden, entertaining parties, and going for walks in the nearby forest, you add sentimental value to it, which for me (we touched on this earlier) is different to market value, and you have to be careful not to get carried away, which I have started to do in this case!

That should tell you it's worth the relatively small premium isn't it? Perhaps you are transitioning between those very differing mindsets emotion and money? Don't let your experiences of EA put you off the home you clealy want - the above post is the first one that sounds like you are emotionally invested - that is the best approach you can have!

That's the deal maker, but if you do go for it, I would still put some money in and stop giving the EA/vendor time to arrange more viewings.

robatwork

Because you're in their office talking to them.

(I didn't read the OP at all, just answering the question)

kilby_007

So they got back to us this afternoon and said that the vendors are warming more towards the other offer as it was "a bit" higher than ours, but they were still thinking about it. I asked for a second viewing later this afternoon and she got straight back to me saying that the vendors would only accept offers over £300K (this is the first time that's been mentioned) so it's all been a waste of time really. Obviously they're welcome to hold out for whatever offer they like but I wish they'd told me when I went in with 280K and I'd have just left it alone! I do wonder if the other buyer has upped their offer this morning into the 300+ territory and that's why they've said it...