House on with 3 agents, any advice for buyer?

Crashy_Time

When it turns it can happen quickly......


https://www.bloomberg.com/news/articles/2017-05-24/toronto-bidding-wars-turn-to-homebuyers-remorse-as-market-slows


Anecdotal on threads here says similar, the buyers are just not there any more.

Crashy_Time

DaftyDuck wrote: »

.... Like you always have?

No reason to walk away until you've tested the water, and seen what the actual facts on the ground are.

Ignore Trashy: he reminds me of the Soothsayer in Up Pompeii "woe, woe, and thrice woe".

If everything is Hunky Dory then why does this seller feel the need to be on with THREE agents?

Cakeguts

The problem is that if the seller is not really interested in selling it doesn't matter how much you offer. If you offer the asking price they will probably think it is worth more than that. I expect people have done that in the past.

This house is on the market now with 3 agents but the seller isn't interested in selling so there isn't really any point in trying to buy it. Find another house.

Crashy_Time

Cakeguts wrote: »

The problem is that if the seller is not really interested in selling it doesn't matter how much you offer. If you offer the asking price they will probably think it is worth more than that. I expect people have done that in the past.

This house is on the market now with 3 agents but the seller isn't interested in selling so there isn't really any point in trying to buy it. Find another house.

The seller wants to sell (three agents) he is just misguided about the value of the house (priced too high) Stick to an offer you think is fair and see where things go.

kinger101

It's probably a part exchange on a new build. So the person dictating what it sells for might be the developer.

Charliezoo

Thanks for the advice everyone. Phoned the agent again and spoke to a different guy in the office who told me not to get my hopes up - he says he doesn't think the seller is serious about selling and he thinks he has the house on the market as a show to debtors.

Odd situation which could end badly so unfortunately we probably have to walk away. Shame as our own house has been valued slightly higher than expected and we already have a potential buyer. We'd be prepared to offer asking price or slightly above if it were a normal situation but it's probably going to end in tears so we've got to be sensible!

Marvel1

Does not sound like the seller knows what they want - 3 agents, not accepting offers and described as being difficult - not someone I would buy from.

flimsier

Charliezoo wrote: »

I've found a house I like but it's on with 3 different estate agents. This makes me very wary as I worry that someone might step in with an offer that even the agent I'm dealing with doesn't know about.

Does anyone have any advice on how to approach buying this house and what pros and cons there are for a buyer when a house has multiple agents? I thought the seller must be desperate to sell but the agent says he's turned down lots of what he considers very reasonable offers, this has been confirmed by the next door neighbour, both agent and neighbour say he's a very difficult person to deal with!

Would appreciate some advice please!

I can't advise. I tended to think of these sorts of properties as having some kind of issue with them that made them hard to sell, and was always hence very cautious. I'd talk to the vendor direct and say that your offer, if accepted, is conditional on the house coming off the market inc on right move (I tend to do this anyway).

edit: which I've just realised you have already been advised! Good luck!

angelsmomma

Charliezoo wrote: »

Thanks for the advice everyone. Phoned the agent again and spoke to a different guy in the office who told me not to get my hopes up - he says he doesn't think the seller is serious about selling and he thinks he has the house on the market as a show to debtors.

Odd situation which could end badly so unfortunately we probably have to walk away. Shame as our own house has been valued slightly higher than expected and we already have a potential buyer. We'd be prepared to offer asking price or slightly above if it were a normal situation but it's probably going to end in tears so we've got to be sensible!

I agree, its best to walk away. My neighbour did this 5 years ago as he was forced to put the house on the market in a nasty divorce battle. He is still there despite court orders. He is just too difficult for people to deal with and the agents don't push it as they know he does not really want to sell.

Crashy_Time

angelsmomma wrote: »

I agree, its best to walk away. My neighbour did this 5 years ago as he was forced to put the house on the market in a nasty divorce battle. He is still there despite court orders. He is just too difficult for people to deal with and the agents don't push it as they know he does not really want to sell.

Wouldn`t he be legally obliged not to turn down adequate offers though, and the agents as well? Surely cash buyers flock to the three D`s because they know it is discount time? In the OP`s case won`t the creditors eventually just repo or sell this guys house at auction to pay off his debts?