Auctioneer Tactics

Q

qwerty08

Registered User
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76
Hey all

So looked at a house and made a conditional offer (said it was on the table until February X. The time lapsed and i moved on but i've since been told by a friend who enquired about the house that the auctioneer is still saying the house is under offer even though its not.

i raised it with the auctioneer and he didnt deny it or argue that it was someone else's offer, he just said that my offer wasnt being accepted and pretty much goodluck!

If the offer has lapsed as per the terms of the offer, then is what he is doing not illegal???!
 
how would you regulate auctioneers' acceptance of offers ?

who really cares ?
 
well it gives the false impression that prospective bidders need to at least match if not exceed a pre-existing "notional" offer that doesnt actually exist at all so how can you say that it doesnt matter. Its a tactic that may well lead to a person paying more than they have to for a house!
 
It can be a pain, but one way you can use this info is that it gives you an idea of what the vendor wants to get. Let's say the house is valued at 350k. You offer 260, they say sometime along the lines of "we just turned down an offer of 310 last week, so no point putting that offer to the seller". You know you could prob get it for 315k... if you really want to/feel it is worth it/are happy with the price.

You can also use it to your benefit and say "well my offer is on the table for the next few weeks, if their circumstances change you can get back to me ".

I've had these tactics done to me before - by almost all Estate Agents. If the vendor/auctioneer isn't being realistic with the price, let them off. In two cases I've noticed the prices on daft dropping a few months later to a price well below what I had been told "had been turned down".
 
baloon said:
It can be a pain, but one way you can use this info is that it gives you an idea of what the vendor wants to get. Let's say the house is valued at 350k. You offer 260, they say sometime along the lines of "we just turned down an offer of 310 last week, so no point putting that offer to the seller". You know you could prob get it for 315k... if you really want to/feel it is worth it/are happy with the price.

You can also use it to your benefit and say "well my offer is on the table for the next few weeks, if their circumstances change you can get back to me ".

I've had these tactics done to me before - by almost all Estate Agents. If the vendor/auctioneer isn't being realistic with the price, let them off. In two cases I've noticed the prices on daft dropping a few months later to a price well below what I had been told "had been turned down".
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So your advice is to offer a bit more than the price they say they turned down, when you dont even know if it was a real offer or not, thats hardly good advice. Offer what you think is a fair price minus a 5-10%, dont let anything an EA says guide you. If you really want the house then go to the 'fair price' and walk away if it refused.
 
No Senna, that's not my advice. Sorry if I didn't make it clear.

I was saying you can use the info to gauge what sort of price the vendor is after.
 
NorfBank said:
There was a time before the Celtic Tiger?? :rolleyes:
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And I believe there will be a better time after it, just not for the next short while. That said even in the future auctioneers will be up to their usual tricks. (Hope MrMan is not reading this)
 
I went to view a house on Monday evening just gone, the estate agent interested me saying it would be available for the 210k mark, so i agreed to a viewing. I viewed the house, then estate agent said the price will be 250+
Thanks a lot for wasting my time and bye bye estate agent.

What was that all about ?
 
andrew1977 said:
I went to view a house on Monday evening just gone, the estate agent interested me saying it would be available for the 210k mark, so i agreed to a viewing. I viewed the house, then estate agent said the price will be 250+
Thanks a lot for wasting my time and bye bye estate agent.

What was that all about ?
Click to expand...

Just keep calm and keep your cool, tell him its too much, he may come back to you in a couple of weeks or months.
 
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