Well, my repsonse is to immediately lower the offer, not a lot, but enough to test them out. If they do indeed have a lot of interest and I am "under the market" then fine, it means that isn't the place for me.
If the EA is playing games and there isn't loads of interest, he risks seeing a potential bidder moving out backwards.
So I would go the other way to Mr Mans suggestion.
My sentiments entirely, im a FTB offering a quick buy, my brother who's in the business reckons 70% is a good figure.
So I would go the other way to Mr Mans suggestion.
If anything the EA’s silly tactic made my mind up that I wont be bidding again on that property, as I’m interested in 2 other property’s the EA has on his books, I will look at them and if I’m keen I’ll approach him in the same manner, at least this way he’ll know I will not be bullied/embarrassed into raising my bids above what I consider to be correct.
I’m afraid that some EA’s have not had to work to hard in recent years to move property’s and as such their attitude & personal skills stink!
Eamonn, I fully appreciate the role the EA is playing but like I said above I’m not going to be bullied or embarrassed into bidding above what I consider is a fair and reasonable offer.
I think the point is that you are letting his treatment of you alter your decision on purchasing the house. If this was the house that you wanted then you shouldn't let things like this get to you. Fair enough don't be bullied but why pull out altogether?
Thanks for the tips, just to clarify matters, the property I had bidded on was an apt in a very nice Dublin suburb, 505k was the guide, 445k was my bid, I explained to EA that I was basing my bid on 2 factors, firstly there were 2 other (very similar) apartments in the complex guided at 465k and secondly if I was going to spend more than 445k I would only be interested in buying a house. I was very clear I didn’t see any value above 445k
Just to clarify matters, i had never intended increasing my offer so the EA's attitude had no bearing on my decision.
what most posters seem to be missing is that you can bid what you want but if the seller is in no rush, then all the tricks in the trade won't work and ultimately will weaken your bid in the long term
This is a standard negotiation tactic. It's called revulsion or surprise or shock. It throws the ball back in you court giving the EA the upper hand as you now have to make the next move. The very fact that you're left wondering what to do now, proves that the tactic is quite successful from the EA's perspective. The trick to deal with this situation, is to stick to your guns. Say you feel that it's a fare offer (without being insulting) in the current market and that you are unable to up it due to restrictions on what you can borrow. State your positives, such as you don't have a house to sell (i.e. not in a chain), you're mortgage approved etc. Request that offer be put to client and leave it at that. If the EA still doesn't play ball then there's not much you can do, other than trying to drop a note in the door directly to the seller.
Quote:
Originally Posted by ang1170 http://www.askaboutmoney.com/showthread.php?p=593920#post593920
Bid what you think it's worth and what you can afford to pay.
IMO it's better to bid under what you are prepared to pay. It's also the most common thing to do, so whatever your first bid, they will look for and indeed expect at least a bit more.
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