Using an estate agent to buy

C

Curtley-Óg

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Hello

I would like to understand the pros and cons of using an Estate Agent to purchase a home.

I am a first time buyer. My price range is low (150k - 175k), searching for a 2 bed in a provincial town in Munster. I have a local authority loan (Rebuilding Ireland) approval in principle which expired yesterday 30 Dec, and I have requested an extension which if I am being optimistic should give me another 1 - 3 months grace (to end March 2022 at very best). After this period I would need to reapply in full to the successor of the RI scheme which is likely to take 3 - 6 months to clear, allowing for delays related to the new scheme over and above the normal application timescale of circa 10 - 12 weeks. I want to avoid this re-application process, and moreso the associated delay in being able to put in offers, if at all possible.

Given my search to date has been unsuccessful (a sale agreed fell through in Aug as the vendor pulled out), I think it is worth considering how I can change my approach in the hope I can be successful in purchasing a home in the next 3 months (assuming my RI extension request is granted). It seems employing the services of a local Estate Agent may be one such option.

I would be grateful for any experiences and/or advice that could be shared please.

Many thanks.
 
A bit like going to a garage, or not using a garage to buy a car. You can buy a house yourself of course, but might need to avail of an estate agents adverts to see what's available. Does that start to tell you something? Even using the adverts the EA has, are you going to approach the house owners with an offer? Tell a few auctioneers what you're looking for and see how you get on. There's some very good ones out there. Like any profession or trade, etc, shop around.
 
Are you looking for an EA to act as a "buyer's agent" for you for a fee?

I have heard of this in big markets like Dublin. But in a thinner market like rural Munster there are only so many agents and many are selling anyway!

What you may need is a change of approach. There are probably only a few hundred dwellings in your target market. Buy a pay-as-you-go phone. Drop a leaflet with the number through every door saying you are a private buyer and see what response you get. This often works!
 
Thanks @NoRegretsCoyote - yes, exactly correct I am considering the option of an EA to act as a "buyer's agent".

That's helpful feedback that this would be more normal in a big market like Dublin. What you say about thinner markets rings true for me - in the town I am considering alone, there are four EA's, three of which appear to be family businesses spanning two generations. I expect they know each other very well and regularly send each other business for buyer-side valuations etc. Considering all this, it seems using one of these four EA's as a "buyer's agent" wouldn't be a particularly good or well-proven strategy.

Thanks very much for your thoughts on a change of approach. This is a completely different approach and at the very least brings more into my direct control, albeit with zero guarantees of success of course! As you say it might just work, so I'm going to give this some thought and may well follow this course...
 
Thanks @noproblem however I may not have been clear in my post - as I say in my response to @NoRegretsCoyote what I am considering is using an EA to act as a "buyer's agent". I've gone through the mill a few times with the standard approach of contacting the seller's EA via myhome.ie etc., and while I'll continue with this I also want to explore other avenues...

Rereading your message, you may well be understanding my post in this context, ie EA's as a buyer's agent. If so, I appreciate your advice to shop around.
 
Your over complicating things. Just go on one of the property sites (myhome.ie or daft) and then find properties that you are interested in. Check each day or week for new properties. Go and view the properties and make bids if desired.

None of that requires an estate agent.
 
Up to relatively recently, a significant number of property sales were done "off-market" with no advertising or signage and the estate agent matching buyers with their approved list of sellers.

Of late, this is virtually nonexistent as every seller wants to achieve the maximum potential price by advertising the property on the open market.

At the time, I contacted estate agents as a cash buyer but never got a call back with any suitable properties!

Most recently, I have made contact with several agents stating my requirements for them to source a property for me and, again, haven't had a call back.

It would seem there few to no other options other than trawling the property portals such as Daft and MyHome now.
 
Thanks for sharing your experience @Carnmore !
 
There is also the option of an auction, from looking at for sale signs around the place, I'm seeing an increasing number being offered for sale this way. These bring their own challenges and issues but might be worth considering
 
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