Hi jim
So what if they make phantom bids?
A seller wants €200k for a house.
You have bid €180k. They lie to you and tell you that they have a bid of €190k.
You can walk away or offer more.
It's the same in many businesses - the buyer doesn't really know what the seller will accept, and the seller doesn't really know how much the buyer is prepared to pay.
Is it any different from the auctioneer telling you that they will accept €200k and that your bid of €180k is not acceptable?
Brendan
Hi jim
So what if they make phantom bids?
A seller wants €200k for a house.
You have bid €180k. They lie to you and tell you that they have a bid of €190k.
You can walk away or offer more.
It's the same in many businesses - the buyer doesn't really know what the seller will accept, and the seller doesn't really know how much the buyer is prepared to pay.
Is it any different from the auctioneer telling you that they will accept €200k and that your bid of €180k is not acceptable?
Brendan
It's not a huge issue at all. It's frustrating, but what is the difference between that and the auctioneer telling you that they won't accept anything less than €200k?
An auctioneer would be wasting their time saying 'they won't accept anything less than €200k' if nobody is willing to spend that amount on a particular house.
Surely it is fraudulent for estate agents to prop up the price of a house based on fake interest?
This should be regulated more to level the playing field and only pit legitimate bids against each other.
Surely it is fraudulent for estate agents to prop up the price of a house based on fake interest?
Leo - EAs should not be given the scope to falsely increase the amount of money a purchaser thinks they have to spend to buy a particular house. The person who buys the house sets the price because they think that the market is dictating that price. If EAs are making phantom bids on houses, the purchaser has been mislead. They don't have to sit on it for weeks - just a few phone calls back and forth for a few days.
Surely it is fraudulent for estate agents to prop up the price of a house based on fake interest?
It's a free market, those selling property can set the asking price at any point they want. To suggest restrictions on that would be a huge interference in the rights of property owners.
I never thought that the law would get involved in stopping landlords changing the rent more than every 2 years.
...A house goes on the market for 500k...I view the house and offer 475k...In the end I purchase the house for 525k...
As an adult I am satisfied that I have spent an affordable amount of money of the house.
I'm happy to have the house but feel very frustrated that while entering into the biggest financial commitment of my life, I was being duped by the EA because I sense that there was no other bidder involved.
Ideally the EA should be saying to the vendor, 'there is only one offer of 475K. You were seeking 500k, I suggest you split the difference and sell for around 487K or take the house off the market'.
One suggestion on how to facilitate this would be to use a Blockchain methodology where transactions are anonymously recorded based on a registration number given to purchasers and allocated at the time of mortgage approval. Then anyone can see what bids are being made and bid accordingly.
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