Estate agents and log books

A

Ava32

Guest
Hi all

We are in negative equity at the min. When I think back to when we bought our 2 bedroom semi detached house, I feel we were robbed. We bought in 2006. Up to the morning we bought the house it was 230k. We then got a few more calls from the estate agent saying 'oh another bid has just went on to the house' . Before we know it the house has gone up to 245k. This is what we stupidly and naievely gave for it. I am raging now that we did as the house itself was just thrown up in the boom. There are so many things wrong with it not to mention the lack of space. I feel we were young and naieve and perhaps not treated fairly. How can those bids on the house have just went on as soon as we were about to close the sale? Does anyone know if I could ever go back legally and ask for proof ie log book as evidence. Is it worth trawling over all of this??? Any help would be much appreciated
 
EAs work for and are paid by the sellers. Unless you can prove you were lied to during the buying process, I can't see how what recourse you'd have as the seller and not the EA got the extra money.

"... the house itself was just thrown up in the boom. There are so many things wrong with it ..."

Did you have a full structural survey done before buying? (not a bank valuation, not a walk-through by a friendly builder, but a thorough inspection with a detailed report on the condition of the property).
 
You could have (and should have) said NO. But hindsight is the greatest thing in the world. So after 4 years of enjoyable living, on a wet May day you have decided to complain. Let this be a good lesson in Life. EAs are the lowest form of humanity you will ever find. A hard lesson has been learned -- anything that looks to good to be true normally is.
 
Like any business they have to keep records, and when the records show you the name of the other bidder will it help you get over the fact that you let bidding increase 15k in a day? If your house was now worth 300k would you look to blame the EA? Many like Mercman believe that EA's are the lowest of the low, but we all should remember that in the prooperty market at least there are generally 3 parties. The willing buyer/savvy buyer, the EA and the vendor who calls the shots.
 
3 years ago our son put a deposit on a newbuild (3 bed town house 260,000), we went up to see the show house a few days later, not letting on that our son had put down a deposit. The EA there gave us a price 5000 more that the price my son had agreed - same row of houses not even built yet - very sharp practice. In the end he took back his deposit & bought a 4 bed semi for 240,000. Of course it has gone down in value also, but at least he's not in as big a hole as he would have been. The EA's do also have a lot to answer for, but experience & hind sight are great things. I feel truly sorry for people who were conned - I do think that is the only word to use - into buying overpriced houses.
 
Like any business they have to keep records, and when the records show you the name of the other bidder will it help you get over the fact that you let bidding increase 15k in a day?
Click to expand...

Name of the bidder is protected under Data Protection as it is personal information. So EA will never show you the original records. All you will get is a note saying "bidder X bid €000 on Y date". You'll never know who bidder X is or whether or not they even exist.
 
Without personalising this thread, the property markets worldwide, not just the Irish market, were infernos based on Bankers, EAs and greed. It is very diffficult to base any investment with any clarity when it is known that the person doing the selling is working on Commission. The more they sell the product the more they earn. Sure and agreeably the market forces played a role but the greed and ignorance played a huge role.
 
The estate agent was acting for the seller , not for you.

You had a valuer , surveyor and solicitor acting on your side. What did the valuer say the house was worth ?
 
The EAs were only one of a number of parties involved in scaring young people into buying overpriced housing.

Remember, Ireland's ENTIRE economy was dependent on young people buying houses. So every interested party - from banker, estate agent, electrician, blocklayer, landlord, your mother, the sofa factory, the concrete supplier, the Spar shop selling breakfast rolls - and so on,

ALL these people did their best to make you buy that house.
And they thought they were doing the right thing at the time.

Every Estate Agent's office should be made to carry a poster in large print on the wall saying -
This person is a trained Seller and negotiator. They are trained to get the MOST money from you for the product you are buying, using whatever methods are legally available to them. Furthermore they hold NO responsibility in relation to the quality of the product they are selling other than the sale process adhere to property law. Please be aware of this.
 
Sadie, That's a bit long winded. The Poster should read:

Our earnings are based on Commission on sales.
The more you pay, the more we earn.
 

If you feel that an unlawful or unethical act has occured then contact the membership to which the EA is affiliated and they can ask to see the records.
 
mercman said:
Sadie, That's a bit long winded. The Poster should read:

Our earnings are based on Commission on sales.
The more you pay, the more we earn.
Click to expand...

Except that doesn't really cover fixed price agreements, but surely people do realise that an EA's job is to sell the house that is why they contact the EA looking to but it. To simply state that an EA will try and milk every last drop out of you makes no sense.
Why would I risk a sale to net the vendor an extra 5K when it would be only worth €50 to me?
 
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