Agent games to generate interest in their auctions

Discussion in 'The Buying & Selling Process' started by Thorm, 16th Apr, 2016.

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  1. Waldo

    Waldo Well-Known Member

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    Agreed - its pretty obvious you're not interested in the property at that price range.

    Maybe the agent was just doing it to save face to the vendors "yes, yes we've had one offer"
     
    Waldo, 17th Apr, 2016
    #21
  2. Thorm

    Thorm Well-Known Member

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    No, not really. They called me and said they were desperate. Why not take a punt? They could come back at me with a price and we might be able to work our way towards an agreeable figure. I thought the property was worth about $280k+. $240k seemed like a good (albeit, a very low) starting point.
     
    Thorm, 17th Apr, 2016
    #22
  3. wylie

    wylie Moderator Staff Member

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    Then they likely wanted to keep you interested and get you to the auction. I don't really see a problem with it. If you wanted an answer within a certain timeframe, you could put a clause in, or rescind in writing if they don't play the game the way you want.
     
    wylie, 17th Apr, 2016
    #23
  4. Bran

    Bran Well-Known Member

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    I've never seen any counter of price pre-auction. Has anyone else?
     
    Bran, 17th Apr, 2016
    #24
  5. wylie

    wylie Moderator Staff Member

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    No. Usually pre-auction offers have to be pretty good (and clean contracts) or they are dismissed. I've had offers prior to auction and simply said "no". Never countered.
     
    wylie, 17th Apr, 2016
    #25
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  6. SmashedEconomy

    SmashedEconomy Active Member

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    Yes its par for the course in a heated market where agents will yank buyers chains as much as possible as they (the agents) hold the all cards . Just treat them the same way, lowball, make short term offers with built in expiry, make it seem to agents that you are busy with lots of properties catching you eye, and that you are not particularly interested in theirs.

    In other words, treat them the same way they treat you.
     
    SmashedEconomy, 18th Apr, 2016
    #26
  7. Big Will

    Big Will Well-Known Member

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    Got no idea what FMV is for the place but lets call it 300k for simplistic sake, with your offer being so los (240k) they would need to start at 360k to meet half way.

    Like @wylie said they likely just kept you on the chain to make you attend the auction and were not willing no negotiate as you were 20% below.

    Mortgagee in possession doesn't mean we will take the first offer no matter what, banks do not want to open themselves up to litigation by the owner because they sold it cheaply.
     
    Big Will, 19th Apr, 2016
    #27
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  8. Whitecat

    Whitecat Well-Known Member

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    in my experience agents will use a lot of tactics to drum up interest in an auction and a lot of the time that can involve straight-out lies about the owners intent
     
    Whitecat, 19th Apr, 2016
    #28
    SmashedEconomy likes this.
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