Estate Agents

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12/12/2006, 3:12 PM
strangeirish

Estate Agents

Anyone see the Primetime expo on Estate Agents? Are these people that unregulated? If that happened here in the US, some of those people would be doing jail time. As a Mortgage Broker myself, I couldn't believe the back-handed stuff that was going on. One point of interest though, the Mortgage Brokerage that was giving their preferred Estate Agent the financial details of potential buyers, I thought a bit odd. The program didn't go into how much information was being released or if it did, I didn't catch it. The only thing we are allowed to do over here is to issue the borrower a pre-approval letter up to the amount they qualify for. Surely there is some sort of privacy law that is being violated there, no?
12/12/2006, 3:21 PM
paul_oshea

well i know with a major one over here called foxtons, there was a panorama investigation which found the exact same stuff, that happened over a year ago, and now prime time finally decide to check out the Irish market. some estate agents that give their prefered brokers are not to be trusted......well according to the investigation over here.

I am looking to buy a flat at the moment over here and I am very supspicious of the whole thing, for example a place that needs an awful lot of modernisation i.e. new kitchen and bathroom, that just went on sale on the friday evening, by the time i saw it at 1 the next day according to the estate agent there had been 7 viewings and 2 offers near the asking price. he wouldnt tell me but i kept gong up andup till i overtook it. i really found it hard to beleive that it had matched near the asking price so quickly especially given the condition it was in.....and the fact the people with me kept saying how this would sell quick etc, giving him bait.

anyhow OSO, im sure enough there are some irregularities in the states as well.....there always is over there. its not just ireland or england this racket is going on.
12/12/2006, 3:30 PM
strangeirish

Don't get me wrong POS, the US is far from perfect. Having said that, we are highly regulated over here and there is always going to be some sort of fraud. But if you're caught, the penalties are severe. There are procedures in place to protect all parties in a real estate transaction and you also have services available to you to satisfy any concerns you may have as a buyer. It just seems in Ireland that there are so many open-ended transactions taking place.
12/12/2006, 5:06 PM
pete

Its unbelievable that so many industries such as law, medicine & property is "self" regulated. The FF/PD government would want to pull the finger out & do something as they move to 10th year in consecutive government. :rolleyes:

Selling property is rip for abuse. I don't know the ins & outs of but I could come with a few scams off the top of my head. Its amazing that if you put offer in for house no legal requirement for the agent to tell the seller. Must be so easy to sell houses at discount price to friends & relations...? :eek:
12/12/2006, 6:36 PM
kingdom hoop

Quote:

Originally Posted by pete

Its unbelievable that so many industries such as law, medicine & property is "self" regulated.

I agree that its a bit of joke, but a crucial difference is that law and medicine are not industries as you say, rather they are professions. estate agents evidently come nowhere near the unwritten codes that are inherent when one becomes a doctor or lawyer. the show was a real eye-opener for all and sundry. i guess if financial rewards can be gleaned from malpractice then some unethical people will inevitably take advantage. the same 'rewards' arent as big or obvious in law and medicine but the aura of those professions is such that even if there were, people wouldnt even consider the option. perhaps the relatively easy process to become an estate agent needs revision..
12/12/2006, 7:23 PM
dahamsta

The advertising industry is another "self-regulated industry". If ever there was a bunch of scurrilous lying windbags that needed regulating.
12/12/2006, 8:52 PM
pete

I did not see the programme but saw on the news that Estate Agents admitted they referred clients to mortgage companies in exchange for confidential financial information.

If proven true ist 100% fraud & should result in legal prosecution & big fines. Mortgage company & estate agents should be barred from the industry for many years.

The state is always quick to investigate industries for tax evasion because it gains financially so any chance could setup Commission to investigate & regulate these industries?
13/12/2006, 7:32 AM
Macy

Quote:

Originally Posted by pete

Its unbelievable that so many industries such as law, medicine & property is "self" regulated.

Major difference is that you don't need to be a member of an Auctioneers Professional body to act as an Auctioneer/ Estate Agent. Makes no difference if you're chucked out of the association - you can still keep your licence. Same isn't true in Law, Medicine etc.

Quote:

Originally Posted by pete

The FF/PD government would want to pull the finger out & do something as they move to 10th year in consecutive government.

It's a failure of consecutive Governments - you can't blame FF alone, they've only been in power 18 of the last 20 years, and this would have implications for their main financial backers, the construction sector...
13/12/2006, 9:26 AM
Lionel Ritchie

I see "regulation" mentioned by several posters here. Trouble is when anyone proposes actual regulation we're told it's bad for the economy and we'll "regulate ourselves out of business". :rolleyes:

Relatively we've laws for nothing in this country. Do what you want where you want and never mind who faces the consequences.

But narrowing back OT - the property sector is brimful of thieving fcuks. This isn't a case of "a few bad apples" imo. I reckon what we saw the other night is common practice in the field.
13/12/2006, 10:18 AM
Kingdom

Quote:

Originally Posted by paul_oshea

I am looking to buy a flat at the moment over here and I am very supspicious of the whole thing, for example a place that needs an awful lot of modernisation i.e. new kitchen and bathroom, that just went on sale on the friday evening, by the time i saw it at 1 the next day according to the estate agent there had been 7 viewings and 2 offers near the asking price. he wouldnt tell me but i kept gong up andup till i overtook it. i really found it hard to beleive that it had matched near the asking price so quickly especially given the condition it was in.....and the fact the people with me kept saying how this would sell quick etc, giving him bait.

Surprised to hear you say that Rossie. I'm surprised when I hear people forced to go over and over and over the odds for a property that they are questioning the worth of themselves. I keep an eye out for properties in our area (laois/Offaly) very regularily. We have a budget roughly set out on what we can afford to buy and an additional one for extra works if the property was worth it.
We've seen 3/4 properties that we felt had potential. Some were new houses, some were old houses that would need some changes. Each one was overpriced in my opinion but we still viewed them just out of interest/curiosity. I can say with hand on heart not one was worth the price. Sure enough on each occasion the agent was very pushy in telling us that the day was booked out with viewings and that he expected an offer at the asking price from the day out. The houses (all of them) are still on the market.

When we're looking at houses now, we get the asking price from the builder and a reasonable idea of what the seller will accept. We listen to fcuk all the agent has to say after that. Show yourself the property. I love when an agent puts out his arm and says" And here is the 2nd bedroom cum study" and tries to push you in the way he wants to go. I smile and walk the other into whatever room I like. I'm not trying to sound arrogant, because I'm certainly not.

We'd look at a property and decide whether or not its worth pursuing. If you're buying a gaff, be it a house or flat, then you should have a fair idea of what you're looking for. If you don't then I'd advise you to take a few days/weeks to decide what you do. When you know what you want, a place will feel right/suitable when you walk in.
13/12/2006, 10:24 AM
Dodge

Thats just sales technique Kingdom and no different to carsalesmen or pushy staff in shops. Nothing wrong with that IMO. Make them an offer, if they refuse, fine...
13/12/2006, 2:31 PM
Kingdom

Quote:

Originally Posted by Dodge

Thats just sales technique Kingdom and no different to carsalesmen or pushy staff in shops. Nothing wrong with that IMO. Make them an offer, if they refuse, fine...

I agree Dodge. I can't understand why someone would continue to bid on a property above what they were prepared to pay if they don't deem the property worth it? Can't speak for Britain but there is an abundance of houses over in relatively the same area, so its not as if houses are scarce as to pay inflated prices.
13/12/2006, 2:41 PM
strangeirish

Who determines the value of a property? As a lender here, we require an independent appraisal, by a licensed appraiser to determine a property's value by the use of comparable sales in a given area. This not only protects the lender, but also the borrower. I know at home you use the term 'guide price'. Who determines what that price is?
14/12/2006, 8:04 AM
Macy

Quote:

Originally Posted by strangeirish

As a lender here, we require an independent appraisal, by a licensed appraiser to determine a property's value

An Auctioneer/ Estate Agent, from a list supplied by the lender.

Quote:

Originally Posted by strangeirish

Who determines what that price is?

The Auctioneer/ Estate Agent
14/12/2006, 8:19 AM
Dodge

Well, thats onlya guide price. If you're the only person to offer €300k for a house valued at €330k, you might just get it.

(I realise I'm completely oversimplifying thing BTW...)
17/12/2006, 7:19 PM
Paddyfield

Quote:

Originally Posted by pete

I did not see the programme...

You can view it on the RTE website Pete.