Another bidding question.

M

Minnie***

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There is a house on the market for 2-3 months. It's offers over 455k. At the minute there are no offers on it. Would 445 be too low considering it states over 455? We are having a second viewing today with a builder, should we offer while we're there or ring back in a day or two?

Minnie.
 
Minnie*** said:
There is a house on the market for 2-3 months. It's offers over 455k. At the minute there are no offers on it. Would 445 be too low considering it states over 455? We are having a second viewing today with a builder, should we offer while we're there or ring back in a day or two?

Minnie.
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Why not offer €430,000?
 
Of course - the property has been on for 3 months with no offers. he sellers will be relieved to have gotten a bid.
 
The estate agent is obliged to relay the bid directly to the vendors. One trick I learned is to submit a bid in writing with the booking deposit cheque attached - for some reason this is taken by estate agents as showing that you are extremely serious and is more likely to take the bid seriously.
For all we know, the vendors are desparate to sell as they are due to move in to new place. At the very least a low offer should anchor subsequent neogitations so that a 'compromise' ends up as being a good deal for you
Chance your arm!
 
Minnie*** said:
There is a house on the market for 2-3 months. It's offers over 455k. At the minute there are no offers on it. Would 445 be too low considering it states over 455? We are having a second viewing today with a builder, should we offer while we're there or ring back in a day or two?

Minnie.
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In just a couple of sentences above and with no eye contact or body language, I'm still getting the impression that you are quite keen on this property. Not good.

I'd addition to what's already been said, I'd suggest you put in an oscar-level performance of disinterest when dealing with them and under no circumstances give them the impression you are keen. Otherwise they'll go to work on you, you may find other "bidders" suddenly appear, and you could end up paying more than necessary.
 
Minnie*** said:
Are ye serious could I really go this low without looking like a time waster?
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For your own benefit it may be worth your while checking out [broken link removed]

Please dont discuss your findings(neg or positive) on this site though.
 
Thanks guys, We are vey keen. We'll view this eve and make an offer of 440k on Fri.

No doubt I'll be back for more advice then!
 
Minnie*** said:
Thanks guys, We are vey keen. We'll view this eve and make an offer of 440k on Fri.

No doubt I'll be back for more advice then!
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At least let the EA ring you back, don't go running to them... If they haven't rang you back in a week then you could ring them. But 440K is very keen.

In the days before everything got hyped it was normal to put in a bid 10% under asking.

An infact even in the UK now with them in a similar enough housing situtation, people tend to underbid - some people say that if you don't insult the vendor with your first bid somethings wrong! :)

So my advise, take a step back and don't get emotionaly attached -there are loads of houses out there and prices are not rising as they were last Spring.
 
Minnie*** said:
Thanks guys, We are vey keen. We'll view this eve and make an offer of 440k on Fri.
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Minnie - this is (I assume) the biggest financial transaction of your life so far. You owe it to yourself to at least try to get the best possible deal on all aspects of the transaction (price, mortgage rate, broker fees). Paying 10-30k less for a house most certainly adds up over the lifetime of a 25-40 year mortgage.

This house has been on the market for 3 months. There has to at least some creeping doubt in the mind of the vendor at this point, as a potential buyer you must exploit that. In previous years all power was with vendors and the majority of those (via their estate agents) had no qualms about extracting the highest price possible. In a buyer's market, you try to secure the lowest price possible.
 
OK is 435 too high and why am I feeling so weak about offering this low. Do I just wait for the EA to ring me back and tell her we can only afford to go 430ish. What is she tells me it's offers of 455 or over, do I say fair enough get in touch if you change your mind?
 
Minnie*** said:
OK is 435 too high and why am I feeling so weak about offering this low. Do I just wait for the EA to ring me back and tell her we can only afford to go 430ish. What is she tells me it's offers of 455 or over, do I say fair enough get in touch if you change your mind?
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If the EA rings you back you know you are in more of a bargaining position. I don't know the last time an EA rang back in the last few years.

Three years ago a friend was viewing a house, she had a heart set on another and only viewed it coz of pressure from her parents. She walked around and didn't really express any interest in it.

As it turned out the house she had her heart set on fell thru. The EA rang her back about the second house, and as it turned out the vendor was in a rush to move, so she got it for a good price.
 
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