Bidding advice…

[TheBargyman]

Let’s just say there’s a house on the market for over a year. The price of it is circa €600k. There was a price drop of around €40k approx 3 months ago and the price now stands at €560k.

There appears to be nothing wrong with the house and doesn’t look like it’s ever gone ‘sale agreed’.

If you were going to bid on such a house, what would your opening bid be?

 

[jpd]

That would depend on how much I wanted the property

 

[ClubMan]

And what my budget was.

 

[Knuttell]

Have you checked what similar properties sold for?

 

[Brendan Burgess]

What do you value the house at?

If the house is worth €500k , then offer them €450k. They will probably laugh at you, but then you walk away.

If the house is worth €600k and they have been marketing it very badly and the seller is desperate to sell, then offer €525k but be prepared to up your bid quickly to make sure no one else enters the auction.

 

[TheBargyman]

The house is going for more than our budget… but is up for a year so we’re hoping a lower offer might secure it. Going to contact estate agent this week and arrange a viewing. We know the house as we know an elderly lady that used to live in it.

I was thinking of arranging to see the house in the next week or so and then waiting another week to make my one and only bid which will be about 6% below asking price.

 

[myate]

The house is going for more than our budget… but is up for a year so we’re hoping a lower offer might secure it. Going to contact estate agent this week and arrange a viewing. We know the house as we know an elderly lady that used to live in it.

I was thinking of arranging to see the house in the next week or so and then waiting another week to make my one and only bid which will be about 6% below
asking price.

Go for it. When you offer your amount, all they can say is no, the seller wants asking, but if it's been on the market a year, they'll take your offer & pass it to the seller...it's ultimately up to the seller then to ask for more or maybe accept!

 

[Wandering_Dazed]

The house is going for more than our budget… but is up for a year so we’re hoping a lower offer might secure it. Going to contact estate agent this week and arrange a viewing. We know the house as we know an elderly lady that used to live in it.

I was thinking of arranging to see the house in the next week or so and then waiting another week to make my one and only bid which will be about 6% below asking price.

Are you in a chain/have AIP/cash buyer? Those might perks up interest.

Just go for it and don't over think things. Act super interested if it's a property you really want, I wouldn't wait a week to put in an offer be honest, just put your cards on the table and walk away if necessary.

Check out landirect.ie and the planning site for any potential concerns if haven't done already. (Think I posted previously during my house hunting a property I viewed was leasehold and the EA pretended not to know until I pressed them on it)