Bidding against ourselves?

I think sellers feel that buyers are jumping on the covid houseprice bandwagon....we went sale agreed just before lockdown at 385k, had 300 cash from our own sale and AIP from bank for remainder, in meantime hubby gets TWSS so having then received full loan offer can't drawdown until hes off it.....sellers said they'd wait but with no one knowing if it will be extended everything is so uncertain....my parents came to the rescue over the weekend with a cash loan propping up our cash offer to 360k seller knocked it back immediately (this will be 3rd time for sale to fall through) so I think we will have to walk too now, house location was perfect for school etc, have a child starting secondary on Sept, I think seller thinks we are looking for discount when reality is having contacted numerous banks etc no one will lend to us, local credit union said they might give us 5k, had to laugh as we have 3.5k in shares there....the struggle continues!
 
homeseller said:
The house was up.for sale before twice!! And neither time closed.
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Do you know what the asking prices were before?

Even if the older ads are no longer obviously available on Daft/MyHome/EA’s site, if you do a Google search on the address and a bit of clicking on the “More Results”, and maybe some forceful browsing, you may find an old add. Worth a shot.
 
Reactions: jim


Yes in 2012 it was asking 100k below what we have offered...but I do know that was a low in the market. The house next door sold for 100k less than our bid in 2014.
 
In 2014 house prices were a good bit lower so maybe 6 yrs later 100k higher is not too off the mark?

If you are happy to raise by an amoubt then do that and if rejected walk away.

If happy to walk away and not revise offer then happy days.

You cant have it both ways though. Either revise upwards or walk away. Sounds like youre doing the latter.
 
homeseller said:
Yes in 2012 it was asking 100k below what we have offered...but I do know that was a low in the market. The house next door sold for 100k less than our bid in 2014.
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I bought a new build in 2014 and sold it for 46% higher in 2019. The prices you are looking at are not comparable.

Decide what you can/are willing to pay for the house. Negotiate to a point where that amount is your limit. Walk away if that amount is not acceptable to the sellers. You do not decide what a property is worth, the market does.
 
I don’t think the OP’s house is a new build though? And that too makes the comparison impossible.
I was only at the planning stage of a new build (that never got built) but it cost us half the price to buy an equivalent already built house than to build our own.
 
If you don't think it's worth it, you're right to walk away. A couple of weeks with either no viewings or no offers, that estate agent just might come back to you guys.
 

I don't think the new build v older homes market argument is relevant in Dublin. The area where we lived was high density with a lot of older houses and new builds. Both markets seemed to rise at the same rate.

Our house was part of phase 1 of a large development. They were on the 5th phase in 2019 and the houses were between 40-50% higher per sq/ft than what we paid.

We traded up in 2019 to a house built in the 70s. Our next door neighbors (identical size & lay out) bought their house for 30% cheaper than us in 2015.
 
Do we know the ball park asking price for the house? It't help to know if 100k is 40% under asking or 10%. In Q2 2019, Dublin house prices were 72% up on their low of Q2 2012, so the story of the 2014 new build appreciating by 40-50% would fall within that.
 


Property is priced at 1.2

Property in 2015 was sold for 900k
 
homeseller said:
Property is priced at 1.2

Property in 2015 was sold for 900k
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You are not being realistic here.

House prices are up massively from 2014 and 2015.

Just google the stats yourself.

There might be some Brexit and Covid related softness at the higher end, but comparisons with 5/6 years ago aren’t hugely relevant.

Prices in Dublin are up 95% since their low in 2012.
 
I just checked the CSO resources.

In 2016, Dublin house prices increased by 5.8%.

In 2017, they increased by 10.8%.

In 2018, they increased by 4.2%.

In 2019, they decreased by 0.6%.

So, all things being equal (which they aren’t) one might expect the property in question to be up around the €1.1m level, with the caveat that applying averages can be crude and individual properties can be different.
 


Thank you. 2 other properties both sold for 1 in 2019. But you are right, a property is only worth what someone is willing to buy and accept. We'll keep looking!
 
We upped our bid a little last week as a last effort. Still the only bidder. Got email back to confirm receipt but nothing back. How long should we expect to wait to hear back?
 
Just carry on as if you will not get it and looking elsewhere. The longer they don't get back the more likely they will accept apart from the obvious problem I mentioned earlier.
 
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