Bidding on House & EA

MrMan said:
My advice on this one is to remove your offer from the table and sit back until the end of September and see has there been any movement on the property. If the house still hasn't attracted an offer they may be more inclined to listen and I would go back in with a lower offer c.€365,000 and see how they feel. This might seem risky, but you are in a strong position and are close to forcing yourself into a weak position by upping your offer. If the EA was encouraging you to up the offer to 381 it might suggest that the vendor would accept that, but to me it sounds like they have a figure in mind and won't shift their mindset. Another 6/8 weeks with no offer on the table will at least make them rethink their values and another consideration is that in the next 3/4 weeks you may see more properties coming onto the market as we tend to advise people to try and hold off putting property on till September. hope that all reads ok cause I know its easy to pass on advice, but i really do feel that your best bet is to go cold on this property until they lower their expectations or you see something nicer for less cash!
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I think this is excellent advice the best I've seen in a long while. Don't forget there is a possibility of further interest rate rises which is going to further slow the market. You don't want to fork out 381k plus stamp duty and in 6 months time see the houses might be selling for 350k. I suggest if you can take a week in the sun and get away from it all.
 
yoganmahew said:
I wouldn't go chasing them - you are showing too much interest (i.e. are prepared to pay more). If they are interested in your offer, they will come to you. They will come to me, master? Yes, Lord Vader, they will!
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I certainly wouldn't chase them: that's why I said to leave it a few weeks (they're probably hoping the market will pick up in Sept.). A single phone call at that stage would be enough to let them know you're still there with a serious offer. Otherwise, they'll assume you've gone away.

By the way, I like MrMan's idea of going back with an even lower offer...
 
And so the story ends..
We put a final offer of 381 on the table and they have accepted it.
We kept that in our heads as our absolute limit and decided not to beat around the bush.
Made the offer on friday and they accepted late Fri eve. So the wheels are in motion to hopefullly sign, seal and deliver in a few weeks.
Thanks for all the advice and replies.
By sticking at 381, we are saving 15K between the asking price and SD so we're quite happy. This time last year, we would have been in a bidding war with someone and probably had to pay over 400 for it plus the SD.
Maybe we could have got something else, but this house is actually a little gem, so we're delighted.

Thanks again!!!
 
congratulations and well done - you were right to stick to your figure. Any Vendor out there at the moment and I'm one of them should be willing to negoitate a price and that both parties meet half way. Many long years of happiness in your new abode.

Angela
 
Nancy1 said:
And so the story ends..
We put a final offer of 381 on the table and they have accepted it.
We kept that in our heads as our absolute limit and decided not to beat around the bush.
Made the offer on friday and they accepted late Fri eve. So the wheels are in motion to hopefullly sign, seal and deliver in a few weeks.
Thanks for all the advice and replies.
By sticking at 381, we are saving 15K between the asking price and SD so we're quite happy. This time last year, we would have been in a bidding war with someone and probably had to pay over 400 for it plus the SD.
Maybe we could have got something else, but this house is actually a little gem, so we're delighted.

Thanks again!!!
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where did ye buy?
 
congrats :)

This has been a very good and accurate account of the end-to-end sales lifecycle the current market, which is nice to see.

The Vendor achieved 98.7% of the asking price, and you got the house you wanted, so everyone wins
 
I have put my house up for sale and it was valued at 320,000-330,000 (last year neighbours sold for 345,000, so price has dropped).

I went to 3 auctioneers before I picked one and all 3 told me to put it on the market excess 299,000 to get vendors in to view. But told me I would have no problem getting the 320,000.

I have had several viewing and 1 offer of 290,000, which I have refused. Maybe I'm niave but if I wanted 290,000 for my house I would have advertised for that price. I need 310,000 minimum in order to pay off the morgage and have enough to deposit on another house.

All 3 auctioneers told me that 299,000 is the starting price and and it would go up from there.

So my advice to you is pay for the house the value of the house to you. If you think its worth more...and you really want it...pay it. Otherwise move on. Auctioneers are advertising now below the asking price so even an offer of the full asking price mightn't be accepted.
 
becareful patchy on loosing out on the sale of the house for 11,000. Ask the bidder to meet you half way and split the difference. If you reject their offer you might not get another one or could get a lower one. In the long run it would cost you more than the 11,000 you are looking for.
 
Maybe I'm niave but if I wanted 290,000 for my house I would have advertised for that price
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Yes but you want €320,000 and you advertised at €299,000.

So my advice to you is pay for the house the value of the house to you. If you think its worth more...and you really want it...pay it. Otherwise move on. Auctioneers are advertising now below the asking price so even an offer of the full asking price mightn't be accepted
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Be wary that the auctioneers are not just trying to be favourable to you by stating 320k is what you will get , but advertise 21k below to get punters in. This is not a cross the board market strategy. It is only natural that no matter what price is down in todays market the bid is going to come in under it. If you really wanted €320,000 you should insist on marketing at €310/315 and if nothing is happening you can drop it to €299. As it stands just leave it as it is and hope that the offers increase once/if you reach €299 you may want to think about advertising at a higher price as people will not want to feel like they are paying over the odds in todays climate
 
patch sorry I misread I thought they offered you 299. We sold our house this year but had it on the market from October last, we were told we'd get 430-450 by 8 estate agents. The estate agent we went with put it on for 410 but expected 430 or higher, in the end we sold for 395, well below what we had expected but people will only pay what they think its worth. If we hadn't accepted that offer (it was the 2nd time we'd agreed on that price fell through first time) we would not get 395 now if we'd held out. So have a really good think about the offer you have received. Apologies mods if this looks like I'm talking about house prices, I don't think I am as I'm talking about what happened with our house.
 
where did ye buy?

Bought in Leixlip.. nice settled community with access to plenty of amenities train, schools, football clubs, shopping etc..

(man I am thinking way too far ahead into the future..Those spare rooms will not be occupied for a long time)!!!!!
;)
 
My house was valued by 4 different auctioneers 3 of them said E700,000 to E750,000 and one said E680,000. I put it up for E700,000 joint agents and only 2 viewing in 4 months - joint agents not up to much, changed to more proactive auctioneer and dropped price to E685,000 and now to E665,000 beyound this latest price drop we couldn't go as to rebuild house with mature site you would just about break even. But I think the price we have it now is more realistic, we couldn't go any lower, we may have to stay put and ride out the storm.
 
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