Bidding question

S

swgirl

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Hi all

Hope someone can advise me here, we are trying to buy a house, and unsure of our next move. We only got approval last week, but had viewed this house twice,its been on the market since late last year with little or no interest. Asking price 265k, but a lot of work to be done inside, we considered putting in a low bid to reflect this. However the auctioneer said there was another couple viewing. We did'nt bid then as we had'nt approval, he said he had a bid of 250k two weeks ago but would wait to give us a chance to finalise our loan. When we got approval, we put ina bid of 257k, we are not in a chain, live in coucil property. We have no info on other buyers. He rang us this morning to say he has a bid of 260k. Hubby says wait and see, I don't feel comfortable going higher, well we could go to 265k, but I have a feeling they are just trying to push us to asking price. We have'nt had a survey or anything done, not sure what stage we should be doing that.

CAn anyone advise us or give us their opinion, we are not ftb's, bought out first home through shared ownwership 11 years ago, but had to sell due to illness, big mistake on hindsight.

sw girl
 
You can get the survey done after your bid is accepted but before contracts are signed.

Perhaps get a third party to enquire if there are any bids on the property? The auctioneer is taking a big chance if he's misleading you (as you seem to fear) and at the end of the day it is their job to get the price up as high as possible. You either want the house or you don't...
 
I would tend to agree with your hubbie... I would leave the current offer on the table and wait for the EA to call you as the other vendors have "pulled out"...
 
have you looked around the area to see if there are other properties similar for sale, you could ring up and ask what kind of price they are going for? I would be surprised that there are other bidders but that could just be my bad mind!
 
Not much around in that price range, but location would'nt suit everyone, small villlage, no shop, one pub, but its perfect for us as kids in local school, we have been trying to get back to this area for a while. The selling point would be the large site on which house stands.

Thanks for all the advice, its all welcome

sw girl
 
So the property has been on the market since last year with no interest and then once you show up in July/August, the This post will be deleted if not edited to remove bad language of the selling season, there's suddenly a bidding war breaking out?
 
I would actually consider dropping your bid to €254,000 to stay at 4% stamp and take your chances. Even if there is a real bid against you, it's not wise to go in when you don't feel comfortable with it, I definitely would not go in higher again. Just tell EA that you are interested with money burning a hole in your pockets, but you won't pay more than its worth, don't be narky with him just make him understand that you are ready and waiting to buy at your price
 
Think we will wait a day or two at least and see how things lie then, don't really want to go over 260,000, not when there is so much to do with the house.

Thanks for all the replies, great to get an outside opinion!

sw girl
 
Would not go over 260 k - I would wait, I would even possibly tell the EA you are still looking around - the other offer might just "disappear"!
 
I think the EA is pulling a fast one. I agree with previous posters that it is a bit unlikely that when there was no interest for months on end and then suddenly when you bid there is another interested party. I would not go higher.
If your offer is accepted in the end and you get a survey done and an estimate of costs and it is more than you planned I would renegotiate the price based on that basis.
I heard a story of someone putting in a bid on there own house recently to get it up near asking price! so be careful,
Also very wise advise to get third party to make enquiries and even do a viewing to see what comes out of it.
 
Thanks again for the advice.

Have a gut feeling that they are just trying to get us to the asking price alright, so am def going to sit on it for a few days, not going any higher for sure. Have deposit ready and finance in place so we'll make contact towards the end of the week, so hard to know whats best to do!!

sw girl
 
Agree with previous posters. IMO you should only offer what you think the house is worth taking into account renovations. Also seriously consider the stamp duty implications of going over the threshold.

You're in a strong position and can move quickly which the EA and vendors will/should take into account. Sit tight and best of luck.
 
Hi again

Got someone to make a general enquiry about house today, auctioneer told him it was worthtaking a look at it and that it was making around 260k at the moment, he did'nt say there was an offer in.

Going to wait till end of week and then decide what to do, so hard to know.

sw girl
 
I'm really dubious about this EA now on hearing that. Be very careful. he's upping the asking price already with them. I'd be thinking of dropping my offer.
 
One would be tempted alright only that the house is just what we want, we were prepared to pay asking price but hate the idea that we might be conned into it!!

Thanks for the advice

sw girl
 
sw girl just try play it cool and clam with your head not your heart, it sounds pretty dodgy, hold off with EA and say you've found another house you are interested in that meets your needs and you want to go view that as its cheaper.
 
I'd agree - don't increase your bid. If anything I'd consider dropping it and saying you'd like agreement before the end of the week (as you're in a hurry etc. etc.), to put some pressure on. If they still maintain there's a higher bid, then make it clear you're going elsewhere. From the sound of it, I very much doubt there is.
 
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