What makes you so sure that it will be more than €317.5k rather than less?
Considering the behavior of the market since April '06, the odds are that it will be less ...not a guarantee though, just my opinion.
Bidding - should we believe estate agent?
- Thread starter Voda
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What makes you so sure that it will be more than €317.5k rather than less?
Considering the behavior of the market since April '06, the odds are that it will be less ...not a guarantee though, just my opinion.
They rang her back this morning saying the vendor is willing to do a deal at 317.5k + 2.5kcash as the other bidder cannot guarentee when they can close as they have a house to sell. I think she is going to go with it anyway and I am very happy for her, it's a lovely house just hope to god the market doesn't kick her in the behind and the house ends up being worth €300k, thing is it's a home they are buying for their family so it's not like they will want to move in the next 5 years anyway.
howstrange
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What planet are you living on?? Come January 1st the housing market will explode into life once more, same as it has every year after the budget. Less than E300lol.
My advice would be, if you want the house, then tell your morals to take a hike and pay the E317,500 and 2.5K in cash. If you don't want it then go away and wait for the next one, which incidentely will be MORE than E317,500. This is not rocket science.
Explode into life like this Autumns selling season. NOT!!. You seem to have the gift of predicting the future.
What planet are you living on?? Come January 1st the housing market will explode into life once more, same as it has every year after the budget. Less than E300
My advice would be, if you want the house, then tell your morals to take a hike and pay the E317,500 and 2.5K in cash. If you don't want it then go away and wait for the next one, which incidentely will be MORE than E317,500. This is not rocket science.
We must have only ever had 11 budgets in this country so, because I sure as hell don't remember sky-rocketing house prices every January in the 80's and early 90's!
It seems that free market fundamentals are lost on you. House prices can actually fall sometimes.
By the way, it's all well and good for the vendor and their estate agent to suggest tax avoidance. But it'll be the buyer and their solicitor who'll end up in court over it.
My advice would be to restate the 317.5k offer and leave it on the table. They're chancing their arm on the 2.5k cash, which will mean nothing if they get stuck with bridging finance.
Economics 101.
Rising supply = falling prices.
http://irish-property-bubble.blogspot.com/ .... is that a trend I see?
Offer 317k max. I would even contemplate extopia's suggestion of playing hardball.
Rising supply = falling prices.
http://irish-property-bubble.blogspot.com/ .... is that a trend I see?
Offer 317k max. I would even contemplate extopia's suggestion of playing hardball.
lol- sure, property only ever goes up in value.Mag2006 I wish your friend all the best in her new home but she really should have held out for a better deal and definitely not paid that 2500 cash imo.
AFAIK its tax evasion, not avoidance. Avoidance is legal, evasion isn't and what is suggested above is illegal.
As for the rising/falling prices, IMHO baring a change in stamp duty laws prices are unlikely to start rocket up again in January as suggested above as with rising interest rates the banks can't lend people the same amount of money as they were able to when rates were lower (say this time last year) and so if you can't borrow as much as you could previously then obivously you can't bid as much. With a rate hike virtually guaranteed in December and another likely next Feb/Mar this situation is only going to get worse (or better, depending on your perspective).
You're right - as the yanks say, my bad!
If your friend is going down the route with the small cash payment, I hope she realises that this must be done without the knowledge of her solicitor. The solicitor has to sign a statement to say that this is the whole transaction. Are the sellers going to stand at the door at the solicitors waiting to get €2.5k before they had over the keys. As their is no legal binding contract, your friend could say that that she does not owe it and as contract is signed she owns the house, are the vendors going to be happy with this. Do they just think that she will pass the 2.5k to her solicitor.
She knows not to tell solicitor, she was fully briefed by estate agent so to me it sounds like a regular occurance. She is to meet the vendor the same day she signs contracts to give them the cash. Basically, outside the solictors office or something. Do you know what I think though, wouldn't it be very easy to catch out estate agents that do this as they seemed to have no problem telling her over the phone what the situaition was. Funny this, estate agent rang her asking would she be interested in buying some appliances off them that are in the house, like they should throw them in for the cash they are getting really!!
being very honest i think when she agreed to the extra 2.5 she should have stated that this was teh contents, integrated appliances. this seems very very cheeky or a wonderful EA working for vendor
SPC, you gave me a fright there.... John Little's Remax agency in Drogheda are currently selling my house and I thought you were naming and shaming!!! They must be brothers or something.
Anyway, just for everybody else's clarity....
quote=SPC100;303774]Hi Brendan - One of my local estate agents, documents all bids and will show them to someone who wants to bid on the property.
I was not aware it was part of IAVI rules - he was selling it as a feature of his agency i.e. his point is there was no mucking buyers around.
Still thought, anyone can enter a ghost buyer on some paper and then later the ghost buyer can change their mind. The bid sheet would look very strange though.[/quote]
Just to let you know that my mate has decided to walk away from that house...the estate agent was being very cheeky and her dad talked some sence into her last night. She rang them this morning and said €315k max and not to ring her back with another bid just yes or no from the vendor and that she does not intend on any cash deal of any sort, she was petrified ringing them. THEN, another house she looked at up the road from where she was looking came back and accepted her offer of €310k and she is having a 2nd viewing to make up her mind but it's looking good. It's a nice house and estate agent is much nicer and far more professional. They sound like they were working for her more than the other one was!!.
The EA works for the seller not for the buyer!!! The EAs job is to get the max possible (legal!!!) price.
Well the girl she dealt with is lovely and was very realistic about certain aspects of the house as it seriously needs freshening up. She said it to the vendor so that he didn't mess my friend around, he was looking for more initially but she went back to him and came back with an accepted offer for an excellent price in my book as it's got great potential in the right hands.
EA's are in the business of selling houses not ripping off and trying to make idiots out of buyers!!
Fully agree. If I felt a buyer was put off my property because they felt an EA was making an idiot of them I'd be extremely upset.
I don't think I'd be too happy though if the buyer felt the EA was working for them and got them a great price, if it were below what I wanted.
My friend lives in Navan (not the Johnstown area) and told me that prices in Navan in general are currently taking a bit of a battering too.
Her sister has recently bought back into Navan (past few weeks) for €5K less than the asking price. My friend told me that there are a number of houses in the Estate where she lives which are currently with two estate agents and no sign of sales.
I know somebody else on the site said that Johnstown usually gets €10-€15k more than the asking price. I would be interested to know if this is still the case in the current market.
Her sister has recently bought back into Navan (past few weeks) for €5K less than the asking price. My friend told me that there are a number of houses in the Estate where she lives which are currently with two estate agents and no sign of sales.
I know somebody else on the site said that Johnstown usually gets €10-€15k more than the asking price. I would be interested to know if this is still the case in the current market.