He knew, if you are a second time buyer, the odds were very high that you could go to at least 437.5k if you/wife wanted it enough (87.5k would be 20% deposit unless you got an exemption).That's just estate agents and vendors. They would do that even if they didnt know what your maximum amount was. I bought the house I'm in 3 years ago. We had sold and moved into my parents for a few months. House went up for sale. Wife viewed it on the first weekend and loved it. Asking was 380k. I went straight in at 400k and my offer was valid for 24 hours only. Needless to say there was an offer shortly after for 405k and in the end we were old the vendor wanted to 420k and the first to bid it got it. I only had approval to 350k, the rest was cash so he had no idea what i was playing with but it still went there.
He'd no idea and I could barely get to 380k! And I had a friend that knew the vendor and the 420k was been driven by the vendor and not the EA.He knew, if you are a second time buyer, the odds were very high that you could go to at least 437.5k if you/wife wanted it enough (87.5k would be 20% deposit unless you got an exemption).
No guarantees this made any difference (or that you're a second time buyer) but maybe it made the difference between you being told the vendor wanted 420 vs 410. So why let someone on the other side of the table know? Especially when they have a lot more experience at selling houses than you have buying them.
He knew, if you are a second time buyer, the odds were very high that you could go to at least 437.5k if you/wife wanted it enough (87.5k would be 20% deposit unless you got an exemption).
No guarantees this made any difference (or that you're a second time buyer) but maybe it made the difference between you being told the vendor wanted 420 vs 410. So why let someone on the other side of the table know? Especially when they have a lot more experience at selling houses than you have buying them.
Heard this anecdotally from the EA valuing my mother's 1950s Dublin suburban house the other day alright. He said that the local market is red hot with many many cash buyers. And most who have bought in the area in recent years tear the places apart and do major extensions and renovations before moving in. It's mad stuff... And to think that the original occupiers used to grow cabbages, onions and spuds in their front and back gardens back in the day. How quaint, darling...They are bidding against a large number of cash buyers.
Maybe, maybe not... Have you seen evidence to verify every bid?House three doors down from went on the market last month for €610k. They had five viewings on the Saturday. On the Monday lunchtime, the highest bid was €645k. It eventually sold at €660k by the following weekend to a cash buyer. That's the market people are competing in at the moment. They are not competing against fake bids.
Maybe, maybe not... Have you seen evidence to verify every bid?
There's a limit to the number of genuine cash buyers wanting to buy houses in Ireland - and with prices high, yields low, and interest rates likely to rise, those houses are hardly good investments, if you take a 5-7 year horizon.
Cash buyers represent a small percentage of house buyers, always have done, and always will do. Investors come and go, and are less likely to buy single houses, than blocks of apartments, or entire developments etc.
Hello Sunny,
Do you work in the property industry, or a related industry, with a vested interest, by any chance?
I'm seriously struggling to understand where your might be coming from, otherwise.
It was as high as 63% in 2013! That said though, the 'cash buyers' should really be called non-mortgage buyers as they include institutional money that is likely debt backed.Oh and it was estimated that approximately 40% of sales in Ireland in 2019 and 2020 were cash buys. This is probably higher after Covid.
Always great to hear personal anecdotes, with no names or data to back it up.In my point of view, When we were looking at and bidding on houses a few years ago, we saw two properties with two of the largest real estate agents in the country, I discovered that one acted in a completely unprofessional and embarrassing manner. It ended with a meeting with the seller in his living room with the real estate agent embarrassed in the corner as silent as a field mouse. The second real estate agency made up bogus offers and I also confronted them. Absolutely disgraceful behavior on both sides.
It's even a second hand anecdote!Always great to hear personal anecdotes, with no names or data to back it up.
Did by chance file a complaint with the PSRA that can be looked up, so people can avoid those estate agents?
Thanks for the reply - while I find conspiracy theories mildly entertaining, on occasion, that's not applicable here, from my perspective.
Giving your opponent a competitive advantage, where they have a vested interest in maximising the sale price, and you have to suffer the financial consequences of same, is madness.
I'm not saying that all EA's are untrustworthy, but I'm sure as hell not accepting that all are honest, and honourable, in their dealings, either. So, if they don't know the amount of the mortgage approval, it simply removes the temptation for the bad EA's, to do the wrong thing.
I'm very much aware of the Irish property market, understand the concept of demand and supply etc. But I've also seen enough EA's in action over the years, to know that they are partly responsible for driving prices up - increases of €500 are more than sufficient, in a bidding process, there's no need for greedy EA's to pressurise bidders (through various means) into increasing their bids by €5k or €10k at a time.
I dunno what that ejit is doing posting my post as his own. I can post the two estate agencies no problem but I'm assuming. Brendan will delete the post and ban me for doing so. So I cannot.Always great to hear personal anecdotes, with no names or data to back it up.
Did by chance file a complaint with the PSRA that can be looked up, so people can avoid those estate agents?
In fairness, it's Brendan who would be sued for defamation there and not you.Brendan will delete the post and ban me for doing so. So I cannot.
Hence my reply to the fella giving out about not naming them. Is it defamation if it's true though???In fairness, it's Brendan who would be sued for defamation there and not you.
I suppose the bottom line is that Mr Burgess would need to see the evidence, so he can sleep easy - which is more than fair, given he's the one at risk.Hence my reply to the fella giving out about not naming them. Is it defamation if it's true though???
I thought it was defamation if it was a lie.
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