Full asking price rejected

Thinking that you can sell your house one day and move into the new house you buy the next is a mistake in this climate, in my opinion. It will cause you untold stress. You would be very very lucky for both these events to coincide perfectly.
The sale of your own house may fall through, the purchase of your new house may fall through - due to reasons only emerging a few weeks into the sale processes.
I think you should plan an interim stage where you are renting or moving in with relatives for a while before you buy your new house. You are now being rushed into buying a place at the full asking price when you haven't even sold your own house yet.
Maybe you have the savings to buy the new place outright and it is not dependent on selling the old house, in that case it's different.
 
We have a tracker mortgage which our bank are allowing us to move to our new preperty, so we have to buy and sell at the same time, we cant sell then rent for a while til we find a house. The house we bid on is the perfect home for us, those houses dont come up very often so we felt we had to do everything we could to try and get it.
In hindsight, i believe it was a mistake.
But we cant undo it.
 
You can still offer more for it if it is the perfect house for you. People at the viewing were told that a full price offer wasn't accepted, and that is still the case.
 
Manny said:
We have a tracker mortgage which our bank are allowing us to move to our new preperty, so we have to buy and sell at the same time, we cant sell then rent for a while til we find a house. The house we bid on is the perfect home for us, those houses dont come up very often so we felt we had to do everything we could to try and get it.
In hindsight, i believe it was a mistake.
But we cant undo it.
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Ring the E/A up in a weeks time and ask him what figure the vendors would go sale agreed and take the house off the market,if its acceptable to you offer it if not walk away.
 
Manny said:
We are trying to sell and buy at the moment, we are sale agreed on our house, by a first time buyer (who is obviously keen to close by the end of the year). We were sale agreed on a property which fell through last week.
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If I were you I'd go ahead with the sale of the house and line up a short-term rental. Buying before year-end is only worth, at most to you, €900 per year for the next 5 years . . not enough to rush into a purchase for. You may well still get that house, but in the new year and at a reduced cost . . or you'll find a better one.

Ah, I missed your transferable Tracker post . . still, I wouldn't allow a Tracker to become financial handcuffs on my plans.
 
This happen to the Vendor on our new house we purchased. He got a offer straight away of 340k (asking 375k) and turned it down. He told me during the viewing (both EA and Vendor) that they turned down 340k. I told them they were both mad and good luck to them.

I got the house a few weeks later for 335k after a biding war with two other couples.

In this example the vendor made a big mistake and got greedy, he even rang up the original bidder and told him he accepted his offer of €340k, the bidder told him to forget it, he had bought something else.
 
Manny said:
well i just heard how the viewing went today. There was a lot of people viewing, and the ea told everyone that they had an offer of full asking price.
Our offer was off the table since yesterday and there wouldnt have been enough time for anyone else to make an offer before the viewing so the ea lied.
Im really annoyed, but im suppose i shouldnt have expected anything else from estate agents! Im probably more annoyed at myself for taking the risk and making a high offer.
Any advice where i should go from here?
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If you want the house re-bid at a level which you are comfortable at. nothing has changed.
 
"There are very few bidding wars happening at the moment. Unfortunately, it was a mistake to bid so high."

That really depends on the area - in Limerick we've been looking for 6 months and have been the first viewers on plenty of properties. In the last couple of months we've had to walk away from 3 houses as bidding wars got out of hand. Places that house prices never rocketed up they haven't really plummeted either.
 
The house is now gone well past the asking price (about 30k!), much more than we were ever willing to pay for it. There is a bidding war in progress at the moment.
Turns out they were right not to accept our offer. I'm very disappointed but what can you do!
 
There seems to be a lot of panic buying going on at the moment coming up to the end of the tax relief deadline.

Ive been outbid on two houses now with one house going over asking price which is just madness imo, I wouldn't be paying near asking price on a house thats going to loose at least 10k in the new year when the panic is over..

Im now going to sit it out till the new year till the panic is over:cool:
 
Jkgt said:
Ive been outbid on two houses now with one house going over asking price which is just madness imo,
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I'm not sure I follow your logic? There is no rule to say that in the current climate a house cannot be sold at or over the asking price! Obviously I don't know the specifics of each house, but I'm sure that there are many houses going for the asking or for more.
 
Different Estate agencys have different strategies
Some set a low asking price hoping to attract a lot of interest and sublequently bids go over asking price
Others set a high asking price - Say 10% -15% more then the vendor wants in the hope that someone will offer 10% -15% less then the asking

Saying that houses are going for 10% greater or less then asking does not mean a lot

Sale prices of similar houses in the same area would give a better picture ---- Thankfully we now have the property register!
 
hi manny, sorry about the house.

my question relates to your bank allowing you to transfer your tracker. i was not aware this was available? any details would be helpful to me,

thanks,

bob.
 
Im now going to sit it out till the new year till the panic is over
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Have you calculated the Tax Loss by waiting?

2013 is uncertain..............so gambling that (1) Price drops > Tax, (2) That prices actually drop.
 
jinx9000 said:
hi manny, sorry about the house.

my question relates to your bank allowing you to transfer your tracker. i was not aware this was available? any details would be helpful to me,

thanks,

bob.
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My mortgage is with ulster bank, they allow you to move your tracker to another property.
 
monagt said:
Have you calculated the Tax Loss by waiting?

2013 is uncertain..............so gambling that (1) Price drops > Tax, (2) That prices actually drop.
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One thing we are almost certain of is that we will be loosing is the tax relief, so I am factoring in that I wouldn't have drawn down on time by year end meaning I'd loose out on the tax relief anyway.. So with even less incentive to buy a house with the tax relief gone in 2013 (budget depending)something has got to give.
 
Manny said:
We have a tracker mortgage which our bank are allowing us to move to our new preperty, so we have to buy and sell at the same time, we cant sell then rent for a while til we find a house. The house we bid on is the perfect home for us, those houses dont come up very often so we felt we had to do everything we could to try and get it.
In hindsight, i believe it was a mistake.
But we cant undo it.
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Firstly I think you'd be mad to try and sell and buy at the same time. Are you sure the bank literally want you to try and do this? Would you mind typing up the terms and conditions.

What would you do if for some reason your buyer didn't get a mortgage at the last moment and you were in a contract to buy with someone else. The only way this is doable is if you have a clause in your contract to buy that it is conditional on the sale of your house going through. Please confirm your solicitor has told you these clauses are nowadays acceptable.

Also to try to buy a house bettween the end of October and mid December to get a tax relief, well that is bound to end in untold grief and stress for you, your buyers, the sellers, your bank and the solicitors.

The tax relief may be extended, and if it isn't that doesn't mean you've lost out. All the tax relief does is increase the cost of property, because people can afford to pay more, they bid more. So come January, what sold for x price will be reduced by the amount of tax relief lost.

And most importantly, there will always be another property that is suitable for you.
 
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