Offered asking price, not accepted, up offer?

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Pneuma

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Hi all,

Long time reader, finally got around to making an account.

Myself and my partner have been trying to buy a house for the past couple of years without any joy. We have had our fair amount of bad luck along the way, although some was self inflicted to be fair. We have now found a house we are pretty set on and have offered the asking price. We have always gone under asking in the past but decided we need a change of tack if we're gonna get anywhere. We are currently the only bidder. The house has been up for 2 weeks. The EA was showing the house again at the weekend so we went back for the another look. The EA told us that the seller will likely show the house for another couple of weeks and there are other people who want a second viewing.

I'd be interested to get your opinions on whether we should up our offer conditional on going sale agreed. EA didn't suggest this at all, but we'll be gutted if another bidder comes along and it turns into a bidding war again.

Any advice welcome. Thanks
 
We have just been in a similar position. After a 10 months search we finally found a property we both liked, offered the asking price and ended up in a bidding war with another couple. We won but had nearly reached our max. The bidding war definitely raised the price beyond the true current value of the house, but we went into it with our eyes open so we're happy with the result.

Agree with Dr Strangelove - we set our max price early on and were definitely prepared to walk away. We looked at different bidding strategies but in the end both parties just went up €5k at a time. Our max was just higher than theirs - we sign contracts next week.
 
Pneuma said:
we'll be gutted if another bidder comes along and it turns into a bidding war again.
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Well you may have to be gutted if someone comes along and outbids you. Ask the auctioneer how much the seller will take to confirm a sale and take it off the market. If you want to. Can't advise whether that will work or not. But it's a seller's market. Otherwise set your max and let the dices roll.
 
Thanks for the advice everyone. Most of you seem to think I should hold off on upping the and see if other bidders come. Probably more in line with my way of thinking, just a bit jaded at this stage.

Last house we tried to buy, we were at 97% of the asking price. Had gone considerably over any other offer in the hopes of securing it. Stayed that way for 2 months. EA was telling us not to up our offer, that the seller needs to "get real". Out of nowhere, a previous bidder who had ruled themselves out at 90% of asking price came back and offered the asking. We then went over the asking but the seller went with the other bidder. Good times...
 
Pneuma said:
EA was telling us not to up our offer, that the seller needs to "get real".
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Marvellous when the EA is working against you. When we sold our home last year the auctioneer advised us to go with the lower bid and that it was a good bid and to accept it. But we didn't, leveraged an extra 20K by asking for 25K based on the higher bid. The EA had only an interest in the sale as we were at asking price and the EA has no more interest as their % is not going to make a whit of difference to them on 20K more. But it makes a difference to us. The EA was excellent but one has to not always listen to them. But I did take his advice on the purchasers as the higher bidder had to sell one property and I wanted the deal done.
 
Bought a house year. Was highest bidder for weeks at asking price. Out of nowhere two new bidders came in and price went 60k over asking. We dropped out as it was silly. 6 weeks later got a call from EA saying the top bidder dropped out as changed their mind. By that time, the second bidder went sale agreed on another house. Came back to us at asking price and closed.

The market is crazy. There is zero point playing games or trying to use tactics. Have your highest offer and stick to it. Don't listen to estate agents. Buyers need to be sensible as frustrating as it is and sellers need to be careful not to be too greedy.
 
Pneuma said:
that the seller needs to "get real
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Everyone needs to get real in this market.
Its a very unfair system we have here, especially for first time buyers.

I say especially for 1st timers, as anyone in the system trading up or down is riding the wave and it has less of an effect.

Using the advertised sale price to "get them in the door" has got to be so disheartening for anyone trying to get on the property ladder, only to see that price shoot away.

There has to be a better way,

I found when buying and selling in the UK, albeit a few years ago, properties were realistically priced and the variance was pretty much there abouts the advertised price.

The UK, may do a lot of things wrong, but, in the residential property market, the lead the field compared to the games we play here.

Id love to see a fairer system here. You advertise a property, and the sale has a percentage plus or minus 1-2%

One of the first things to happen, Estate Agents would bin that get them in the door malarkey an set a realistic price. That in itself would save a lot of people wasted time, viewings and stress.

The problem I see though, is that were so deep in a property mess, I don't think there's a political will to solve it, ie, to put ones head above the parapet, especially having seen the mess that's been made over the years with government interference particularly in the rental sector.

What would I do tomorrow? The greed, and it is greed, could be quelled for a start with stamp duty increases pro rata rising from up to €300k nil, €350k 1% €400k 1.5 €450k 2% and so on. The seller though pays this..... like a tax so to speak.

The unfortunate thing is, now that our politicians have destroyed the rental market, people have no choice to suffer the other side of renting--Buying in Ireland.
 
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Have a look at 3 houses and bid on them all. Don't be afraid to go sale agreed on one while waiting to hear back on the others. You can always change your mind. This takes the 'We found our dream home' out of the equation as long as you pick reasonable houses.
 
Would be reluctant to offer advice but have had the experience twice of being outbid on houses I was keen on. In both cases the top bidder pulled out and the vendor came back, accepting a lower price (albeit higher than my top bid.) The very same thing happened my daughter on a 2nd hand apartment sale last year.
 
LS400 said:
Using the advertised sale price to "get them in the door" has got to be so disheartening for anyone trying to get on the property ladder, only to see that price shoot away.

There has to be a better way,

I found when buying and selling in the UK, albeit a few years ago, properties were realistically priced and the variance was pretty much there abouts the advertised price.

The UK, may do a lot of things wrong, but, in the residential property market, the lead the field compared to the games we play here.

Id love to see a fairer system here. You advertise a property, and the sale has a percentage plus or minus 1-2%
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I would be inclined to disagree with that theory because after many years of watching programmes like Homes under Hammer I regularly see where sellers use the same tactic of quoting low. It has become particularly obvious with their online sales these days.

Howth Head said:
In both cases the top bidder pulled out and the vendor came back, accepting a lower price (albeit higher than my top bid.) The very same thing happened my daughter on a 2nd hand apartment sale last year.
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That's why I'm convinced a lot of buying homes is down to luck.
 
The market sets the price, that is the hard and cold reality of it. The EA (who only works for the seller) can only give an estimate based on their skills and experience and on what similar property sells for in the area but it is just that, an estimate, a calculated guess. Pitch it too high, nobody bids, too low and you just generate a bidding war and attract people in who realistically can't afford it.

Sold an inherited house last year, it got into a bidding war 2 weeks in which added 10% to the price. However I've seen other houses just sit there because the owner thinks it is worth far more then what it actually is and it's totally overpriced.

I also wonder if some people think they will only buy one home in their life and aim for the "forever home" rather then what they can afford right now. I was nearly 40 when I got to my forever home
 
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