Opinions on house bid please.

K

Kluivert

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First time buyer, Girlfriend and I went to view a house. We actually liked the house, the area is ok not ideal to where we want, and the town is further away than we wanted ideally. About 10 miles away, not a big deal.

House price says region of 280k, estate agent said that the house is looking to sell for 290k.

I had a look around the area for similiar houses and there are two available further away again about another 10 miles in a new development of 16 houses, very very similiar (3 bedroom with garage) for 250k.

I rang the estate agent and put a bid in for the house we viewed for 265k. Thats 5.5% off 280k. The predicted adjustment in value in house prices to come.

The other issue is that there is a site of 3 acres for sale a couple of miles from where girlfriend lives, beauty place. Its another option on the cards because building through direct labour would be very cheap for us.

I phoned the estate agent and told the lady that the offer was 265k. She said that she would put that in her file, on the bidding book??

Is 265k an ok offer.

Thanks, as you can guess am new to this so experienced advice would be much obligied.
 
Kluivert said:
First time buyer, Girlfriend and I went to view a house. We actually liked the house, the area is ok not ideal to where we want, and the town is further away than we wanted ideally. About 10 miles away, not a big deal.

House price says region of 280k, estate agent said that the house is looking to sell for 290k.

I had a look around the area for similiar houses and there are two available further away again about another 10 miles in a new development of 16 houses, very very similiar (3 bedroom with garage) for 250k.

I rang the estate agent and put a bid in for the house we viewed for 265k. Thats 5.5% off 280k. The predicted adjustment in value in house prices to come.

The other issue is that there is a site of 3 acres for sale a couple of miles from where girlfriend lives, beauty place. Its another option on the cards because building through direct labour would be very cheap for us.

I phoned the estate agent and told the lady that the offer was 265k. She said that she would put that in her file, on the bidding book??

Is 265k an ok offer.

Thanks, as you can guess am new to this so experienced advice would be much obligied.
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Personally I think you have gone in a little bit too high.

If I was you I'd withdraw the offer and have a look around the area to see what else is available for that price.
I think 20-25% below the asking price is a good place to start. And you have nothing to lose by going in lower. There are so many houses available that if the offer isn't accepted it's highly unlikely to be snapped up by anyone else

Have you checked to see if they have dropped the asking price previously?
Or if other similar houses in the area dropped the asking price?
 
Thomas22 said:
Personally I think you have gone in a little bit too high.
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I actually thought that the offer might be a bit too low....

I didnt ask if they have dropped the asking price.

When ring around estate agents they are now sayign that they are willing to discuss prices.
 
It all depends on what area of the country you are in. I would think that you went in with a good offer, it shows you are serious and I would imagine you are not too far off what they will accept. I would keep in mind that you dono't seem 100% happy with everything such as proximity to town etc so it might be worth holding off a bit until finding something to better suit your needs for the same price (possibly)
 
Kluivert said:
I actually thought that the offer might be a bit too low....

I didnt ask if they have dropped the asking price.

When ring around estate agents they are now sayign that they are willing to discuss prices.
Click to expand...

How can any offer be too low?
Since there are so few offers on properties at the moment any offer will be taken as serious!
The first offer is where the bargaining starts from it's definitely in your interest to start as low as possible.
 
I think if possible you should go where you really want to, pull out all the stops to do so, You have said it is 10 miles futher than you would really want, when you move in you will always be thinking of moving which in turn would mean extra on stamp duty ,You are better going where you think you want to be rathar than wanting to leave after a little while,you will save in the long run, also with drop in prices could you not now move to where you really want to go as you are not selling yourself. pull the spots out that's what I say,
 
It doesnt sound like your completely happy about the house. Its a big committment, and your going to be in the house for many years to come, so you need to be completely happy with the purchase. Ignore the property ladder marketing lark. Have a look at houses closer to where you want to live, and try knocking 20% off the asking price.

Also why are property prices not allowed to be discussed on this site? It a financial site, so surely the biggest financial discision a person has to make should be up for discussion, along with the current state of the market, which makes up a vast chunk of our economy! It'd be like politics.ie banning the discussion of politics!!!!!
 
The EA rang back and said that the vendor had soften from 290k and would expect something on the right side of the 280k mark.

The EA said that there where no other offers on the property at the moment.

I told the EA that I would stick for the time, as I was currently looking at other properties in the area.

He said that was ok, I asked them to keep me updated should anything change.

Is this the right strategy.

The house is in Monaghan not Dublin by the way.
 
Never be afraid of not getting the place. Too many buyers panic themselves into thinking they have only one shot at getting a place they really like.
 
OP, i think you have played it right..what you need to find out is what the the seller is looking for: a quick sale or can they hold out, if they can hold out then are u willing to wait?, a house is only worth how much you are willing to pay for it, ignore all the hype at the moment and discuss what your plans are, as in do you plan to stay there or plan to sell down the line and is it worth what they are asking ie location, conviennce, fittings and fittings, currently there seems to be an attitude that its a buyers market but it still comes down to if the buyer is willing to hold out, then it is still a sellers market so ignore the hype and discuss the pros and cons with your other half about this house and how bad you want it, best of luck
 
We have been looking at other houses in the area, and this seems to be the pick of the lot, its so about 25-30k higher than other houses that we have looked at but it does stand out alot compared to houses around the 250k mark.

Do you think if thats the house we are looking at for sure that it is worth increasing the offer to 275K.
 
I'd be inclined to hold out for another while on the bid that you have already offered especially when there are no other offers on it.

A week could tell alot as some of the other posters said they might need a quick sale or maybe they are going to stick it out - they have softened already so I think that they need a quick sale. The extra few bob is better in your pocket than theirs.
 
I know that they are buying a house, subject to the sale of their current house.

Am going to hold out.
 
If you want to push the EA and the seller, tell the EA that you would like a response as you want to decide on weither to buy the site if the sellers are not interested in negotiating, if they are no current offers, and they are interested in a sale, 10-15K below asking price is quite good at this moment in time.
Is there any extra's you could ask for ie: table and chairs, curtains, wardrobes, appliances etc? What you could do is increase your bid by 5K on the basis of these being included in the sale, from my own previous experience of selling and moving to a new house, i would have left all the furniture if i got the right price for it..
 
Wait a week at least - EA will ring you. If you ring up pushing for an answer the EA will see straight through you.
 
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