What is the bargaining position here.

K

Kluivert

Registered User
Messages
131
Background:

I posted a trend here about a month ago, where I placed an offer on a house for 265k, asking was 290k, got word today that someone else has gone sale agreed at 282k. House was not ideal location so I dont mind.

Update:

Where I do want to buy with the GF, our local town in Monaghan, four houses have come onto the market, similiar in price range. 200 - 250k. 3 bed semi's 1st time buyers.

Question:

All four are being sold by the same EA, does that put us if a poor position to talk money or not?
 
Why would you not just buy one of the four new builds which are cheaper?

Ultimately it's the seller and not the EA who will determine what's an acceptable price so I don't see how the foud new houses coming on the market affects the bargaining possition with respect to the original propery even if the same EA is involved.
 
These are not new houses.

These are four different houses, four different vendors, four different areas of the town, but one estate agent.

I was wondering, because the most expensive of the four is for 250k and the cheapest is 200k, and for some reason if we like the 200k house but put an offer in at 190k for it, I have a bad feeling that the EA will tell the vendor to "hold out because they went to view a house for 250k with me. so they can afford to up there offer by 10k to 200k easily".

I suspose it depends on the EA at the end of the day whether they want to quick turn around, or a higher asking price so there commission will be higher.
 
I presume that the higher priced ones are better so you would spend more on them. This is similar to the issue of mortgage brokers telling estate agents how much the seller can afford to pay. What you can afford to pay and what your are willing to pay for a given property should not be the same; somehow these two amounts became indistinguishable in the last few years due to erratic consumer behaviour. I mean I can get a car loan for €20k from a bank, that doesn't mean the car dealer can expect to get that from me for a '00 Micra! Why should houses be different??
 
Does the estate agent already know that you put an offer in a couple of months ago at 265,000?
All you can do is view all houses and dont tell him your position.After viewing all properties you can say that they are over your budget and you can only buy cheapest. You can also say that you are waiting for mortgage approval and you are not sure yet what your budget is.
More than likely you will go for the best you can afford anyway.
Good Luck!!!
 
gailey said:
Does the estate agent already know that you put an offer in a couple of months ago at 265,000?
All you can do is view all houses and dont tell him your position.After viewing all properties you can say that they are over your budget and you can only buy cheapest. You can also say that you are waiting for mortgage approval and you are not sure yet what your budget is.
More than likely you will go for the best you can afford anyway.
Good Luck!!!
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The first house was with a different EA in a different town.

Thanks Gailey, this is probably the best line to go down, dont give anyway anyway or say that you are still waiting approval.

Viewing two of the houses tomorrow with the EA, 3 bed semi's same estate, four doors away from each other, both down for region of 250k, one has an offer on it at 225k. I had 220k in my head before even viewing. The house that has the offer is not rented out, the gentleman who owns it has already bought a bigger house and moved into it. The house with no offer is rented out.

Viewing next week, of small 3 bed semi cottage just outside town, its down for 220k. (Walking distance).

Also 3 bed bungalow outside of town, in the sticks, needs alot of comestic refurnishment, 5-10 drive outside of town, for 200k.

So we are viewing the expensive ones first.

Approved for 350k with existing loans, but dont both dont fancy having that much debt. 250-275k to max figure in mind.

Thank you very much for your replies, I find this site to be the best site to come to for individual experiences and advice.
 
Kluivert said:
Also 3 bed bungalow outside of town, in the sticks, needs alot of comestic refurnishment, 5-10 drive outside of town, for 200k.
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Might be stating the obvious, but this is probably the one less likely to shift quickly and therefore the one you could more easily bargain with.

FYI, I looked around Monaghan (County) at lots of houses like these months ago and some of them are still up for sale - at a reduced price.

If this house is relatively easy to do up - it sounds like a good price.
 
I wouldn't tell the EA that you are awaiting approval as it may suggest you are not ready to proceed - just tell them you have your finance in place (if you have). S/he does not need to be given any more information than that.

Sarah

www.mortgagesoverseas.com
 
The house take has an offer on it for 225k, we have went 227k, the EA told us that he might be willing to let it go for 230k.

Fingers cross the other party dont decide to increase their offer.

Its a nice house, the estate it is in is ok, location is in home town so happy with that.

I told the EA that we have finance in place and we want to move quickly, I sounded urgent on the phone and the EA said that she would get back to me this afternoon.
 
Got a call back from the EA, we're agreed at 228k.

We're over the moon, our first place. All excited now. Its a 3 semi in quiet estate.

House is in perfect condition. Its about 15 year old.

Thanks to everyone who contributed there two cents to helping us learn the buying and haggling process.

Kluivert.
 
Kluivert said:
Got a call back from the EA, we're agreed at 228k.

We're over the moon, our first place. All excited now. Its a 3 semi in quiet estate.

House is in perfect condition. Its about 15 year old.

Thanks to everyone who contributed there two cents to helping us learn the buying and haggling process.

Kluivert.
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Nice one - sounds like a reasonable price too.

Word of advice - 15 year old house - you say perfect condition but on closer inspection you might change your mind. Don't let any minor cosmetic imperfections annoy you and fix up/redecorate at a leisurely pace!

Enjoy it - hope you are happy in your new home!

(PS Who knows? We could bump into each other in An Poc Fada some night and not even realise it!)
 
Caveat said:
(PS Who knows? We could bump into each other in An Poc Fada some night and not even realise it!)
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I havent been there in years, I use to go to the Squeeling Pig or the Shamrock.

Thanks, just remembering the good times.... No beating the Fiddlers though :p
 
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