Please help - What should I increase my bid to?

WarrenB

I put a bid on a house in Dublin for 420K which was asking 515K. It was my initial offer and was obviously rejected as i expected.

The owner has told the agent she would be willing to drop to 495K.

The house is in a great location with very good amienties and green spaces but also close to the city centre. The size of the house is very large at 165 sq. metres. It does need work done to it, ie new kitchen , painting etc ..

What would you next move or bid be ?? Should i increase ?

Victor

A few choices.

1. Sit it out for a few months and then ask what price they are thinking.

2. Stick to your guns and see what the reaction is.

3. Make a modest improvement, but nowhere near what they want.

4. Take a price, calculate how much the work will cost and deduct cost from price.

jetski

One of my favourite lines is "well if you want, ill meet you half way"

D3PO

i think options 1, 2 and 3 are the better of them

id lean towards a second and final offer with a modest improvement. i.e maybe another 10k

if they dont like it then hang tough for a few months

WarrenB

Thanks for the replies. decided to go with Victor`s option no. 3

3. Make a modest improvement, but nowhere near wha they want.

I have increased the bid by 15K, so ill wait and see what happens now.

Thanks again

littleredspot

You could up your bid but put a time limit on it, for example tell them its only on the table till close of business on Friday. Of course your tactics are all dependant on how much you want his particular house, are there others in the area? Would you be prepared to walk away from it?

Grawns

€420k with interest rates on the way up and the country going to the dogs is a massive commitment. WALK AWAY - Not helpful as to your question but sensible.

miju

first off if the property is on Daft.ie download Property Bee which is freee.

This will give you good info on how long the property has been for sale and how much if any the price has dropped.

In this market I'm surpised the seller isn't taking your arm off as the longer they cant sell the closer they'll be to your original offer anyways.

mrgaa1

offer €419k - they obviously haven't had too many offers so they refused your first so offer lower. They refuse keep offering lower.

miju

mrgaa1 wrote: »

offer €419k - they obviously haven't had too many offers so they refused your first so offer lower. They refuse keep offering lower.

you want to be taken seriously not as a wind up merchant so I'd advise ignoring this advice, though I imagine you already have

Freddie59

Grawns wrote: »

€420k with interest rates on the way up and the country going to the dogs is a massive commitment. WALK AWAY - Not helpful as to your question but sensible.

+1 to that!

spockety

Grawns wrote: »

€420k with interest rates on the way up and the country going to the dogs is a massive commitment. WALK AWAY - Not helpful as to your question but sensible.

It's not a massive commitment to someone earning, say, 500K a year, is it?

I'd be as cautious as anyone, but some of the generalising on this board makes people look biased at best, simple at worst.

WarrenB

spockety wrote: »

It's not a massive commitment to someone earning, say, 500K a year, is it?

I'd be as cautious as anyone, but some of the generalising on this board makes people look biased at best, simple at worst.

Just want to thank everyone for their replies. Im lucky in that its not a massive commitment for me but i still want to be safe and get the best price.
Thanks again.

Amhran Nua

WarrenB wrote: »

The size of the house is very large at 165 sq. metres.

I wouldn't call that especially large myself.

WarrenB wrote: »

What would you next move or bid be ?? Should i increase ?

Try and figure out how long its been for sale at that price for, and if the price has been dropped recently or at all. If they are clinging to 2006 prices, come back in 6 months and offer them 380k .

20goto10

You'll find a lot of advice on boards is based on 2 assumptions:

1. The property is over priced no matter what.

2. The seller is desperate enough to take whatever they are offered.

If you meet these criteria then great, go get yourself a bargain. Otherwise, be sensible.

I'm trying to move at the moment but my price is as low as I can go. With prices back to 2003 levels and possibly beyond you're going to find an awful lot of people who simply will not go below a certain level. Like me, they'd rather just stay put.

AARRRGH

Personally I would wait a while until the price drops.

With emigration back in fashion, and the economy falling apart, the house can only come down in price.

I understand you probably believe it is the perfect house for you, but there are no such things as soul mates so you'll find another dream home in the unlikely scenario someone else buys it before you.

gally74

warren best of luck if its what your after!

try to get it at a price your happy with and rememebr you have the power,

charly45

gally74 wrote: »

warren best of luck if its what your after!

try to get it at a price your happy with and rememebr you have the power,

ARE YOU NUTS ............... HANG ON IN THERE ! believe me its worth it .......... nothing is shifting these days!

Tech3

WarrenB wrote: »

What would you next move or bid be ??

Rent for 12-18 months and then buy

Tech3

mrgaa1 wrote: »

offer €419k - they obviously haven't had too many offers so they refused your first so offer lower. They refuse keep offering lower.

Don't take this advice. EA's are not trustworthy.