This is very strange

Stacksey

so i went to view a house the other day which is for sale for €260,000, nice house and estate agent told me an offer of €215,000 had already been rejected, so i put in an offer of €220,000 today and the estate agent told me she was going to get in touch with the person who had already offered €215,000.

whats going on here? surely she would get on to the owners to tell them an offer of €220,000 has come in

testicle

I'd bet 50 grand there was no bid of 215k, and there's no other offers.

If I were you, I'd withdraw the 220k bid. and the following day make one of 200.

axel rose

Maybe (just maybe) the other party may want to raise their initial bid? :rolleyes:

whizzbang

axel rose wrote: »

Maybe (just maybe) the other party may want to raise their initial bid? :rolleyes:

I Would have thought they would revise it after it was rejected the first time, not after hearing there is a new higher bid.

axel rose

Ok, the only reason I was saying that is because one day I was uncontactable....(long story) but out of four viewings, we got three offers. when the agent couldnt get in contact with us she was bouncing around the three bidders who were upping the offers. All this happened in the space of a day. All I'm saying is that this site in particular paints all agents as dodgy.

My advice is to concider your max price, put initial bid a bit under that and go from there.

(seriously if a house is valued at 250k and average in the area-dont waste time offering 120k)

ricman

1ST of all the agent wouldnt accept a bid of 100k 4 a house thats going for 200k thats common sense.2ND its been known for agents to invent phantom bidders to keep the price up.THE agent will have a rough idea of what the seller will accept.Theres nothing strange about going to bidder 1 and saying you offered 215k, i got an offer of 22o.Thats part of the bidding process .
THE HIGHEST bid doesnt necessaryily win,ie say you bid 220, joe bids 240, the seller may accept your bid cos you are quicker, ie joe is selling his house ,
so he has a clause in the bidding contract, his purchase can only complete IF his house sells to paddy .
If THE seller may reason ill accept you cos you have a good job ,good income ,
you have mortgage approval,you are not WAITING TO sell your house,ie you are not in a selling chain.YOU are unlikely to drop out of the contract
WE have the net now, ie my friend is selling soon, she can look at 200 houses
in her area ,to see how much does a 3bed semid. cost.
SAY the average house in area is 200,you may pay 220 ,cos the house is in a very quiet, small,estate, close to shops, supermarket,bus stops, with a settled population, ie the estate is not full of kids ,hanging around , and the people there own there houses.
WHEN you buy a house you buy the area , acess to shops,transport ,good neighbours,thats what you pay the extra 20 to 30k for.
if you just want a house with 4 walls and a roof ,you could prbly buy an ex corpo house ,in a corporation estate for 60grand less .
we are in a declining market,ie prices are going down by average 15percent per year,the only way to make sure you get a fair price ,is to check what are houses of the same spec going 4 in a 3 mile radius,see daft.ie, myhome.ie
if you are depending on an agent for perfect honesty and decency well, thats like asking a blind man to guide you across o,connell street in rush hour.

IF YOU really like the area,and the house fits all your needs , theres no harm in paying 20k over the odds ,if you are on a good wage and intend to live there for the next 20 years .

THE BOOM is gone ,the time when people would pay high prices for an average semi,d,cos sure its ok, the value will go up anyway ,and i can sell anytime ,and get my money back,Thats history.
THERES PROBABLY,thousands of people out there ,saying i,ll wait 2 years ,and get a nice house for 160,k in dublin when the market reachs the bottom.
I SEE nothing strange or dishonest about the agents actions.
IF YOU want a cheaper house look for, an older house that needs total,redecoration,or a house where the owner has passed away, ie the family is selling it as part of the will ,probate.
im, sure theres loads of good,honest decent estate agents out there that are doing their job
in a honourable fashion.
WITH all the info on the net, if the buyer pays too much,its laziness ,or naivete, ie if the average house in an area is 200,i might pay 220k,if i really liked the house, it was perfect,in a quiet area,good neighbours,in perfect nick ,etc i certainly would not pay 30k,or 40k,
over the average price just cos i have loan approval for 240k,or i was in a hurry to buy sumthing,or some agent says theres 4,bidders,or 40 bidders on this house.
ie i would not worry bout the other bidders at all.
i presume you are buying an average 3bed,
nothing extra,ie it doesnt have 5 bedrooms,or a large garage, which would justify an extra 30grand on the price.
MY advice think about, say in my mind i,d be happy to pay say 230k, if the bidding goes to 240, instruct your lawyer to bid 230 in writing,tell the agent this is my BEST BID,
I HAVE LOAN APPROVAL, my mortgage would be 200k, ie and sure your offer may be accepted
cos you are in a stronger financial position than joe bloggs whos bidding 240,but is waiting 4 his house to be sold .
IF it goes over 230 ,start looking at other houses in the 200k range,similar specs.
Once you have a limit in your mind the most clever agent will not be able to play games with
you.

IN certain areas ,theres very few houses 4 sale,eg slane, theres no new estates, almost no houses being built,
so if you are determined to live there ,you may have to pay a bit more than say
clonsilla, where theres always at least 200 semi ds 4 sale.
EVEN if builders want to, they cant buy land ,or build houses in certain areas, cos of technical reasons,or an bord planala does not want estates being built there.
I SUPPOSE theres nothing to stop an agent making up bids to a prospective buyer,to try and scare him into overbidding,
but its very easy to work out what a house in an estate or town is worth by using daft.ie or myhome.ie look at houses of the same size, spec,in similar area,eg terraced houses in a certain
area 3beds tend to be of a certain value.

ricman

im not an expert but id say the house will sell, for 230/240 approx, maybe higher if theres something special about it,or theres only a small no of houses for sale in this place eg its a village or town with a limited no of houses ,or you want to live in a specific area,eg its near ,work or family.
ie on smaller settled, estates a house may only come on the market once a year or less.

testicle

ricman wrote: »

im not an expert but id say the house will sell, for 230/240 approx, maybe higher if theres something special about it,or theres only a small no of houses for sale in this place eg its a village or town with a limited no of houses ,or you want to live in a specific area,eg its near ,work or family.
ie on smaller settled, estates a house may only come on the market once a year or less.

You're deluding yourself that here is a supply shortage of houses on the market.