How do I put in a bid?

lisasimps

Howdy

I want to put in a bid on a house but no idea how to do it!!

It's p.o.a but they want 150, and that's down from 300 a few years back.
max I could go to would be about 117, but that's my spending money gone for furniture, doing up the property. It ticks all the boxes though

150 is a pretty good price for the property

Been on the market a while, and it's been left to a good few people

What do I do now?
How much do I offer?
Do I put a time limit on the offer?
How high do I go and how quickly?

Any advice would be appreciated!

AfterHrsProp

lisasimps wrote: »

Howdy

I want to put in a bid on a house but no idea how to do it!!

It's p.o.a but they want 150, and that's down from 300 a few years back.
max I could go to would be about 117, but that's my spending money gone for furniture, doing up the property. It ticks all the boxes though

150 is a pretty good price for the property

Been on the market a while, and it's been left to a good few people

What do I do now?
How much do I offer?
Do I put a time limit on the offer?
How high do I go and how quickly?

Any advice would be appreciated!

Well, is it being sold by an auctioneer, if it is, tell them you'd like to put in a bid on the property. Then let them know how much your going to bid.

Very difficult to tell you how much to bid on the property without actually seeing it. Have you done any research on it such as checking the property price register. For a property that's priced at 150, putting in a bid of 117 doesnt sound ridiculous but if they've already had to half the price of the property they might'nt be willing to drop it much further.

Time limits vary on each property, it depends on the auctioneer your dealing with & the owners of the property. Some bids are responded to within a few days, some take a few weeks.

Only you can answer the final question. How much do you want it? Does it represent value for money in today's market? Can you afford it? Btw do you have mortgage approval? if you do you have a much better chance at getting for the price you want

Duckjob

lisasimps wrote: »

Howdy

I want to put in a bid on a house but no idea how to do it!!

It's p.o.a but they want 150, and that's down from 300 a few years back.
max I could go to would be about 117, but that's my spending money gone for furniture, doing up the property. It ticks all the boxes though

150 is a pretty good price for the property

Been on the market a while, and it's been left to a good few people

What do I do now?
How much do I offer?
Do I put a time limit on the offer?
How high do I go and how quickly?

Any advice would be appreciated!

1) What the price was a few years back is utterly, utterly, irrelevant. Those were bubble-sh*te prices.

2) How long is the property on the market at €150K. If it's been there at that price for a couple of months and not sold, then it's not a "pretty good price" - it's overpriced.

3) As regards to your other questions on how much to offer, do you apply time limit, etc, That all depends on how much you want the house, vs how much do you want to drive a hard bargain.

lisasimps

It has a large side site that they got planning for a 3 bed on and were trying to sell the two separately (house, and site) and it's been on the market for a couple of years like that I think. They had the site on at 95, then 60k. Estate agent claims they had an offer of 47 on the site.

House was on at 130, now the whole lot is on at poa, they want 150, and it's been on as one unit for a couple of months, no offers yet.


If I had to i'm able to pay 117, but should I start at 105, then 108 etc. or should I go with 117 and say this is my only offer?

Mortgage is approved for 99 and I've 20 savings.

Duckjob

Personally, if I were in your shoes I would probably only plan to make 2 offers, plotted from your own maximum - an initial and a final one, with the 2nd not that much higher than then first - e.g initial offer 116K and final 117k. Don't up offers by 3k at a time - that's 2008 craziness.

Couple of other things-

- Don't chase EA after first offer. Ideal is to wait for him to call you. If you start ringing up and chasing then you'll have lost it already because they'll want to squeeze an extra 10K out of you.

- Let them know when putting in your final offer that it is your final offer.

- I personally think putting €117K as your max is cutting yourself very tight if you have to spend a bit on the place as well. Typically you should allow 3-4k if you have to furnish it - beds, sofa, table and chairs etc.

lisasimps

it is cutting it tight alright, it's a max price because the property meets a lot of my needs and I'm earning a fair bit of disposable income at the mo so can buy bit by bit each week.

So should I go with 115k and then 116.5k as a final offer?

I know new houses will come up but I'm crazy busy with work at the mo and this house meets loads of my needs and I don't have the time or the interest to keep searching!

Duckjob

lisasimps wrote: »

So should I go with 115k and then 116.5k as a final offer?

That sounds reasonable, but as I said don't chase after 1st offer - try to get EA calling you.

lisasimps

Ok great, so just make the offer and imply that i'm still looking?

Duckjob

Definitely. Just give the impression that you have your business hat firmly on, even if behind the scenes you're head-over-heals in love with the property.

lisasimps

thanks for all the advice, i'll let you know how I get on!