My Search For A Property in D4/6/14/16 FTB

Shane732

handlemaster wrote: »

Usually first offers are at our under asking but all depends on the demand for the property. That's a nice area you are looking I like it myself. It could be a good tactic for the buyer as A it shows the seller you are really interested B other possible buyers might be afraid to start a bidding war or bid at all.

It is a nice area.

The unusual thing is that the first bidder is gone now. The agent has told me that he won't be making contact with the original bidder if I go €350k. I've been informed that the vendor will take the property off the market.

I'm torn between offering enough to get the property off the market and getting it as low as I can! I'm concious that I don't want to start a bidding war.

desertcircus

Shane732 wrote: »

It is a nice area.

The unusual thing is that the first bidder is gone now. The agent has told me that he won't be making contact with the original bidder if I go €350k. I've been informed that the vendor will take the property off the market.

I'm torn between offering enough to get the property off the market and getting it as low as I can! I'm concious that I don't want to start a bidding war.

OP, forgive me if I'm being presumptuous, but given that you see this as a stepping stone, have you calculated the equity you'll have built up five years into a 35-year term? If you max out your budget and you're trying to save as well, it's going to be a very small amount

handlemaster

Shane732 wrote: »

It is a nice area.

The unusual thing is that the first bidder is gone now. The agent has told me that he won't be making contact with the original bidder if I go €350k. I've been informed that the vendor will take the property off the market.

I'm torn between offering enough to get the property off the market and getting it as low as I can! I'm concious that I don't want to start a bidding war.

So there is no offer on the apt them if the bidder is gone ?

lima

Man that's serious money for a 2br, personally I'd walk away. I have walked away from two D6 apartments already because instead of trying to bid over 340k I can just change my perceptions and move somewhere else for 200k

You'll be dead forever so keep some money that you can enjoy on other things than a mortgage!

moxin

How long is the property on the market for and what were the viewings like? You need to know this as part of your strategy to call the sellers bluff(if there is one!)

Alf Veedersane

Wabbit Ears wrote: »

If you are a buying a property which you intend to live in, Ie your principal private residence, Buy with the idea the this is where you will live indefinitely. This way you can still sell, move and do whatever in the timeframes you originally planned for but if prices stagnate or drop there is no loss in the sense you aren't stuck with a property you want rid of and are still happy living in.

This.

gaius c

Shane732 wrote: »

Ok so I have a property in mind...

There hasn't been a whole lot of activity on the property.

A summary of the bidding

Asking price €325k
First bid €340k (rejected - vendor apparently said he wanted €375k - this was before Christmas)

I don't think there has been another formal bid on the property but the agent mentioned that there was a provisional offer of €360k on the property subject to the purchaser selling their own property.

I've been told that the vendor will take the property off the market at €350k.

So I've a few questions is it unusual for a first bid to be €15k over asking? I would have thought that you'd at least start the bidding at asking or under. I know some agents list properties low to try and generate interest.

Secondly, would you offer €350k to get the property off the market?

I'm relatively happy that the property is priced correctly, although I'd prefer it to be at €335k as opposed to €350k. A property in a similar development went sale agreed in the past couple of weeks for €342k. It was largely similar to the one I'm looking at.

Properties in bushy park are going for anything from €330k - €375k. These would be at least 200 sq ft smaller than the one I'm looking at. Property in Mount Saint Anne's is going for between €325k and €380k from what I've seen.

A smaller two bed went for €290k in the same development in the last couple of months. This property was at least 300 sq ft smaller than the one I'm looking at. So is a €60k premium for 300 sq ft worth it? The apartments would be quiet different, albeit both 2 beds.

The property cost over €400k in 2002.

Opinions please!

Bid of €15k over asking rejected?
Was bought for €400k originally?
Take property off market at €350k?

Sounds to me like the vendor either isn't serious about wanting to sell it (might be on the market to get the banks off their backs) or the asking price is just notional and they really want the buyer to clear their mortgage for them.

Shane732

desertcircus wrote: »

OP, forgive me if I'm being presumptuous, but given that you see this as a stepping stone, have you calculated the equity you'll have built up five years into a 35-year term? If you max out your budget and you're trying to save as well, it's going to be a very small amount

The equity I'll have built up in 5 years is dependant on a number of things. Firstly, I intend to make payments above the monthly repayments as early as possible in order to reduce the overall interest cost of the mortgage in the long term.

Secondly, I hope my income will increase significantly over the next 5 - 6 years. I would expect my capacity to borrow to increase in line with my income. Plus at the moment I'll have capacity to save about €1,000 - €1,300 a month after all expenses etc....

Finally, god knows what will happen to property prices!