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Please advise what I should bid (deadline today or Monday)

  • 24-07-2015 1:55pm
    #1
    melodies
    Registered Users, Registered Users 2 Posts: 33 ✭


    Hi all

    Hope this is the right area to post on - couldn't find a property section.
    I am thinking of bidding on a small house in Waterford with an asking price of 50k. The agent says there's an offer of 56k on it (then later said there are offers plural). The property is being sold by the bank and the agent says the 4-week report is going to them next week, so if I were to offer, it would need to be today (or Monday I guess). It's been on for 4 weeks. The house would need a little work (floors, perhaps new boiler and bathroom and garden fixing). There's no way to know if the 56k offer is a genuine bid (do estate agents invent fictitious bids?), or whether it is someone with a mortgage. I can offer cash which is why I'd want to bid lower.

    1. If I really wanted the place, what would you suggest I offer?

    2. If I am not desperate to have the property, what should I offer? A friend suggested offering 40k as I have cash and can act immediately. If I could get the place for 40 or 50k I'd jump.

    A friend who is an investment consultant in a bank said that the 56k is likely to be a cash offer, rather than someone with a mortgage.

    Any advice would be much appreciated!


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,705 ✭✭✭✭Atlantic Dawn
    M


    Offer €49k and say your offer stands for 1 week, ignore all other bids you are informed about.


  • #3
    melodies
    Registered Users, Registered Users 2 Posts: 33 ✭melodies


    Atlantic Dawn wrote: »
    Offer €49k and say your offer stands for 1 week, ignore all other bids you are informed about.[/quote

    Thank you. Why do you say 49k and the time condition? Do you have experience buying this way?


  • #4
    gordongekko
    Registered Users, Registered Users 2 Posts: 5,301 ✭✭✭gordongekko


    If there is 56k on it why would bidding 49k be reasonable?. How much is it worth to you??


  • #5
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,705 ✭✭✭✭Atlantic Dawn
    M


    melodies wrote: »
    Atlantic Dawn wrote: »
    Offer €49k and say your offer stands for 1 week, ignore all other bids you are informed about.[/quote

    Thank you. Why do you say 49k and the time condition? Do you have experience buying this way?

    If they are looking for €50k they should take this if offered, placing a bid of €49k allows them to come back and say €50k and gives you one more move to up your bid. I would ignore the €56k bid if that even exists.


  • #6
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,705 ✭✭✭✭Atlantic Dawn
    M


    Well did you have any luck?


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  • #7
    melodies
    Registered Users, Registered Users 2 Posts: 33 ✭melodies


    Atlantic Dawn wrote: »
    Well did you have any luck?

    Turns out that the bids went up to 57,500 by the time I was going to try and I decided it wasn't worth that to me. Educational though! Looks like they're achieving a fair bit more than asking price now.


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