First time buyer - help/advice

TearFairy

Hi guys,

Hubbie and I have just gotten mortgage approval but its not for a huge amount given we live and work in Dublin but we are looking at outside the city. We have several houses to view over the next week and we really are clueless at what to expect. One house looks fab, nice neighbourhood and is just on the market at our top limit (we maybe could go 5k more but we would be borrowing that).
So if we liked the house as much as we think and wanted to make an offer what would be the best way to go about this - offer our max which is the asking price anyway and just accept it will possibly attract higher bidders. Or offer a few thousand under asking price and see what happens?

Any other advice or tips when trying to buy would be greatly appreciated

TF

alastair

If it's been on the market for a while, and has no/low offers, then offer below asking. If you love it, and it's new to market, then offer asking, if you think it's worth it. It's essentially a mixture of being disciplined about how you value a place, and not offering above that - even if you love it, and seeing who blinks first on cheeky asking/offers - vendor or you. But look at as many properties as you can before making an offer on a place. There could be something even better for you.

padjo5

Best of luck with it,exciting times!
You mentioned above you may be willing to go 5k above your budget, by borrowing. I assume you have allowed for solicitor fees and furnishing the property!?
As above, depends on where, condition and duration on the market (which you can check on daft.ie or collapso.net)

TearFairy

Guys thanks a millions for the advice. Problem is now we think there maybe a pyrite issue but finding it very difficult to confirm if it or possibly the attached house has pyrite.

April 73

It's really important to clarify the pyrite issue first.
If you decide to put an offer on, I always think it's good to be the first person to offer but go in below asking. This sets a lower baseline to work up from if necessary. If you start high then that's the minimum baseline every potential bidder works off.
If you start lower then if there's a bidding war then the vendor feels relief when it gets to the asking price. If you offer the asking price the vendor will believe that there is more money to be had.
Just my opinion.

TearFairy

Thanks April 73, had our second viewing today with the intention of making an offer below asking price as no offers in yet. now we have spoken to a few locals and it seems there may be a pyrite issue that is been kept well under wraps!