Asking price

Mumm_ra

I have bid the asking price on a property. There appears to be limited interest but I have heard nothing back. I have little or no time for playing games - what should be my next move?

utmbuilder

for some reason buyers disappeared since end of July and limited interest for a lot of property's, this time last year they where going above asking

who set the asking price a local agent or nationwide chain?

is it near peak pricing within 10 to 15k doe the area?

godtabh

if you arent interested in games way away.

Asking price means nothing. Likely set to generate interest.

4ensic15

Do nothing. You may have bid too much and the owner got false hope. You will now have to wait for reality to dawn.

antoinolachtnai

4ensic15 wrote: »

Do nothing. You may have bid too much and the owner got false hope. You will now have to wait for reality to dawn.

You have two choices really, if you really don’t have time for playing games.

1. Find an alternative property and bid on it.

2. The following assumes your bid has been there for a week or two and nothing is happening. Ask the agent “what would it take for the seller to take the property off the market”. If you can make conversation around this about the fact that you are bidding on something else and about how you both think the market is going, so much the better. See what response you get.

Be gentle and polite. The agent wants this property to sell even more than you do.

Saints#33

The best approach I found was to clearly inform the estate agent you presently have bids on other properties that are better priced/valued and that you'll likely go sale agreed on the fastest one to do a deal.

Last month I offered 15K over a bid if the estate agent took it off the market by end of week. He didn't, got greedy and then claimed he'd another bid after a viewing(unlikely as my wife who he didn't know attended and she was the only one that did). He tried scam 3K more off of us so I walked away.

Yesterday he called me offering the property for 7K lower than I offered him. I laughed.

Let them know you are advanced on something else to get them moving, money alone won't do it.

Samuel T. Cogley

Mumm_ra wrote: »

I have bid the asking price on a property. There appears to be limited interest but I have heard nothing back. I have little or no time for playing games - what should be my next move?

Bid lots and lots more. That'll get things moving.

maxsmum

We have bid the asking on two properties on sale since July, with no prior offers, and heard nothing... 2 weeks later. I'm not sure what planet the vendors are living on. This is Dublin, and the asking prices are by no means 'reasonable'.

M.Cribben

From looking at the property price register for Dublin, it seems properties are still selling for asking price and above. But it's taking much longer to sell them. 4 - 6 months is becoming normal. This is an effect of the pool of people who can afford Dublin prices becoming much smaller due to CB deposit/LTI rules and rising prices. So seller is obviously not desperate to sell and can wait around for a higher bid to come in. I like the analogy of say, selling a new Lamborghini. Very few people can afford them, but that doesn't mean the car dealer will drop the price. He just has to be patient and wait long enough for someone who can afford it.

James 007

Saints#33 wrote: »

Yesterday he called me offering the property for 7K lower than I offered him. I laughed.

You should of just played the game and offered him another €10K below the €7K reduced offer to see what he would of said, keeping a serious face with him at the same time.

godtabh

maxsmum wrote: »

We have bid the asking on two properties on sale since July, with no prior offers, and heard nothing... 2 weeks later. I'm not sure what planet the vendors are living on. This is Dublin, and the asking prices are by no means 'reasonable'.

you sound so eggar that maybe they are holding out for me

vmb

M.Cribben wrote: »

I like the analogy of say, selling a new Lamborghini. Very few people can afford them, but that doesn't mean the car dealer will drop the price. He just has to be patient and wait long enough for someone who can afford it.

Well, a home is not a lamborghini. You NEED somewhere to live. It is not a luxury.

If rents weren't so crazy, at least people would have more options to consider, but that's not the case.