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Any secrets to offering?

  • 22-01-2020 11:48am
    #1
    SteelyDanJalapeno
    Registered Users, Registered Users 2 Posts: 14,357 ✭✭✭✭


    Hi all,

    We're at our wits end looking at houses in the Cork city region, I think we're probably in a very competitive 200 - 300k range where we have lost 5 - 6 places at this stage over the last year through being outbid or EA/vendor waiting for a better offer.

    So we've another contender that we have yet to bid on, it's not long on the market, and there is currently no bids on the property.
    It's priced at 325k and reading the PPR that is a little over the average for the area.

    So here's where I'm stuck, I want to offer but I don't know what to offer, any body have experience on closing that used certain tactics with the vendor/EA?

    We love the place so I'd pay asking, but I think that would close based on past experiences the EA will get excited and think they will get more.
    Would it be normal to put an expiry on my offer maybe?


Comments

  • #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    Every EA, vendor, property is unique. There is no one-size-fits-all secret to bidding I'm afraid. What's worked in the past for other posters on other properties won't really tell you much/anything other than what has worked for them.

    It would be an unusual vendor that accepted the first offer UNLESS they're under pressure to sell quickly or they already know their pricing is on the optimistic side. The only way to find out is make an offer and see what happens.


  • #3
    Edgware
    Registered Users, Registered Users 2 Posts: 5,874 ✭✭✭Edgware


    Graham wrote: »
    Every EA, vendor, property is unique. There is no one-size-fits-all secret to bidding I'm afraid. What's worked in the past for other posters on other properties won't really tell you much/anything other than what has worked for them.

    It would be an unusual vendor that accepted the first offer UNLESS they're under pressure to sell quickly or they already know their pricing is on the optimistic side. The only way to find out is make an offer and see what happens.
    Make an offer. Be sure of the max you are willing to pay if your initial offer is refused.
    Instead of the usual to and fro bull**** give the estate agent your best offer. Tell him that and be prepared to walk away.
    The Property Price Register is an indication of local values but you may not necessarily be comparing like with like. One house might have had a complete refurbishment before sale, modern kitchen etc while the other could have nothing done for years


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,633 ✭✭✭✭Marcusm


    How is being marketed; open viewings or private ones? If open, go to the viewing, let the agent know you like it, open a dialogue, find how many viewings will be held. Realistically, any good offers at an early viewing will only encourage them to believe they underpriced it. Make it clear that you want to hear from them. Wait and see what offers, if any, are made and go from there. If none are made, go in a little below what you are willing to pay.


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