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Reins

Sweetaure wrote: »

What’s confusing? We made an offer, the owners counteroffered. Happens all the time.

So the owners are selling their property to prospective buyers
buyers make an offer on the property and the owners make a counter offer on the property they're trying to shift?!! " Happens all the time "


" What's confusing " That :rolleyes:

DubLad69

Reins wrote: »

So the owners are selling their property to prospective buyers
buyers make an offer on the property and the owners make a counter offer on the property they're trying to shift?!! " Happens all the time "


" What's confusing " That :rolleyes:

I think its quite clear.

Owner puts house up for sale

Prospective buyer offers Say 400k

Owners aren't happy so ask for 450k instead

klose

Sweetaure wrote: »

What’s confusing? We made an offer, the owners counteroffered. Happens all the time.

How can the owners counter offer? They aren't involved in bidding, they can only accept a fee they are happy with?

Reins

DubLad69 wrote: »

I think its quite clear.

Owner puts house up for sale

Prospective buyer offers Say 400k

Owners aren't happy so ask for 450k instead

That is clear - however the poster said there was a counter offer which indicates the offer came from a buyer. Sellers don't counter offer, they can say they now want the asking price which appears to what has happened here.

bilbot79

klose wrote: »

How can the owners counter offer? They aren't involved in bidding, they can only accept a fee they are happy with?

For your homework please watch 'A Place in the Sun'

givyjoe

Reins wrote: »

That is clear - however the poster said there was a counter offer which indicates the offer came from a buyer. Sellers don't counter offer, they can say they now want the asking price which appears to what has happened here.

This is a bit weird, Yes, they obviously do. Seller rejects offer and counter offers to sell at x price. It's called negotiation.

klose

givyjoe wrote: »

This is a bit weird, Yes, they obviously do. Seller rejects offer and counter offers to sell at x price. It's called negotiation.

Then list the house for the price you want?

givyjoe

klose wrote: »

Then list the house for the price you want?

The vast majority do not list their house at the price they want. They list it at a price they will generate lots of interest and multiple bidders.

In this case, the seller DID list their house at the price they want, and the bidder here instead thought it would be wise to try and see if they could get it for less and it backfired.

Sweetaure

givyjoe wrote: »

The vast majority do not list their house at the price they want. They list it at a price they will generate lots of interest and multiple bidders.

In this case, the seller DID list their house at the price they want, and the bidder here instead thought it would be wise to try and see if they could get it for less and it backfired.

Precisely - nobody goes in at asking price, and tbh, had we known that’s what the owner wanted, we would have gone in closer to asking price in our first offer. That’s my whole point, IMO the EA wasted everybody’s time by not being “more” upfront.

On another note, do you guys think that EAs will be able to conduct viewings at the end of the month?

Claw Hammer

Sweetaure wrote: »

Precisely - nobody goes in at asking price, and tbh, had we known that’s what the owner wanted, we would have gone in closer to asking price in our first offer. That’s my whole point, IMO the EA wasted everybody’s time by not being “more” upfront.

On another note, do you guys think that EAs will be able to conduct viewings at the end of the month?

Asking prices are just a starting point in marketing a property. Low to generate interest, high to give a "discount. The job of the agent is to get the best price. If there is a lot of interest the price may move up. If there is little or no interest the price may drop. What a vendor may take today, may change next week after a round of viewings and offers.
All any purchaser can do is decide what they think the property is worth and how much they are prepared to pay.
It is not a supermarket with prices marked on the shelf. Asking the agent for an indication is a distraction. If the owner gets the best possible price and the agent his commission, neither the owner nor the agent care who has wasted time.
If a house sells and you hadn't offered you maximum, then it is your own fault if you didn't put your best foot forward in time.

infinita

Hi, a couple of questions here if anyone can help to answer. Thanks!

I'm a buyer and the sale is about to close soon. The property is in need of renovation before we move in. Does anyone know about the rules/regulations in terms of house renovation under the current lockdown policy? We'll need at least to have floors and wallpaint done but I'm not sure if these are qualified as essential works.

Also, the property is more than 5km away from where we live now. I'll need to travel there frequently before the renovation is completed. I wonder if gardai would accept this as a valid reason..

Dave3030

Claw Hammer wrote: »

Asking prices are just a starting point in marketing a property. Low to generate interest, high to give a "discount. The job of the agent is to get the best price. If there is a lot of interest the price may move up. If there is little or no interest the price may drop. What a vendor may take today, may change next week after a round of viewings and offers.
All any purchaser can do is decide what they think the property is worth and how much they are prepared to pay.
It is not a supermarket with prices marked on the shelf. Asking the agent for an indication is a distraction. If the owner gets the best possible price and the agent his commission, neither the owner nor the agent care who has wasted time.
If a house sells and you hadn't offered you maximum, then it is your own fault if you didn't put your best foot forward in time.

Fair-BUT as someone who has recently sold-if I found out the agent hadnt gone back to all serious bidders then I would be livid.

I think the OP should have at least got a chance to increase the offer before the sale was agreed.

Zenify

Dave3030 wrote: »

Fair-BUT as someone who has recently sold-if I found out the agent hadnt gone back to all serious bidders then I would be livid.

I think the OP should have at least got a chance to increase the offer before the sale was agreed.

The only explanation in my head is the estate agent sold to a friend. Therefore, they didn't want to increase the bid for their friend and told the seller it was the highest bid. Incompetence could not have caused this, far to simple.

jor428

Can anyone advise.
Is the probate office having delays or is it open and working. We are purchasers waiting on the house we agreed price on and probate was started in September. Nothing contentious afaik so what's the delay. Any info would be great.

givyjoe

Dave3030 wrote: »

Fair-BUT as someone who has recently sold-if I found out the agent hadnt gone back to all serious bidders then I would be livid.

I think the OP should have at least got a chance to increase the offer before the sale was agreed.

You won't find out though, not unless a bidder goes out of their way to contact seller. Even then I wouldn't be too bothered about someone who was initially trying to low ball.

givyjoe

jor428 wrote: »

Can anyone advise.
Is the probate office having delays or is it open and working. We are purchasers waiting on the house we agreed price on and probate was started in September. Nothing contentious afaik so what's the delay. Any info would be great.

A couple of grand higher is absolutely negligible to the estate agent in terms of commission, but why would they waste their time on someone who is trying to get the house on the cheap, when they have someone else who will pay the asking?

Dave3030

I wouldnt call 4% under a low ball. My reading of it was they were the only person bidding at the time-in which case it would be daft to go straight to the asking price. Also the EA indicated they would entertain offers under asking (i know this is a tactic to get an offer on the table-but still)...

When the new bidder entered the fray, any good EA would have used this offer to try kick start a bidding war.

To just go sale agreed without giving them a chance to increase the bid is a poor (or dodgy) EA IMO.

givyjoe

Dave3030 wrote: »

I wouldnt call 4% under a low ball. My reading of it was they were the only person bidding at the time-in which case it would be daft to go straight to the asking price. Also the EA indicated they would entertain offers under asking (i know this is a tactic to get an offer on the table-but still)...

When the new bidder entered the fray, any good EA would have used this offer to try kick start a bidding war.

To just go sale agreed without giving them a chance to increase the bid is a poor (or dodgy) EA IMO.

Nothing poor or dodgy about it at all, that's the risk you take with low ball tactics and crying foul about it afterwards is just silly.

How do you know the agent didnt tell vendor about the low offer? The vendor could just as easily have said, no don't bother going back to them having been told about low price and fishing for minimum offer when there's an offer at asking on the table. The vendor may just have wanted a quick sale, got the asking. Nothing suspicious at all.

Just to add, not sure how you view going in at asking as daft, when not doing it is literally what cost the bidder here the house. Writing this off as dodgy EA tactics is not going to help the OP in the future. It's not likely to be the explanation at all.

Dave3030

givyjoe wrote: »

Nothing poor or dodgy about it at all, that's the risk you take with low ball tactics and crying foul about it afterwards is just silly.

How do you know the agent didnt tell vendor about the low offer? The vendor could just as easily have said, no don't bother going back to them having been told about low price and fishing for minimum offer when there's an offer at asking on the table. The vendor may just have wanted a quick sale, got the asking. Nothing suspicious at all.

Just to add, not sure how you view going in at asking as daft, when not doing it is literally what cost the bidder here the house. Writing this off as dodgy EA tactics is not going to help the OP in the future. It's not likely to be the explanation at all.

Lol-of course we cant be sure what the Vendor was thinking, but your assumption is that the vendor decided that a 30 second phonecall to gauge the interest of the previous high bidder (at 4% under), was not worthy (and actively instructed the EA not to bother).

Its possible, but very foolish of the vendor IMO. Fair enough the vendor might want a quick sale but its not like the OP said, 'give me 2 weeks to think about it'. I agree that people seen as timewasters will often be ignored. i dont think this is the case here though.

It seems far more likely to me than the agent was looking to get it off his plate and save himself some hassle-knowing the vendor would take the asking.

To suggest that it was the OPs fault for not immediately offering up the full whack-this is the poor advice here IMO. and for context i recently purchased for ~9% under asking- so i dont see 4% at all unreasonable.

Asking prices are not 'Buy it now' prices on Ebay. If you really think that going in immediately at asking is the right move (when there are no other bidders), then any estate agent will love to see you coming.

givyjoe

Dave3030 wrote: »

Lol-of course we cant be sure what the Vendor was thinking, but your assumption is that the vendor decided that a 30 second phonecall to gauge the interest of the previous high bidder (at 4% under), was not worthy (and actively instructed the EA not to bother).

Its possible, but very foolish of the vendor IMO. Fair enough the vendor might want a quick sale but its not like the OP said, 'give me 2 weeks to think about it'. I agree that people seen as timewasters will often be ignored. i dont think this is the case here though.

It seems far more likely to me than the agent was looking to get it off his plate and save himself some hassle-knowing the vendor would take the asking.

To suggest that it was the OPs fault for not immediately offering up the full whack-this is the poor advice here IMO. and for context i recently purchased for ~9% under asking- so i dont see 4% at all unreasonable.

Asking prices are not 'Buy it now' prices on Ebay. If you really think that going in immediately at asking is the right move (when there are no other bidders), then any estate agent will love to see you coming.

It's irrelevant and the OP has no one to blame but themselves, honestly, they could have bid the asking, but didn't and someone else did and they lost out. Framing bidding the asking is poor advice is absolutely ludicrous in the current market, never mind the fact we know what happened when the OP didn't! Honestly, delusional stuff. Presuming your advice to the OP would be to do the exact same thing again?! Seriously, have you been bidding on any properties yourself in the last year? If you have, how many have you successfully purchased or even gone sale agreed on :rolleyes: The OP claimed they were willing to offer the asking, so they obviously believed the property is worth the asking, then they've clearly made a mistake in this case and lost out. A friend of mine who just got their keys was on the exact opposite side of this scenario, someone offered 5k below asking, they offered asking and a couple of hours later they were sale agreed. No back and forth, no bidding war, they got their asking price and that was that.

The OP can take whatever advice they want, but honestly the last person I'd be listening to is someone claiming something dodgy went on in this case.

outland1985

Just offered approx 8% below asking on a property, which has been on the market for 6 months.
Vendor said they'd consider 3% below asking.
There has only been 1 previous offer that was lower than mine.
Problem with the property I believe is its overpriced by 5%
Not sure should I counter offer myself?
95% of asking is the max I'd be happy paying

Dave3030

givyjoe wrote: »

It's irrelevant and the OP has no one to blame but themselves, honestly, they could have bid the asking, but didn't and someone else did and they lost out. Framing bidding the asking is poor advice is absolutely ludicrous in the current market, never mind the fact we know what happened when the OP didn't! Honestly, delusional stuff. Presuming your advice to the OP would be to do the exact same thing again?! Seriously, have you been bidding on any properties yourself in the last year? If you have, how many have you successfully purchased or even gone sale agreed on :rolleyes: The OP claimed they were willing to offer the asking, so they obviously believed the property is worth the asking, then they've clearly made a mistake in this case and lost out. A friend of mine who just got their keys was on the exact opposite side of this scenario, someone offered 5k below asking, they offered asking and a couple of hours later they were sale agreed. No back and forth, no bidding war, they got their asking price and that was that.

The OP can take whatever advice they want, but honestly the last person I'd be listening to is someone claiming something dodgy went on in this case.

Its funny you bring up the 'how many have i purchased' line when you resort the 'my friend' stories yourself-and i stated in the last post i just bought at ~9% under. Picked up keys last week! I also sold at ~2% under last september. So your notion that nothing sells under asking is the one thats delusional.

It is what it is though i agree, it didnt work for them in this case but it doesnt mean you go straight in at asking each time. Current market is crazy alright-dont you think the estate agents are trying to take advantage of that? The asking prices are often picked out thin air-I can assure you that after getting 5 agents in to value my own place when selling-a variation of 15% across their valuations.

I done my own research and went with the valuation which i thought was realistic but ambitious. In reality i would have took anything within 5% of the asking, but I got closer to it (in no small part by my estate agent going back to everyone who had placed a bid.)

If I had went with the highest valuation and believed that the asking price is the be all and end all, then there is a fair chance i would still be sitting in it today.

All houses are different-the OP needs to do their homework on what a house is worth and dont put to much stock in the asking prices. Some will have an asking set low, some will be set high. We dont know the specifics in this case-but if you go back and read what the OP posted originally i dont think they done anything wrong in this case and were unlucky, and i agree that its reasonable to expect an update from the EA.

Dave3030

givyjoe wrote: »

It's irrelevant and the OP has no one to blame but themselves, honestly, they could have bid the asking, but didn't and someone else did and they lost out. Framing bidding the asking is poor advice is absolutely ludicrous in the current market, never mind the fact we know what happened when the OP didn't! Honestly, delusional stuff. Presuming your advice to the OP would be to do the exact same thing again?! Seriously, have you been bidding on any properties yourself in the last year? If you have, how many have you successfully purchased or even gone sale agreed on :rolleyes: The OP claimed they were willing to offer the asking, so they obviously believed the property is worth the asking, then they've clearly made a mistake in this case and lost out. A friend of mine who just got their keys was on the exact opposite side of this scenario, someone offered 5k below asking, they offered asking and a couple of hours later they were sale agreed. No back and forth, no bidding war, they got their asking price and that was that.

The OP can take whatever advice they want, but honestly the last person I'd be listening to is someone claiming something dodgy went on in this case.

one last point here-if you think your friend got this house purely based on goin in at the asking-again that's very naive. Those 'couple of hours' were likely spend ringing around to try and get a few more bids in..but ultimately the asking price was the highest the EA got.

Dave3030

outland1985 wrote: »

Just offered approx 8% below asking on a property, which has been on the market for 6 months.
Vendor said they'd consider 3% below asking.
There has only been 1 previous offer that was lower than mine.
Problem with the property I believe is its overpriced by 5%
Not sure should I counter offer myself?
95% of asking is the max I'd be happy paying

Anyone in the know will tell you-dont bid against yourself-but Its up to you how much you want the house.

If you think its over priced at 5% you need to consider is that 2% worth it to get the deal done.

In the current market it might well be worth it.
Your other option is to tell them you're sticking and see if they come back.

witnessmenow

outland1985 wrote: »

Just offered approx 8% below asking on a property, which has been on the market for 6 months.
Vendor said they'd consider 3% below asking.
There has only been 1 previous offer that was lower than mine.
Problem with the property I believe is its overpriced by 5%
Not sure should I counter offer myself?
95% of asking is the max I'd be happy paying

We offered below asking on our house, they countered with pretty close to asking, we ended up doing a bit of a dance and ended up paying somewhere in the middle. We were the only bidders, so we were in a way bidding against ourselves.

It really comes down to what its worth to you, if 95% is your max well you know you can't go to 97% or whatever they are asking. It's really just a game of chicken at this stage. You can go back to vendor and say you are happy with your offer, and maybe the vendors will blink first worried about losing you as a buyer or maybe they will stick to their guns. But you would have to be prepared to lose it at that stage as really anyone else who comes in and makes a bid doesn't have much room to go between your current bid and your max.

We also landed on our max, I feel like maybe we could have gotten it a little less, but we didn't want to risk losing it.

givyjoe

Dave3030 wrote: »

one last point here-if you think your friend got this house purely based on goin in at the asking-again that's very naive. Those 'couple of hours' were likely spend ringing around to try and get a few more bids in..but ultimately the asking price was the highest the EA got.

I contacted the EA on the house with a the intention of viewing/bidding but it had already gone sale agreed :rolleyes:, not knowing that he was the one who'd already secured it. I've literally just told you what happened, which is the exact same thing as the OP, yet you clearly think you know better. They got their asking, they wanted a quick sale and got it. End of story. They didn't wait for more bidders, which they could and would have gotten even if under bidder didn't come back. I'm sure everyone is bored of this at this stage, but all I can say is, if the OP wants a house, they'd be well advised not taking paying much attention to your take on what's happened, it's extremely unlikely to be a result of anything dodgy and far more likely down to their own attempt at saving a few quid on a price they were willing to pay anyway.

givyjoe

Dave3030 wrote: »

Its funny you bring up the 'how many have i purchased' line when you resort the 'my friend' stories yourself-and i stated in the last post i just bought at ~9% under. Picked up keys last week! I also sold at ~2% under last september. So your notion that nothing sells under asking is the one thats delusional.

It is what it is though i agree, it didnt work for them in this case but it doesnt mean you go straight in at asking each time. Current market is crazy alright-dont you think the estate agents are trying to take advantage of that? The asking prices are often picked out thin air-I can assure you that after getting 5 agents in to value my own place when selling-a variation of 15% across their valuations.

I done my own research and went with the valuation which i thought was realistic but ambitious. In reality i would have took anything within 5% of the asking, but I got closer to it (in no small part by my estate agent going back to everyone who had placed a bid.)

If I had went with the highest valuation and believed that the asking price is the be all and end all, then there is a fair chance i would still be sitting in it today.

All houses are different-the OP needs to do their homework on what a house is worth and dont put to much stock in the asking prices. Some will have an asking set low, some will be set high. We dont know the specifics in this case-but if you go back and read what the OP posted originally i dont think they done anything wrong in this case and were unlucky, and i agree that its reasonable to expect an update from the EA.

Oh for the love of god, give over. The OP gave their case as an example, exact same as my own friend, my god what are the odds. No, its far more likely the EA is pulling a stroke. :rolleyes: At no point whatsoever did i say houses dont go for under asking, but the only one that's relevant here is the OP's one, which didn't.

Claw Hammer

Making offers by reference to asking price is ridiculous. The asking price might be set over or under fair value. Unless you know which it is silly to be expecting to be in the ball park on an offer.

GrumPy

1) Sale Agreed August 5th, 2020
2) Contracts Signed Jan 22nd, 2021.

It's been an absolute gauntlet to get here, but a major milestone achieved, with a couple of much smaller hurdles to still navigate. Target close date of Feb 5th.

Eds

I can finally post this without feeling I'll jinx us.

Sale agreed November 9
Closed today January 22

A couple of minor blips and delays and of course Christmas but super speed looking at most of what gets posted here. We were lucky.