Buying etiquette..

spamchops

Hello,
I've never bought anywhere but England, but I did try to move to Scotland once, where it is offers over the asking price. What do you do in Ireland? We are cash buyers so if buying in the uk we would make an offer of less than the asking price as having the ability to move quickly puts us in a better position (usually) Can you do this in Ireland of is this considered rude and vulgar? Thanks.

Mira Mira

spamchops wrote: »

Hello,
I've never bought anywhere but England, but I did try to move to Scotland once, where it is offers over the asking price. What do you do in Ireland? We are cash buyers so if buying in the uk we would make an offer of less than the asking price as having the ability to move quickly puts us in a better position (usually) Can you do this in Ireland of is this considered rude and vulgar? Thanks.

Hello. In Ireland you can make an offer of less than the asking price, that's normal.

poker--addict

Chains are not as big a problem in Ireland as they are in places like London, although of course someone with cash and no chain is obviously easier to manage. You can absolutely offer below the asking price. The property price register should give you an idea of what the selling prices are in each area. A few weeks watching daft.ie and the property price register should give a sense of what houses are worth. I find the asking price is usually sensible in Ireland but there are houses in all areas that are over priced too, so need to do your homework.

As a cash buyer, you are top of the list of preferable buyers as far as sellers/EAs are concerned. It is important to inform the EA of this when bidding. It is customary to bid below asking, but be realistic, taking the piss will usually mean the EA/seller mark you as a time waster. The PPR can give an indication of previous house price sales, but will not give an accurate indication of what the house you are interested in will sell for, specs, condition, location, size, aspect, garden size etc can vary. Check if there are a lot of that type of house for sale in that location at the moment, if there are, the buyer may accept a lower price, if there isn’t, they might hold out for a higher than asking price.

Edgware

Cash buyers are great as there is no chain, no delay with mortgage approval.
Of course you can offer below and sometimes it works out if there are no other bidders. The main thing is to decide what your max is and dont go above it.
Don't be codded by some shyster saying "we just got a bigger offer" especially on a property that has been on the market for a long time.
I recall buying a place in a provincial town. It had been on the market for ages and I told the shyster I would buy it at the advertised asking price. Within 24 hours he was back saying they had a higher offer. I told him " let them have it so"
A few weeks he was back saying the offer had fallen through. I told him mine had too but knock a few grand off and I might be interested

Edgware

Edgware wrote: »

Don't be codded by some shyster saying "we just got a bigger offer" especially on a property that has been on the market for a long time.

That is to assume no other bidder is interested in the property you are. Seems an odd assumption.

Heres Johnny

Dav010 wrote: »

That is to assume no other bidder is interested in the property you are. Seems an odd assumption.

No way of telling. It's a game. Normal thing is to pick what it's worth to you and go by that. If it's getting out of reach, let go. The estate agents job is to get as much for it as they can, but I believe the prevalence of phantom bidders is greatly exaggerated

johnnyskeleton

spamchops wrote: »

Hello,
I've never bought anywhere but England, but I did try to move to Scotland once, where it is offers over the asking price. What do you do in Ireland? We are cash buyers so if buying in the uk we would make an offer of less than the asking price as having the ability to move quickly puts us in a better position (usually) Can you do this in Ireland of is this considered rude and vulgar? Thanks.

It is of value to be a cash buyer, but its important not to overstate the value. If two people bid the same, the cash buyer is preferrable. If one bid is 3-5k less but a cash buyer, the vendor might go for that. But it is unlikely, in my view, that many vendors will except a substantial discount e.g. 20k or more. Most vendors want the highest price and can wait 6-8 months to get it.

However, its always worth asking and theres nothing rude or vulgar about it. Typically, in a low market, most first bids will be below the asking

Edgware

Dav010 wrote: »

That is to assume no other bidder is interested in the property you are. Seems an odd assumption.

I have seen properties go 6 months without an offer in rural areas. Once an offer is made estate agents will try to create a market to increase bids where in some cases there is only one interested party

Heres Johnny

Edgware wrote: »

I have seen properties go 6 months without an offer in rural areas. Once an offer is made estate agents will try to create a market to increase bids where in some cases there is only one interested party

I'm not in the industry but I think it would be rather stupid of an estate agent to create doubt in the mind of someone making an offer they waited 6 months for.

fatbhoy

Ask the EA what the current (max.) bid on the house is, and make your bid accordingly.

Heres Johnny

Heres Johnny wrote: »

I'm not in the industry but I think it would be rather stupid of an estate agent to create doubt in the mind of someone making an offer they waited 6 months for.

Lots of posters claim they know about phantom bids, surprisingly no one has ever been able to prove it happened. For some reason, people think that just because they are interested/bid, if another bid is recieved, it must be made up, presumably because no one else could be interested.