What to do next 😣

kabakuyu · 26-01-2023 3:22pm

https://www.boards.ie/discussion/comment/120160690#Comment_120160690

+1

johnboy_85 · 26-01-2023 3:31pm

Was in a relatively similar situation myself.

The house suited all our needs and was in the exact location and area we wanted. It was a messy elongated sale and in the end we had to up fairly substantially our winning bid to get the house. We did get emotionally invested into the house that we hadn't with others as it suited us so well.

I watched friends and family getting sorted while we were stuck in limbo with the house.

Role on being in the house a couple of years and that overpayment and hassle was all worth it a hundred times over. I count my lucky stars every time I call to friends houses who had to Compromise area, house type etc due to money or wanting to get sorted ASAP.

There hasn't been any houses in the area for sale that would have suited us since we nailed our colors to the mast for this house.

Other side of the coin is taking into consideration the housing market, if you loose out on the house to a big bidder or any other scenario. I genuinely sympathise and for some people there are certain houses that are worth pushing the boat out for I believe

psych77 · 26-01-2023 9:34pm

I’m after getting a text from the estate agent now saying they will sell the house for 10k more. Really chancing their arm!!

Browney7 · 27-01-2023 10:44am

https://www.boards.ie/discussion/comment/120162471#Comment_120162471

The vendor has something you want. You either walk or pay up.

You need to have a long look at whether it's worth it to you to pay the price sought. Youve said it's a "house in an estate" - what makes this estate so great? The fact it's in an estate would to me suggest this house is nothing special but each to their own. Do other houses ever come up near this one in other estates at prices you'd be willing to pay? What does this house have that others don't? How long are you willing to wait and maintain your current arrangements? Can you afford the price being sought?

eusap · 27-01-2023 11:09am

https://www.boards.ie/discussion/comment/120162471#Comment_120162471

If you feel its overpriced then its overpriced, if you pay it then every time you have to spend money on the house you will start doing the math's and wondering why you paid so much, remember its not monopoly money.

Personally i would call the estate agent and say sorry we are withdrawing our offer as we went sale agreed yesterday on another property. There is no love in house buying and the seller is probably having the same discussions on a house they are buying elsewhere.

If they come back make a lower offer, somewhere in between and put a time limit on it as you are sale agreed on another property

If they dont, wait two week and get a friend to enquire about the house

Rothmans · 27-01-2023 1:39pm

https://www.boards.ie/discussion/comment/120164170#Comment_120164170

I would agree with this, except for the part where you state that you've gone sale agreed on another property. By saying you've gone sale agreed elsewhere, you're closing the door on the vendors relenting and coming back to you to accept the offer on the table now.

I bought, 5 years ago now, so it may not be as relevant. But I bid 20k below asking. It was the absolute max my budget could allow. Vendors said come up 10k and the house is yours. I genuinely couldn't so I had to decline and continue my search. A few days later, I got word that they had decided to accept my offer. As the poster I quoted said, they are probably having similar discussions themselves. If you feel it's overpriced, it is overpriced. Walk away.

Continue your house search. If they come back to you, great, if they don't, they don't. You will find a house eventually. However, I have a feeling they will come back to you after you indicate that you are continuing your search. Nobody else is offering them as much as you are. They'd be fools to let you go .

DownByTheGarden · 27-01-2023 2:55pm

Anyone who bought a house a few years ago and thought they paid over the odds is probably thankful now that they did pay over the odds at the time.

I know some people who always seem to want to pay as little as they can get away with and who have been bidding on houses fopr years. All the while other people paid more trhan them and are sitting in their houses now looking back and thinking that they are glad they upped their bids.

Sometimes you just have to pay whats needed to get what you want over the finish line.

RichardAnd · 27-01-2023 4:30pm

https://www.boards.ie/discussion/comment/120165402#Comment_120165402

I'm reminded of David McWilliams' advice of "going on strike" for two years to younger people trying to buy a home. We may have seen a slowdown in recent months, but in my opinion, this is merely the market's shedding the artificial inflation caused by the state's reaction to the pestilence. I'd say that by this time next year, prices will either be the same as they are now, or a little higher. I could be wrong, but I don't see how any "crash" will arrive.

DownByTheGarden · 27-01-2023 4:32pm

https://www.boards.ie/discussion/comment/120165981#Comment_120165981

If you ask anyone who bought during the last crash they will tell you today that they are glad they did. There was a time when they thought they were the biggest fools ever, but time heals.

ecjjaian · 27-01-2023 4:38pm

https://www.boards.ie/discussion/comment/120162471#Comment_120162471

I bought recently, started well below asking like yourself. Ended up improving my bid because we saw nothing else we liked and nothing coming to market.

Based on my exp I would say the following:

The week before we closed, another house in the same estate that had an extra bedroom (but needed more work) came up for sale for 30k less than the asking of our house. We thought we'd never see another house that fitted our needs around our price, spring is just around the corner, it's a big selling season.
The cost of improving/changing the house you're looking at is higher than you think (unless you work a trade or are very familiar with pricing)
We ended up telling the agent that we saw something else that we liked (we hadn't) and their house was still our first choice but if they didn't move on our current offer, we would bid on the other house and be off the market in a couple of weeks. The agent very quickly went from saying below asking was completely unacceptable to saying they could get the sellers to consider our offer. We were sale agreed two days later.

I know it seems like this is the only house you could ever want, but give it 2/3 months and that'll change fast. Also, as interest rates go up, others buyers can't borrow as much either. BOI were the cheapest on the market before this hike so a lot of people are going to be shaken out of the price range by the increase.

psych77 · 27-01-2023 5:04pm

Thanks for the info. I rang an estate agent in the same practice Wednesday to ask to look at another house. He said oh are you not bidding on X house? I said oh we were but I have to move on as they wouldn’t accept our bid. He said they may rue the day! A day later and my agent is back saying they will close for 10k more. Well today I said absolutely not and outlined my reasons clearly. She said she will discuss with the seller. I said ok but we will NOT be improving our offer. I’ll keep ye posted!!!!

RichardAnd · 27-01-2023 5:09pm

https://www.boards.ie/discussion/comment/120165989#Comment_120165989

There was an idea after 2008 that renting was superior to buying. I myself believed this. Well, I was wrong. Renting is a mug's game, and I look back on the years when I did rent with a sick stomach. It is, quite literally, dead money.

DownByTheGarden · 27-01-2023 5:12pm

https://www.boards.ie/discussion/comment/120166139#Comment_120166139

I remember. People were forever smugly pointing out the value they got for their rent and poitning out how sorry they were for "poor craters" who had bought. The shoe is surely on the other foot now.

DFB-D · 27-01-2023 11:58pm

https://www.boards.ie/discussion/comment/120166124#Comment_120166124

Stick to your offer and keep looking.

Hard to do, but it looks like there may be a downward trend starting and that may result in more properties entering the market.

I hope it all works out for you! I have had similar experiences looking for investment properties, I was asked on a couple of occasions but I would never entertain improving my own bid when over asking to close and just pulled out immediately....if they are that greedy I don't want to deal with them.

One property is back on the market, so hopefully they learn to accept a good offer in the future.