Help bidding

Conversations 3 · 06-10-2021 1:16pm #1

Hi,

Not sure what way the budding process works, I've viewed a property I like, met the owner as the EA was late, EA didn't like that.

I like the property but think it's up a bit high, 500

Would an offer of 440 be ok?

It will also need to be split as it comes with land which I have cash to buy separately, this will surely work in my favor as a part cash buyer.

No other offers made on it

Mr Burny · 06-10-2021 1:17pm

Is that a typo? 540k may secure.

Conversations 3 · 06-10-2021 1:18pm

No typo.

440 first offer, is it a bit cheeky?

06-10-2021 1:36pm

Why does it matter if it is “cheeky”? The worst they can say is no.

Conversations 3 · 06-10-2021 1:41pm

https://www.boards.ie/discussion/comment/117983392#Comment_117983392

True, if there's no offer it's a starting point.

I don't want to go in with everything I have straight off.

SteM · 06-10-2021 1:45pm

How long has it been on the market for?

GetWithIt · 06-10-2021 1:52pm

There are 3 parties to a property transaction: the buyer, the seller and the agent. If all parties are looking to get the deal done then the asking price should be reflective of the anticipated sale price.

If you want the property, think the price is fair, and have that financing in place then ask the agent what the seller will accept and offer that.

Low balling is just wasting your own time and mental energy.

awec · 06-10-2021 2:05pm

Being a part cash buyer will be of no consequence at all here since you're still going to need a mortgage for the house.

Conversations 3 · 06-10-2021 2:06pm

https://www.boards.ie/discussion/comment/117983440#Comment_117983440

Not very long, few weeks

Conversations 3 · 06-10-2021 2:06pm

https://www.boards.ie/discussion/comment/117983483#Comment_117983483

Fair enough, I'm meeting the agent tomorrow, might just ask him straight out what will buy the property.

SteM · 06-10-2021 2:12pm

https://www.boards.ie/discussion/comment/117983608#Comment_117983608

So going in 60k below asking may just show you're interested but probably won't get you the property unless the seller is happy to get rid. Any decent EA will advise the seller to wait for more interest imho.

Squatman · 06-10-2021 2:14pm

https://www.boards.ie/discussion/comment/117983615#Comment_117983615

how very grown up of you.!

Conversations 3 · 06-10-2021 2:27pm

https://www.boards.ie/discussion/comment/117983681#Comment_117983681

It's more I don't want to go in with everything I have straight away, i can go a fair bit higher if needed.

Kurooi · 07-10-2021 6:12pm

I don't think there is anything cheeky or wrong with a low ball offer at all. If you don't see it as worth the 500k, don't bid it.

And hell, if yours is the only offer then clearly everyone else thought the same!

Conversations 3 · 08-10-2021 3:57pm

Offer made below asking, got on well with the owner, wants to sell as one lott to a local young couple.

So fingers crossed

C14N · 11-10-2021 12:16pm

It is a bit "cheeky" but it's really not going to hurt that much. The worst they can do is say no. However, I'd say it's also just kind of wasting everyone's time in today's market. Unless it's been sitting there for months with no movement, they probably won't want to sell at over a 10% discount on the asking price. In this market many are putting up asking prices that are already low and you'd be lucky to get one for 10% above.

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