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To bid higher or stick with bid?

  • 31-07-2020 11:15am
    #1
    Posts: 0


    Hey guys!

    Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

    We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.

    There are no other bids on the house at the moment.

    Can anyone suggest a strategy going forward?

    I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?

    When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that? :confused:

    House is unoccupied and owned by family looking to sell.

    TIA for all the advice as always!


Comments

  • Registered Users Posts: 2,242 ✭✭✭brisan


    Ridgerun wrote: »
    Hey guys!

    Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

    We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.

    There are no other bids on the house at the moment.

    Can anyone suggest a strategy going forward?

    I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?

    When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that? :confused:

    House is unoccupied and owned by family looking to sell.

    TIA for all the advice as always!
    Hold firm
    just tell him that you wish to be informed of further bids.
    You could also drop a note into the house informing the vendor of your bid
    There again the vendor may have given the EA a minimum price he may be prepared to accept
    Always treat everything an EA tells you with a large pinch of salt


  • Closed Accounts Posts: 1,544 ✭✭✭EndaHonesty


    Ridgerun wrote: »
    Hey guys!

    Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

    We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.

    There are no other bids on the house at the moment.

    Can anyone suggest a strategy going forward?

    I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?

    When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that? :confused:

    House is unoccupied and owned by family looking to sell.

    TIA for all the advice as always!


    Just say, "I'm happy with my bid, and it's valid for 2 weeks."

    I used this tactic very recently, on a similar property in a similar situation, and was successful...


  • Registered Users Posts: 695 ✭✭✭JimmyMW


    Ridgerun wrote: »
    Hey guys!

    Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

    We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.

    There are no other bids on the house at the moment.

    Can anyone suggest a strategy going forward?

    I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?

    When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that? :confused:

    House is unoccupied and owned by family looking to sell.

    TIA for all the advice as always!

    Ask the EA what will it take to close the deal, let him specify the figure, if its too high tell him your out unless the vendor will reconsider, however it may be only marginally higher and you would have it closed and sorted, its worth asking


  • Registered Users Posts: 2,242 ✭✭✭brisan


    JimmyMW wrote: »
    Ask the EA what will it take to close the deal, let him specify the figure, if its too high tell him your out unless the vendor will reconsider, however it may be only marginally higher and you would have it closed and sorted, its worth asking
    Agreed but always let the EA know that you are prepared to walk if the price is too high,this applies even if you really want the house and are not prepared to walk


  • Registered Users Posts: 196 ✭✭Mossie1975


    Agree with previous posters. Don’t bid against yourself.


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  • Registered Users Posts: 1,429 ✭✭✭Woshy


    This happened to us and we told the EA we wouldn't bid against ourselves but would leave the offer on the table. We walked away and 4 weeks later got a call from the EA that there had been no other bids and the vendors were willing to negotiate.

    We did end up paying a bit more than our original offer but it was a negotiation and we were happy with the end result.


  • Registered Users Posts: 2,288 ✭✭✭MacDanger


    Ridgerun wrote: »
    When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that? :confused:

    I think there's no harm in giving an outline of the work that needs to be done, what it will cost and explain that that's why you can't increase your offer


  • Registered Users Posts: 70 ✭✭buffin


    I'd ask the agent what it would take in a bid to take the property off the market completely. Then try negotiate that figure down based on the work needing to be done. But make any subsequent offer on the condition that the property is immediately taken off the market!


  • Closed Accounts Posts: 92 ✭✭ShedTower


    How important is the property to you - Have you been waiting years for something like it? Or will something similar be along shortly?


  • Registered Users Posts: 2,288 ✭✭✭MacDanger


    antix80 wrote: »
    The estate agent said the asking price was too low.. think for a moment how little sense that makes.

    Your contractor's view on the value of the house is neither here nor there.

    Your options are to say "how much extra would be needed to take it off the market now" - a'la Phil and Kirstie - just be aware you're trying to make a gentleman's agreement with someone who received asking price and then said it wasn't enough.

    Or you can ask the estate agent to keep you in the loop on bidding (they're not obliged to) and in the meantime make it your business to find a better deal. You'll be keeping your options open and making sure you won't be paying over the odds.

    You might need to re-read the piece of the OP that you quoted.....


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  • Registered Users Posts: 2,933 ✭✭✭BailMeOut


    Ask the EA if they have passed on your bid to the seller?
    If you are sticking with your bid do not assume the EA will come back to you later on so you should bug them every xx days/weeks to check status otherwise they will forget about you and your bit.


  • Registered Users Posts: 826 ✭✭✭DublinCJM


    Ridgerun wrote: »
    Hey guys!

    Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

    What a stupid ****ing house :D


  • Registered Users Posts: 2,419 ✭✭✭antix80


    MacDanger wrote: »
    You might need to re-read the piece of the OP that you quoted.....

    I skimread it..

    OK I misread it.

    Now I'm wondering what outcome the op expected.

    My amended advice to the op is.. Your max offer should be what you think the house is worth. If you can get it for less, well and good. It's no one's business if you're planning on sinking €30k into the house to bring it up to standard, any more than it's their concern if someone plans to demolish the house and let a goat graze the land.


  • Registered Users Posts: 1,072 ✭✭✭JohnnyChimpo


    Honestly I would tell them why your bid is what it is, and what you intend to spend extra money on after purchase. I agree its no ones business, but at least it indicates to EA that they cant squeeze more out of you, that you have a fixed budget, and its possible seller could agree to undertake works prior to signing contracts if they're simple fixes (bit of a minefield that one, though)


  • Registered Users Posts: 246 ✭✭Smiley11


    Ridgerun wrote: »
    Hey guys!

    Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

    We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.

    There are no other bids on the house at the moment.

    Can anyone suggest a strategy going forward?

    I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?

    When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that? :confused:

    House is unoccupied and owned by family looking to sell.

    TIA for all the advice as always!

    We're in a very similar boat but haven't heard back from the EA. He said our offer probably wouldn't be accepted & that he was expecting another bid but we haven't been notified of anything yet.

    We're going to hold tough. We won't ring him just yet as we don't want to seem too eager. We have a lot of money to put into the house so obviously want to get it for the best price we can. We're prepared to haggle but have a definite cut off point where its just not worth it & we will walk away, much as we don't want to. Theres just no way the asking price is realistic for us given the level of work that needs to be done. EA's can't be trusted seems to be the general consensus so we'll wait it out another while & see.


  • Registered Users Posts: 3,946 ✭✭✭spaceHopper


    We bought in 2012 at the end of the last bust (only by good luck). The house was asking 329K we hand offered 312 but were rejected as they wanted in the 320's I put the EA under pressure that if I went 320 the house had to come off the market... any way we when exactly halfway between 312 and 329 @320500, and meet them in the middle, I stressed that to the EA and it worked. You didn't give figures but I'd look at them and see if you can afford to go up, can you offset it by grants for insulation, heating.... House hunting is a pain get it done if you can.


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