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Am I paying too much?

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  • 14-07-2019 12:43pm
    #1
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭


    Hi there,

    I recently have gone sale agreed on a place near enough to the city, for 326k. A 2 bed house. But I've noticed on the PPR a very similar spec house sell for 315k, fully detached, an extra bedroom, converted attic too and garden for 315k. A lot of 3 beds are being sold for around 325-335. There isn't a huge difference in finish etc between these.

    I'm thinking of going back to the vendor and renegotiating. My opinion is that it should be valued closer to 290k. A similar 3 bed property I viewed the other week has been on the market for 3 weeks with no bids and also a similar 2 bed has no bids after 4 weeks.

    Any advice welcome.


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    #2
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    How did it get to 326k?
    At what price did the other bidders drop out?
    When were the other comparable houses sold?
    If there's lots of other bigger houses going for similar, I'd go for them instead.
    So long as you don't mind this one going and the risk of not getting anywhere comparible for some time.


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    #3
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    whiskeyman wrote: »
    How did it get to 326k?
    At what price did the other bidders drop out?
    When were the other comparable houses sold?
    If there's lots of other bigger houses going for similar, I'd go for them instead.
    So long as you don't mind this one going and the risk of not getting anywhere comparible for some time.

    It was a strange online bidding process. Basically the same as eBay. Came down to bidding up in 1k every 10 seconds.

    Comparable houses sold this year, April and June.


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    #4
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Pheonix10 wrote: »
    It was a strange online bidding process. Basically the same as eBay. Came down to bidding up in 1k every 10 seconds.

    Comparable houses sold this year, April and June.

    Did you buy at auction?


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    #5
    Horusire
    Registered Users Posts: 158 ✭✭Horusire


    Mad_maxx wrote: »
    Did you buy at auction?

    An estate agent in Dublin. Auctioneera? Or something similar sells houses like this. It's not an auction but you bid as if it were.

    IIRC


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    #6
    barrier86
    Registered Users Posts: 254 ✭✭barrier86


    Pheonix10 wrote: »
    Hi there,

    I recently have gone sale agreed on a place near enough to the city, for 326k. A 2 bed house. But I've noticed on the PPR a very similar spec house sell for 315k, fully detached, an extra bedroom, converted attic too and garden for 315k. A lot of 3 beds are being sold for around 325-335. There isn't a huge difference in finish etc between these.

    I'm thinking of going back to the vendor and renegotiating. My opinion is that it should be valued closer to 290k. A similar 3 bed property I viewed the other week has been on the market for 3 weeks with no bids and also a similar 2 bed has no bids after 4 weeks.

    Any advice welcome.

    If you feel you paid too much you should pull out. There are plenary of two beds quite close to the city for less than that.

    Best of luck and most of All - congratulations!


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    #7
    Sonny noggs
    Closed Accounts Posts: 1,523 ✭✭✭Sonny noggs


    Sounds like gazundering is starting to rear its ugly head in the market.


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    #8
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Was there a specific reason you bid €326k knowing that similar/larger houses in the area are going for less?


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    #9
    Dav010
    Registered Users Posts: 14,106 ✭✭✭✭Dav010


    Op, aren’t you the same poster who had a thread last week about being asked to make a final bid as bidding was going up in €1ks and the EA wanted to close off the sale?

    You said in that thread you would make a final bid then go back and tell them you were backing out, seems that is now what you are doing.

    The value of a property is what someone is willing to pay for it, what is the point in saying it should be €290k?


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    #10
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Graham wrote: »
    Was there a specific reason you bid €326k knowing that similar/larger houses in the area are going for less?

    Properties appeared on the PPR after the bidding ceased.


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    #11
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    keep in mind those sales could well have been sale-agreed many months ago.


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    #12
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    Why would you buy it for that price if you think it is overpriced?
    Just pull out, buy somewhere else.


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