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31-07-2020, 12:15   #1
Ridgerun
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To bid higher or stick with bid?

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?

House is unoccupied and owned by family looking to sell.

TIA for all the advice as always!
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31-07-2020, 12:21   #2
brisan
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Quote:
Originally Posted by Ridgerun View Post
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?

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
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31-07-2020, 12:24   #3
EndaHonesty
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Quote:
Originally Posted by Ridgerun View Post
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?

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...
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31-07-2020, 12:30   #4
JimmyMW
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Quote:
Originally Posted by Ridgerun View Post
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?

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
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31-07-2020, 12:58   #5
brisan
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Originally Posted by JimmyMW View Post
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
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31-07-2020, 13:31   #6
Mossie1975
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Agree with previous posters. Don’t bid against yourself.
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31-07-2020, 14:26   #7
Woshy
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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.
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31-07-2020, 15:06   #8
MacDanger
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Originally Posted by Ridgerun View Post
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?
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
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31-07-2020, 15:18   #9
buffin
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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!
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31-07-2020, 15:29   #10
ShedTower
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How important is the property to you - Have you been waiting years for something like it? Or will something similar be along shortly?
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31-07-2020, 15:34   #11
MacDanger
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Originally Posted by antix80 View Post
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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31-07-2020, 15:34   #12
BailMeOut
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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.
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31-07-2020, 15:35   #13
DublinCJM
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Originally Posted by Ridgerun View Post
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
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31-07-2020, 15:40   #14
antix80
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Originally Posted by MacDanger View Post
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.
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31-07-2020, 22:05   #15
JohnnyChimpo
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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)
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