Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

House Viewings

Options
12345679»

Comments

  • Options
    #242
    KBH2020
    Registered Users Posts: 30 ✭KBH2020


    Mic 1972 wrote: »
    I actual wish more EAs did that.
    It would reduce the number of people entering a bidding war with no funds to sustain their offers.

    I agree in one sense but as they are acting for the seller I think it is a bit much to have to show them exactly how much you can afford. A recent estate agent asked us for this proof when we were bidding against someone at the very end of a bidding war. I was happy to show the full proof of funds at this stage. At the same time I also felt a bit miffed that if others had been bidding without the funds then we easily could have only found out at this stage (or not have found out at all). However with the way the market is currently..I am inclined to not doubt any bids, no matter how crazy they seem!


  • Options
    #243
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    I never understand people bidding with money they don't have . What would be going through their head


  • Options
    #244
    Dav010
    Registered Users Posts: 14,054 ✭✭✭✭Dav010


    You don’t need to show how much you can bid, proof only that you have the funds to pay for what you are bidding.


  • Options
    #245
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    KBH2020 wrote: »
    I agree in one sense but as they are acting for the seller I think it is a bit much to have to show them exactly how much you can afford. A recent estate agent asked us for this proof when we were bidding against someone at the very end of a bidding war. I was happy to show the full proof of funds at this stage. At the same time I also felt a bit miffed that if others had been bidding without the funds then we easily could have only found out at this stage (or not have found out at all). However with the way the market is currently..I am inclined to not doubt any bids, no matter how crazy they seem!


    I agree, I hate showing the AE how much I can afford and how high I can go with the bidding. Then again I did try to offer more that i could afford and the EA said nothing about it, which made me question the entire bidding process.


  • Options
    #246
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Dav010 wrote: »
    You don’t need to show how much you can bid, proof only that you have the funds to pay for what you are bidding.


    To enter the bidding you need to show proof of funds in and around the asking price.
    After that you can go crazy with your offers, the EA will say nothing about it, which is a bit unethical in my opinion and unfair on other bidders


  • Advertisement
  • Options
    #247
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Sweet.Science wrote: »
    I never understand people bidding with money they don't have . What would be going through their head


    competition and bitterness for being outbid


  • Options
    #248
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    Mic 1972 wrote: »
    competition and bitterness for being outbid

    Yeah crazy when you think about it . When I'm outbid it's forgot about and I move on . Wouldn't enter my head to be bidding out of spite


  • Options
    #249
    KBH2020
    Registered Users Posts: 30 ✭KBH2020


    Mic 1972 wrote: »
    I agree, I hate showing the AE how much I can afford and how high I can go with the bidding. Then again I did try to offer more that i could afford and the EA said nothing about it, which made me question the entire bidding process.

    Yeah we were the same, we would have been about 5k short of our final bid and said we will be getting a gift from family for the balance. They said nothing. Someone outbid us so it didn't matter but it made me think the term "proof" is loose enough, once you have in or around the amount.
    Sweet.Science wrote: »
    I never understand people bidding with money they don't have . What would be going through their head

    Yeah I agree, the main reason I can think of is they are hoping to be able to convince the bank to give an exemption or hoping they can get more money from family, but maybe it's often bitterness..


  • Options
    #250
    fago
    Registered Users Posts: 318 ✭✭fago


    KBH2020 wrote: »
    Yeah we were the same, we would have been about 5k short of our final bid and said we will be getting a gift from family for the balance. They said nothing. Someone outbid us so it didn't matter but it made me think the term "proof" is loose enough, once you have in or around the amount.
    ..

    I suppose if you're the winning bidder, you've spent 10k more than necessary because the under bidder was allowed to bid but didn't have proof of funds. That's the rub - bidding outside your budget just benefits the seller


  • Options
    #251
    KBH2020
    Registered Users Posts: 30 ✭KBH2020


    fago wrote: »
    I suppose if you're the winning bidder, you've spent 10k more than necessary because the under bidder was allowed to bid but didn't have proof of funds. That's the rub - bidding outside your budget just benefits the seller

    True, the estate agents are likely willing to turn a bit of a blind eye at this stage if they have 2 or 3 bidding parties right to the end as the odds are good that the party with the most funds (and proof) will win anyway.


  • Advertisement
  • Options
    #252
    aquinn
    Registered Users Posts: 2,968 ✭✭✭aquinn


    KBH2020 wrote: »
    What is it that the estate agents are actually looking for when they ask for proof?
    Is the redacted AIP ok when they ask for proof before viewings?

    I saw on the auctioneera website they have listed out what is accepted under their request for proof (to make a bid) https://www.auctioneera.ie/what-is-proof-of-funds-when-buying-property

    They are saying provide a cash balance,a bank statement/screenshot and AIP or a letter from bank/solicitor confirming you have the funds. It seems OTT to have to show anyone exactly how much money you have!!


    Our broker advised that if required they would send an email on our behalf stating we had sufficient funds without disclosing what amount was available.


  • Options
    #253
    RichardAnd
    Registered Users Posts: 3,629 ✭✭✭RichardAnd


    Sweet.Science wrote: »
    I never understand people bidding with money they don't have . What would be going through their head

    I can't understand how agents are allowed to accept bids from people who don't have the money for it.


  • Options
    #254
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    It's possible that this topic will be covered by RTE news this evening. Saw a reporter interviewing an EA outside a for sale house earlier. Wonder what the spin will be!


  • Options
    #255
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    RichardAnd wrote: »
    I can't understand how agents are allowed to accept bids from people who don't have the money for it.

    You see posts here every day saying they wont show estate agent how much they have

    And if forced to send AiP letter they will black out the amount


  • Options
    #256
    The Davestator
    Registered Users Posts: 3,400 ✭✭✭The Davestator


    random_banter wrote: »
    It's possible that this topic will be covered by RTE news this evening. Saw a reporter interviewing an EA outside a for sale house earlier. Wonder what the spin will be!

    Claire Byrne later.

    But that would involve watching Claire Byrne which I cant do.


  • Options
    #257
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    The Davestator wrote: »
    Claire Byrne later.

    But that would involve watching Claire Byrne which I cant do.

    Cheers. Now. To watch CB or not? :/


  • Options
    #258
    pooch90
    Registered Users Posts: 2,370 ✭✭✭pooch90


    I'll watch it but purely because Ciarán from Crazy House Prices is on it.


  • Options
    #259
    RichardAnd
    Registered Users Posts: 3,629 ✭✭✭RichardAnd


    Sweet.Science wrote: »
    You see posts here every day saying they wont show estate agent how much they have

    And if forced to send AiP letter they will black out the amount

    To me, this is bizarre behaviour. Why bother going to such trouble if one doesn't have the funds to back up a bid? It's like applying for a job you know you won't get.


  • Options
    #260
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    RichardAnd wrote: »
    To me, this is bizarre behaviour. Why bother going to such trouble if one doesn't have the funds to back up a bid? It's like applying for a job you know you won't get.


    I think it's the dynamic of bidding wars. People enter the bidding with an idea of how much they can afford, once that limit is passed they get bitter and add an extra offer or two just to inflate, knowing that they wont get the property anyway



    I just got a call today from an agency asking me if I want to increase my offer for a property that appears already sold on myhome. I pulled ot of that bidding months ago LOL


  • Options
    #261
    slystallone
    Registered Users Posts: 319 ✭✭slystallone


    Would rural estate agents tend to do viewings on Saturdays?


  • Advertisement
  • Options
    #262
    RichardAnd
    Registered Users Posts: 3,629 ✭✭✭RichardAnd


    Mic 1972 wrote: »
    I think it's the dynamic of bidding wars. People enter the bidding with an idea of how much they can afford, once that limit is passed they get bitter and add an extra offer or two just to inflate, knowing that they wont get the property anyway


    Eh, bitterness only comes back to bite later on. Successful people tend not to wallow. Besides, why bother giving the estate agent a higher commission!


  • Options
    #263
    itsusuallyjazz
    Registered Users Posts: 72 ✭✭itsusuallyjazz


    slystallone wrote: »
    Would rural estate agents tend to do viewings on Saturdays?

    Should do yeah


  • Options
    #264
    deise121
    Registered Users Posts: 130 ✭✭deise121


    anyone else surprised at the lack of houses up for sale on daft? i thought with viewings allowed again we'd see more houses pop up for sale


  • Options
    #265
    JohnK
    Registered Users Posts: 4,780 ✭✭✭JohnK


    deise121 wrote: »
    anyone else surprised at the lack of houses up for sale on daft? i thought with viewings allowed again we'd see more houses pop up for sale

    Same here but I'd imagine they're still dealing with the backlog of the last few weeks when there were few/no viewings. I did have a viewing this morning and the EA mentioned how things were crazy busy at the moment so I'd say the last thing they want is to be adding new properties for a while.


  • Options
    #266
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    deise121 wrote: »
    anyone else surprised at the lack of houses up for sale on daft? i thought with viewings allowed again we'd see more houses pop up for sale

    Might just be sellers holding on. The tide is raising everything. ...if I hold on another 6 months might get an extra 50k


  • Options
    #267
    Green Mile
    Registered Users Posts: 494 ✭✭Green Mile


    handlemaster wrote: »
    Might just be sellers holding on. The tide is raising everything. ...if I hold on another 6 months might get an extra 50k

    It’s relative. Sellers have to buy their next property to live in (in most cases). Doesn’t matter if they get €50k in 6 months, their next property will also be up by €50k


  • Options
    #268
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Green Mile wrote: »
    It’s relative. Sellers have to buy their next property to live in (in most cases). Doesn’t matter if they get €50k in 6 months, their next property will also be up by €50k

    Doesnt change the attitude. If prices are flying up as they are most would hold on.


Advertisement