funny auctioneers

Dav010 · 08-10-2020 5:30pm

lalababa wrote: »

The quicker Donedeal takes over this sh**fest the better! No paying EA , no 350quid to Daft. And the quicker the land registry take over sales the better too.....is this in de pipeline...a streamlined selling process sans solicitor...or with land registry solicitors on a very reduced flat rate??

Is there anything stopping you from selling a house on donedeal now?

Mad_maxx · 08-10-2020 5:30pm

Dav010 wrote: »

The EA has told you that your bid will not be accepted and what you need to do to buy the house. I suggest make a higher offer that is acceptable or move on.

And do you subscribe to the ultimatum approach ?

I.e , " final offer or we walk " etc ?

Dav010 · 08-10-2020 5:34pm

Mad_maxx wrote: »

And do you subscribe to the ultimatum approach ?

I.e , " final offer or we walk " etc ?

Hey, if it is actually your final offer, why not?

silver2020 · 08-10-2020 6:05pm

reading the OP post again - I thing the 320k price is lowball and won't be considered. Maybe the OP is not experienced enough in how the sales process works. (I've bought and sold over a dozen times over the years and bought an investment at auction last Tuesday)

If previously sale agreed at 350k / 360k, they will be looking to be close to this. I suspect an eventual 345k price after some to-ing and fro-ing would be acceptable.
You can check what prices are being achieved in the general area on property price register - these are confirmed prices based on revenue stamp duty returns, so they can't be manipulated https://www.propertypriceregister.ie/

As for the previous sale falling through - that happened a lot this year as banks tightened up credit very quickly and did not proceed if one person on the mortgage was on a pandemic payment. They are loosening up a little now and again giving some exceptions (4 times earnings) which is seeing quite a few sales getting completed now and prices holding steady.

But 325k will not be accepted (I certainly wouldn't is I was asking 370k originally). I'd ask what would the vendor accept for a no chain no mortgage sale? - I suspect they will say 350k, - you increase to 335k. They'll stick at 350k. You'll move to 340k. They'll stick at 350 but will then come back and suggest a 345k price - you agree but that it includes contents.

silver2020 · 08-10-2020 6:07pm

Mad_maxx wrote: »

And do you subscribe to the ultimatum approach ?

I.e , " final offer or we walk " etc ?

Dav010 wrote: »

Hey, if it is actually your final offer, why not?

never works unless its a receiver, you have cash and you don't care whether you get the property or not unless you are close enough to the price they have set as the lowest price.

Also, if you come across as troublesome, it goes against you too.

Canyon86 · 08-10-2020 6:11pm

having a torrid time with an agent at the moment after going sale agreed on a property, allergic to the lot of them after this

Mad_maxx · 08-10-2020 8:05pm

silver2020 wrote: »

reading the OP post again - I thing the 320k price is lowball and won't be considered. Maybe the OP is not experienced enough in how the sales process works. (I've bought and sold over a dozen times over the years and bought an investment at auction last Tuesday)

If previously sale agreed at 350k / 360k, they will be looking to be close to this. I suspect an eventual 345k price after some to-ing and fro-ing would be acceptable.
You can check what prices are being achieved in the general area on property price register - these are confirmed prices based on revenue stamp duty returns, so they can't be manipulated https://www.propertypriceregister.ie/

As for the previous sale falling through - that happened a lot this year as banks tightened up credit very quickly and did not proceed if one person on the mortgage was on a pandemic payment. They are loosening up a little now and again giving some exceptions (4 times earnings) which is seeing quite a few sales getting completed now and prices holding steady.

But 325k will not be accepted (I certainly wouldn't is I was asking 370k originally). I'd ask what would the vendor accept for a no chain no mortgage sale? - I suspect they will say 350k, - you increase to 335k. They'll stick at 350k. You'll move to 340k. They'll stick at 350 but will then come back and suggest a 345k price - you agree but that it includes contents.

it wont be my mother whos buying as she simply cant stretch to that figure , regarding the property price register , not a single house in this parish has been sold for 370 k since 2010 , granted its more difficult to make comparisons outside urban areas

she is also considering moving to dublin , believe it or not , where she has in mind in dublin , houses can still be bought for that kind of money

Mad_maxx · 08-10-2020 8:08pm

silver2020 wrote: »

never works unless its a receiver, you have cash and you don't care whether you get the property or not unless you are close enough to the price they have set as the lowest price.

Also, if you come across as troublesome, it goes against you too.

yes , well not agreeing to the asking price is i suppose " troublesome " in the eyes of some , no one ever said it was a non contact sport , estate agents are rarely the precious kind

Mad_maxx · 15-10-2020 11:22pm

unfortunately the agent got a bid of 370 k today so thats it gone , all that remains is for conformation that finance is forthcoming on monday

i offered to help out myself but could only stretch to 350 k and not like 350 k cash is as good as 370k through a bank , a bid of 330 k was submitted three days ago by my mother herself directily but a new party emerged today and bid after one viewing , dublin buyers ( obviously see value )

bidder blew my mothers bid out of the water by 40 k so obviously meant business

best of luck to them , think its extremely expensive for the part of the country its in but each to their own

interesting that not a single bid was on the property since march , good sign for the market

vintagecosmos · 16-10-2020 7:11am

It's not sold til it's sold. Going by the news a lot of people on the temporary wage subsidy scheme so their mortgage approval when push comes to shove won't hold up. I don't think your bud was too low ball. It was just over 10% off asking and cash too. Best if luck.

Dav010 · 16-10-2020 7:27am

It appears the EA got the valuation spot on, or is very good at bending people to their will to bid the asking price.

cute geoge · 16-10-2020 7:52am

I would say house prices will not drop much if at all in the current climate.My reason being is there is no over supply of houses for sale .There is a fair amount of cash looking for a reasonable return on investment which is not available in deposit accounts .I am interested in a s/d in a local town for investment .It is up at 135k and will return 750/800 a month ,it is for sale by retired person down sizing .I have an incline the seller might jump at a cash sale ,the house next door sold for 130k at start of year .This house was itself bought for 122k at start of 2018 .What would be the best bid on this for a quick sale ,no bids in yet and i want it as cheap as possible

ted1 · 16-10-2020 8:09am

Mad_maxx wrote: »

offering 5K extra for contents is often an indirect way of placing a higher bid without shooting your credibility to pieces

No it’s not. It’s also a form of tax evasion and frowned upon.
Avoids paying full stamp duty by buyer and capital gains by seller

It destroys your credibility

ted1 · 16-10-2020 8:12am

Mad_maxx wrote: »

if you up a bid without having any reason to do so ( no competing bid ) , you show a willingness to be reeled in , by placing a higher than necessary bid on the contents , you avoid outbidding yourself

clear ?

You need to up the bid, because the owners will not sell it for the price offered.

Mad_maxx · 16-10-2020 8:16am

Dav010 wrote: »

It appears the EA got the valuation spot on, or is very good at bending people to their will to bid the asking price.

Yeah maybe, it's a very fine house but expensive for the location

Each individual can only go so far, well done to the winners

Dav010 · 16-10-2020 8:51am

Mad_maxx wrote: »

Yeah maybe, it's a very fine house but expensive for the location

Each individual can only go so far, well done to the winners

Assuming the sale completes, the house sold for asking price, no maybe about the EAs valuation.

brisan · 16-10-2020 9:30am

Mad_maxx wrote: »

unfortunately the agent got a bid of 370 k today so thats it gone , all that remains is for conformation that finance is forthcoming on monday

i offered to help out myself but could only stretch to 350 k and not like 350 k cash is as good as 370k through a bank , a bid of 330 k was submitted three days ago by my mother herself directily but a new party emerged today and bid after one viewing , dublin buyers ( obviously see value )

bidder blew my mothers bid out of the water by 40 k so obviously meant business

best of luck to them , think its extremely expensive for the part of the country its in but each to their own

interesting that not a single bid was on the property since march , good sign for the market

All depends on weather you believe the EA about the new bidders

Dav010 · 16-10-2020 9:51am

brisan wrote: »

All depends on weather you believe the EA about the new bidders

I’m struggling to see the benefit to the EA of lying to the op, it seems obvious to us, and no doubt the EA, that the op is not going to meet the AP. Brisan, when you hear hooves, think horses, not zebras.

Mad_maxx · 16-10-2020 9:55am

Dav010 wrote: »

Assuming the sale completes, the house sold for asking price, no maybe about the EAs valuation.

i love people who like to put too fine a point on things

well done to the top bidder again

Mad_maxx · 16-10-2020 9:57am

brisan wrote: »

All depends on weather you believe the EA about the new bidders

i dont think that is the case for one second ( that the EA invented a bid )

if it doesnt work out , im willing to pitch in myself and bring the cash bid to 350 k , thats extremely unlikely to be the case however so a case of looking for another house

my mother already has a house in Dublin 9 anyway ( Beaumont ) which one of her daughters lives in , she might just buy another house close to this or perhaps another one will come on the market where she recently sold

vintagecosmos · 16-10-2020 12:50pm

Not to be too scenical, well ok I will be. A buddy of mine last year put in a low ball offer. I think around 400 for something that was prices at 485k or there abouts. Estate agent said no way he already had 2 offers at 450K. So that was the end of it for my bud.

Then 3 weeks later EA calls and asks if the offer of 400 was firm...

Im sure this is a rare occasion, but just pointing out, that stranger things have happened. So you never know....

silver2020 · 18-10-2020 5:05pm

vintagecosmos wrote: »

Not to be too scenical, well ok I will be. A buddy of mine last year put in a low ball offer. I think around 400 for something that was prices at 485k or there abouts. Estate agent said no way he already had 2 offers at 450K. So that was the end of it for my bud.

Then 3 weeks later EA calls and asks if the offer of 400 was firm...

Im sure this is a rare occasion, but just pointing out, that stranger things have happened. So you never know....

I'd be very sceptical of believing stories like these. Many people including friends and even family like to regale others on some bargain, or how they won something.

Very rarely is it true and any decent agent would have reduced the price online first to see if there were takers.

The only exception is a receiver sale and the receiver wanting a quick cash sale because there are issues with title. But they normally go to auction

So I'd be very sceptical of what your buddy is saying - you can check how truthful he was by checking property price register

vintagecosmos · 18-10-2020 10:06pm

silver2020 wrote: »

I'd be very sceptical of believing stories like these. Many people including friends and even family like to regale others on some bargain, or how they won something.

Very rarely is it true and any decent agent would have reduced the price online first to see if there were takers.

The only exception is a receiver sale and the receiver wanting a quick cash sale because there are issues with title. But they normally go to auction

So I'd be very sceptical of what your buddy is saying - you can check how truthful he was by checking property price register

I can confirm its true. He said no in the end. House sold for less than asking after a while more.on the market. I know what you are saying though. Another buddy said they got a place for nothing as they were so savvy with negotiation. Turns out they didn't know about the PPR and just made a tit of themselves

Mad_maxx · 24-10-2020 10:27am

so my mother ended up the winning bid on the house

365 k including contents

the 370 k bidders needed another three weeks to provide mortgage approval , vendor asked if my mother would pay 365k and we said Yes if contents were included

one of my sisters decided to chip in as well so a good conclusion as while other houses available , none so convenient in so many different ways for a person over seventy

Claw Hammer · 24-10-2020 1:42pm

Mad_maxx wrote: »

s

the 370 k bidders needed another three weeks to provide mortgage approval ,

How do you know that?

vintagecosmos · 24-10-2020 2:48pm

Mad_maxx wrote: »

so my mother ended up the winning bid on the house

365 k including contents

the 370 k bidders needed another three weeks to provide mortgage approval , vendor asked if my mother would pay 365k and we said Yes if contents were included

one of my sisters decided to chip in as well so a good conclusion as while other houses available , none so convenient in so many different ways for a person over seventy

Fair play. All the best ðŸ‘

Mad_maxx · 24-10-2020 4:22pm

Claw Hammer wrote: »

How do you know that?

thats what EA said

Mad_maxx · 25-10-2020 4:29pm

had a surveyor carry out an inspection on the house which my mother is trying to buy yesterday

a few breaches which are relatively easy to put right but one which is not

the floor to ceiling heights upstairs are only 2350 mm where as the minimum height to meet regulations is 2400 mm

my mother is a cash buyer so not an issue , however , if a buyer were a mortgage purchaser , would a breach like this prevent mortgage approval by a lender ?

its about future resale considerations

whatever76 · 26-10-2020 7:25pm

Mad_maxx wrote: »

had a surveyor carry out an inspection on the house which my mother is trying to buy yesterday

a few breaches which are relatively easy to put right but one which is not

the floor to ceiling heights upstairs are only 2350 mm where as the minimum height to meet regulations is 2400 mm

my mother is a cash buyer so not an issue , however , if a buyer were a mortgage purchaser , would a breach like this prevent mortgage approval by a lender ?

its about future resale considerations

Yep - Id think about this one carefully. I backed away from a house last year with same issue of compliance - Engineer would not have signed off ; and as you say further down line if you ever wanted to sell again - same issue would pop again .

Claw Hammer · 27-10-2020 1:13pm

Mad_maxx wrote: »

thats what EA said

The "funny EA" who got you up from €325k to €365k?

funny auctioneers

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