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How much to bid?

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  • 11-01-2006 12:03pm
    #1
    SparkyLarks
    Registered Users Posts: 363 ✭✭


    Just a question.
    I'm looking at an apartment, it's agreat location and the guide price is ok.

    there are no offers yet, so how much should I bid.
    guide is 260000 and I was thinking 240000.
    I don't want to start at 260,000 and then push the bidding up to 280000 or more.

    any ideas?


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    #2
    dunkamania
    Closed Accounts Posts: 1,803 ✭✭✭dunkamania


    I was in a similar situation last year,Guide price was 265,000+

    I offered 255,000 ex furniture,which was immediately rejected,as I was expecting.I then offered 260,000 which was also rejected.I waited a week (longest week of my life)before I put in a bid for 263,000 which clinched it.
    I dunno if I would do the same again,it wasnt worth the risk of someone else bidding on it in the meantime,I was worried if I started at 265,000 I would be forced up to 270,000+.At the time I was fairly confident no one else would bid on it,but now I am not so sure I played it right.

    Let me know how it goes.


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    #3
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    Consider how much the current owner paid. If they bought several years ago they will have plenty of gain over the years. If the bought in the last few years, they will psychologically refuse to accpet anything less than they paid.

    Yes, do bid under the asking price. Too many first bidders are going in at €317,000 (stamp duty limit) only for it to be bid higher. The is an absense of sense among many bidders, ignorant of the fact that they are not in a supermarket and that t he price isn't fixed / can only go up.


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    #4
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    Guide prices are based on different factors depending on property, agent, location , stamp duty limits etc...
    Most agents in Dublin have guide prices below the expected price with the exception of new developments. No idea where you are looking but the guide price is normally 10-20% BELOW expected prices especially first time buyer property near the stamp duty limit. Research the agent to find out what their asking prices mean they may tell you over the phone.


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    #5
    copacetic
    Subscribers Posts: 16,586 ✭✭✭✭copacetic


    as above depending on location I never saw any place I looked at go for the asking/guide price, they always went for at least 10% more...

    offer as low as you want, you can always offer more later. or you could talk to the agent and ask straight out how negotiable the price is, take what they say with a big pinch of salt but it's all info..


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    #6
    Beruthiel
    Moderators, Social & Fun Moderators Posts: 42,362 Mod ✭✭✭✭Beruthiel


    daveym wrote:
    as above depending on location I never saw any place I looked at go for the asking/guide price, they always went for at least 10% more.....

    agreed
    one house I started bidding on last summer, asking price 265k - eventually sold @ 287k - there is no chance these days of thinking you're going to get 40k off the asking price Sparky, in fact, if it's in a great location, it's going to sell for more than the asking price.


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    #7
    SparkyLarks
    Registered Users Posts: 363 ✭✭SparkyLarks


    Beruthiel wrote:
    agreed
    one house I started bidding on last summer, asking price 265k - eventually sold @ 287k - there is no chance these days of thinking you're going to get 40k off the asking price Sparky, in fact, if it's in a great location, it's going to sell for more than the asking price.

    I know that, it's just if every everyone starts bidding at the asking price then then chances are prices will end up higher then if people bid below them.

    I don't want to be the first bidder in and bid the asking price


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    #8
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    SparkyLarks wrote:
    guide is 260000 and I was thinking 240000.

    Then bid that much. Even if the guides are all generally too low, the worst that can happen is that you're told to feck off, whereupon you can always go back with a better offer.

    Just put your worst foot forward first anyway, even if it ends up that you pay the guide price or more at least you will know you tested the price and did your best. If you go in with the guide, and it's accepted, you'll always wonder whether yuo could have shaved of a few grand...


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    #9
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    and don't look overeager , that will cost you an extra 10k on the spot :p

    never make an offer in the estate agents office, ring em later with an offer .

    never ring em back (unless you have agreed to in the previous call) , let them ring you back

    etc


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    #10
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    SparkyLarks wrote:
    I know that, it's just if every everyone starts bidding at the asking price then then chances are prices will end up higher then if people bid below them.

    I don't want to be the first bidder in and bid the asking price

    Not really, the demand will determine the price one way or the other. 20k below asking price maybe seen as an insult and real estate agents do take offense and do act on it. I am not a real estate agent incase you think but I have annoyed a few in my time. If you are not considered a legitimate bidder you will be ignored .

    Keep looking and don't pin your hopes on the property. That in itself will make you less egar.


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