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What would you do?

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  • 10-03-2009 7:29pm
    #1
    irishguy
    Registered Users Posts: 3,299 ✭✭✭


    What would people think about this? I viewed a house in a very nice location in south dublin, which was on the market for 560 about 3 weeks ago. They told me there was an offer in a 450, but it was too low. Now there are 2 other places on in the same street for 595 and 795 (the estate agent even agrees that this is too high). They are all pretty much identical (the cheaper two are executors sales). Now we put in an offer of 455 on the house we viewed, with a deadline of 10 days said we were first time buyers ect and put the pressure on a bit. We were told the other people were going to view again an get a build to have a look at it (theirs a bit of work to be done). Then apparently they didnt want to increase there offer ,as they 'didnt want to get into a bidding war'. Now the estate agent has come back to me saying the owners have accepted my bid, they didnt even try to bargain. Now we are thinking if there was another bid and if we are paying over the odds for the place.

    So after all that what do people think??

    Also if we went sale agreed. How long before we have to spend money i.e. pay a solicitor/surveyor to do work? Or is it up to the vendors solicitor to start doing work first?


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    #2
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    There was never another bid. That's a tactic EAs use on every sale.

    Considering how screwed our economy is, and how ridiculously overpriced houses are, I would personally back out of the sale.

    Every month you put off buying you are saving yourself thousands.


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    #3
    catch88
    Closed Accounts Posts: 130 ✭✭catch88


    Couldnt you just gazunder? (reduces bid for the property before the transaction has been signed and finalized.)

    Go in with 10-20% below your original offer!


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    #4
    irishguy
    Registered Users Posts: 3,299 ✭✭✭irishguy


    AARRRGH wrote: »
    There was never another bid. That's a tactic EAs use on every sale.

    Considering how screwed our economy is, and how ridiculously overpriced houses are, I would personally back out of the sale.

    Every month you put off buying you are saving yourself thousands.

    Ya I was thinking along the same line, but If you get a house at the right price now sure you might as well go for it. I was thinking that the other bidder didnt exist, but if i called there bluff and bid say 400 then we could loose the house. Its hard to know really. I am going to put in an offer on the other houses and see what they say.


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    #5
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    Do you really think 400k is the "right price" for a house in Dublin? It might be today, but it won't be in 6 months, nevermind 6 years!


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    #6
    banshee_bones
    Closed Accounts Posts: 13,160 ✭✭✭✭banshee_bones


    AARRRGH wrote: »
    Do you really think 400k is the "right price" for a house in Dublin? It might be today, but it won't be in 6 months, nevermind 6 years!

    I would have to agree here, if you can afford to put off buying for at least another 6 months i would ...


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    #7
    Cicero
    Closed Accounts Posts: 14,144 ✭✭✭✭Cicero


    There is every opportunity for you to walk away from this deal.....as a first time buyer, this 'experience' is obviously all new to you..and to make matters worse, you're experiencing this in an uncertain market...try and determine what made you decide your bid was what the house is worth

    ....even if you move away from this deal, you will still need to become aware of your decision making process for buying a house....you are in an excellent buying position- as a FTB, you have no house to sell, so there's no chain that can fall apart on your side...use that to your advantage... there may well have been another bidder, (and there also may not have been)but certainty of sale is worth a certain amount to the people selling this house-- if you like it, spend the money and get it surveyed...if its not for you, or if additional problems with the house are discovered, either re-negotiate or walk away....best of luck...remember, EVERYONE wants your money...so make them work for it.


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    #8
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    irishguy wrote: »
    What would people think about this? I viewed a house in a very nice location in south dublin, which was on the market for 560 about 3 weeks ago. They told me there was an offer in a 450, but it was too low. Now there are 2 other places on in the same street for 595 and 795 (the estate agent even agrees that this is too high). They are all pretty much identical (the cheaper two are executors sales). Now we put in an offer of 455 on the house we viewed, with a deadline of 10 days said we were first time buyers ect and put the pressure on a bit. We were told the other people were going to view again an get a build to have a look at it (theirs a bit of work to be done). Then apparently they didnt want to increase there offer ,as they 'didnt want to get into a bidding war'. Now the estate agent has come back to me saying the owners have accepted my bid, they didnt even try to bargain. Now we are thinking if there was another bid and if we are paying over the odds for the place.

    So after all that what do people think??

    Also if we went sale agreed. How long before we have to spend money i.e. pay a solicitor/surveyor to do work? Or is it up to the vendors solicitor to start doing work first?

    DON'T BUY!

    VISIT THESE FIRST:

    www.thepropertypin.com

    www.treesdontgrowtothesky.com

    www.irishpropertywatch.com

    www.irishhometruths.com

    www.property-vultures.com


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