Auctioneer Issues : Tall Stories

neilster

To set the scene we have identified the house that we want recently across the Shannon but have searched and walked away from rip-off prices set against a downward spiral of prices over the last 18 months

We didnt go through with one purchase when we had everything agreed as we thought we could get more for our money and now we have ...it is a 2700sq ft house on a 1.5 acre site and finished bar some tiling and a kitchen

It has according to internet prices been 380k down to 325k then to 280k and so on ...they are now at Offers excess 200k ...the owner bought farm put good house on best site as he was a tradesman himself , he then ran into the mess of the last 2 years .....he owes the price of house to bank so im told .....i want a discount on the 200k and in all probability wouldnt build house at that price really but when he pressed me on bid i said how would cash suit (he is a Subbie / Farmer etc) ..he came back and said he would take 10k and reduce 10k ...so 180 +10k cash ...said a large cash sum was shooting himself as bank still needs to see readies

When pushed further i said i feel im bidding myself here and then the old chestnut came out about UK Bidder who wanted .25 acre behind extra above the desinated site ...he has bidded the 200k but wanted extra land ...he said to take a pony but auctioneer suspected it was to get another house site ...

anyway i thought this story fishy just to pole me further on price or at best true but happened a year ago so resolved to wait til March 2011 and if still out there...i told him too rich for me at that money 200k ...with a wait the story would add up to nothing and i could proceed on a low bid safe in knowledge that i know and they know im only game in town...

due to a house sale and a lumpsum i have the whole price to dispose of in cash so closing and leverage can be quite quick

wondering is there any tactics that i could employ to hurry it on or is patience the key

JonJoeDali

neilster wrote: »

To set the scene we have identified the house that we want recently across the Shannon but have searched and walked away from rip-off prices set against a downward spiral of prices over the last 18 months

We didnt go through with one purchase when we had everything agreed as we thought we could get more for our money and now we have ...it is a 2700sq ft house on a 1.5 acre site and finished bar some tiling and a kitchen

It has according to internet prices been 380k down to 325k then to 280k and so on ...they are now at Offers excess 200k ...the owner bought farm put good house on best site as he was a tradesman himself , he then ran into the mess of the last 2 years .....he owes the price of house to bank so im told .....i want a discount on the 200k and in all probability wouldnt build house at that price really but when he pressed me on bid i said how would cash suit (he is a Subbie / Farmer etc) ..he came back and said he would take 10k and reduce 10k ...so 180 +10k cash ...said a large cash sum was shooting himself as bank still needs to see readies

When pushed further i said i feel im bidding myself here and then the old chestnut came out about UK Bidder who wanted .25 acre behind extra above the desinated site ...he has bidded the 200k but wanted extra land ...he said to take a pony but auctioneer suspected it was to get another house site ...

anyway i thought this story fishy just to pole me further on price or at best true but happened a year ago so resolved to wait til March 2011 and if still out there...i told him too rich for me at that money 200k ...with a wait the story would add up to nothing and i could proceed on a low bid safe in knowledge that i know and they know im only game in town...

due to a house sale and a lumpsum i have the whole price to dispose of in cash so closing and leverage can be quite quick

wondering is there any tactics that i could employ to hurry it on or is patience the key

You may get the price you want, but if you force his hand do you really want to live beside the guy?!

bath handle

want a discount on the 200k and in all probability wouldnt build house at that price really but when he pressed me on bid i said how would cash suit (he is a Subbie / Farmer etc) ..he came back and said he would take 10k and reduce 10k ...so 180

it is illegal to do that. It is a fraud on the revenue. The solicitors involved are supposed to report it.

ABajaninCork

it is illegal to do that. It is a fraud on the revenue. The solicitors involved are supposed to report it.

If the guy's daft enough to tell hs brief...:cool:

neilster

bath handle wrote: »

it is illegal to do that. It is a fraud on the revenue. The solicitors involved are supposed to report it.

What sort of planet are you on? , there are very few transactions on at present and all i would guess most would have a cash component .....there is such little mortgage finance that someone with a lower bid but cash based is a real bid ...not a ...we bid this ...then the bank says you are out of your tiny mind or we give you X minus €40,000

this is a real bid with accumulated profits or savings where tax was paid, solicitor will check title etc but the solicitor ISNT paying him I AM, the vendor is taking payment in that way cos it suits HIM...this is now my moment cos of cash's extra value in these times

Kosseegan

What you are saying you are going to do is put say €180K on the contract and pay the vendor €10k in cash. The solicitor doing the conveyance is supposed to certify that the contract is not linked to any other transaction or series of transactions. There is a fraud because stamp duty is reduced and possibly capital gains tax. Just because allegedly other people are doing it does not make it legal. Neither does abusing or insulting other posters.