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Bidding on a house new to market

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  • 01-03-2013 4:25pm
    #1
    Ando's Saggy Bottom
    Closed Accounts Posts: 1,628 ✭✭✭


    House new to market two weeks ago - does it appear over eager to bid straight away or would it be better to play it cool for a while?


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    #2
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Pete Campbell wrote: »
    House new to market two weeks ago - does it appear over eager to bid straight away or would it be better to play it cool for a while?

    It could go sale agreed next week.
    Is it in a good area where demand is high?
    Is it overpriced? Check out the property price register and see what similar houses sold for.
    Do you really want it.

    You could put in a lowball offer and see where it goes. If you want to bid on it you have to start somewhere. A lowball offer is more likely to be accepted if there is no viewing for a while etc. or no bids. It's all about haggling, similar to buying a second hand car


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    #3
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    Pete Campbell wrote: »
    House new to market two weeks ago - does it appear over eager to bid straight away or would it be better to play it cool for a while?


    Very vague post, have you seen it? is it below current market prices? if so, is there a defect or potential structural problem with the house? lots of questions that you would need to ask yourself.

    If you want the house despite the above its important to declare your interest in it early on without necessarily bidding on it. Any auctioneer worth his salt will keep you up to date with developments with a view to you potentially making a move on the property in the future.

    Declare interest & see what happens from there, even if there is sale agreed on the property, nothing is really agreed until the contracts have been signed.


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    #4
    Ando's Saggy Bottom
    Closed Accounts Posts: 1,628 ✭✭✭Ando's Saggy Bottom


    AfterHrsProp wrote: »


    Very vague post, have you seen it? is it below current market prices? if so, is there a defect or potential structural problem with the house? lots of questions that you would need to ask yourself.

    If you want the house despite the above its important to declare your interest in it early on without necessarily bidding on it. Any auctioneer worth his salt will keep you up to date with developments with a view to you potentially making a move on the property in the future.

    Declare interest & see what happens from there, even if there is sale agreed on the property, nothing is really agreed until the contracts have been signed.
    Yes I've seen it and its in an area I know well. It ticks all through boxes for what I want. I actually think the asking price is extremely fair, if anything it might be underpriced compared to two other houses that recently sold in the same area which were nowhere near as well kept and extended etc.


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    #5
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    Pete Campbell wrote: »
    Yes I've seen it and its in an area I know well. It ticks all through boxes for what I want. I actually think the asking price is extremely fair, if anything it might be underpriced compared to two other houses that recently sold in the same area which were nowhere near as well kept and extended etc.

    Sounds good, still though, there's nothing wrong with telling the auctioneer to keep you up to date with any developments without actually bidding on it. If its still available in a few weeks you could put in a relatively low offer & see how its received.


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    #6
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Pete Campbell wrote: »
    Yes I've seen it and its in an area I know well. It ticks all through boxes for what I want. I actually think the asking price is extremely fair, if anything it might be underpriced compared to two other houses that recently sold in the same area which were nowhere near as well kept and extended etc.
    I would put in a bid then. Why wouldn't you?


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    #7
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    StillWaters wrote: »
    I would put in a bid then. Why wouldn't you?

    Because if the agent who is in charge of selling this property has any sense at all, he'll let anyone who saw the property or anyone who expressed an interest in buying the property know that a bid has been made. This may have a number of different effects.

    Firstly the owner of the property will be encouraged by a bid being made so soon so its unlikely they'll accept an offer that quickly unless they are in a rush to sell the property.

    Secondly, it will alert everyone who may be interested in the property & may start off a bidding war.

    Thirdly, it will show that you are very keen & that is never a good idea when attempting to purchase something.


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    #8
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    say you think house, is worth 100, put in bid for 80k.
    Declare your interest,it,s unlikely you,ll start a bidding war,
    the boom is over, its hard for people to get mortgage approval.
    i think most houses ,might get 2 or 3 bids by potential buyers.
    Maybe wait a week ,or two before you bid on it.
    The bid is just the start of a process.
    Look at price register to check prices in the area.
    say 11 people view a house, 2 or 3 might put in a bid on it.T may just want to move on, The seller buy a smaller house ,or move to the country.


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    #9
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    riclad wrote: »
    say you think house, is worth 100, put in bid for 80k.
    Declare your interest,it,s unlikely you,ll start a bidding war,
    the boom is over, its hard for people to get mortgage approval.
    i think most houses ,might get 2 or 3 bids by potential buyers.
    Maybe wait a week ,or two before you bid on it.
    The bid is just the start of a process.
    Look at price register to check prices in the area.
    say 11 people view a house, 2 or 3 might put in a bid on it.

    Really depends on the house, if the house is as the op describes, you can be sure their will be strong interest. The market may be in a bad state but there is still alot of people with money out there prepared to invest if a property meets all their requirements.


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    #10
    Galego
    Registered Users Posts: 1,237 ✭✭✭Galego


    AfterHrsProp wrote: »
    Really depends on the house, if the house is as the op describes, you can be sure their will be strong interest. The market may be in a bad state but there is still alot of people with money out there prepared to invest if a property meets all their requirements.

    I agree. The market is a bit weird at the moment. Hardly no decent properties available for sale. Where I lived, I went to view 3 and thought they were real ****holes. The EA told me for each that there were offers and that the sellers were willing to accept them. I told the EA to keep me posted. I really thought it was the usual EA bull**** but to my surprise they were sale agree in less than 2 months since out in the market. I was never called by the EA to see if I wanted to outbid those buyers.


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    #11
    Ando's Saggy Bottom
    Closed Accounts Posts: 1,628 ✭✭✭Ando's Saggy Bottom


    This thing is moving fast! At open viewing on Sat the EA said there was a bid of 265k. Today they phoned around to say the bidding was at 290k. Asking price is 300k.

    Hard to believe if these bids are legitimately tbh but no way of knowing for sure. Considering a bid of 291k. What ye think?


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    #12
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Pete Campbell wrote: »
    This thing is moving fast! At open viewing on Sat the EA said there was a bid of 265k. Today they phoned around to say the bidding was at 290k. Asking price is 300k.

    Hard to believe if these bids are legitimately tbh but no way of knowing for sure. Considering a bid of 291k. What ye think?

    Are you happy bidding 291k?
    Can you afford 291k?
    Is it worth that much? Just because some other bidder thinks it is, doesn't mean that it is.
    Can you get somewhere better in the area for 291k?
    Without seeing the place I can't tell you what I think it's worth.
    But ask yourself those questions and if its yes to the first 3 and no to the 4th then is go for it if you really want it. Just try not to get stuck in a price war eBay style.


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    #13
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    Sounds like you are getting into a bidding war to be honest. Bidding €291k is pointless as the people on €290k are not going to exit the process over a small €1k- they'll likely fire back with €295k or even €300k if they want to blow you out of the water.

    OP without knowing the area where this house is or anything about it then it is really difficult to give advice here. Like if you are looking at a house in Cavan and the EA is saying the bids are gone from €265k to €290k in a matter of days then I'd say he is pulling your leg. In other areas I mightn't be so quick to say the same though.

    More info needed, otherwise any advice is futile


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    #14
    Galego
    Registered Users Posts: 1,237 ✭✭✭Galego


    Check the PPR and see what other houses have gone for in the last 12 months. If more than 300k then the EA is not bull**ting you about those bids.


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    #15
    Rhys Essien
    Registered Users Posts: 3,029 ✭✭✭Rhys Essien


    Pete Campbell wrote: »
    This thing is moving fast! At open viewing on Sat the EA said there was a bid of 265k. Today they phoned around to say the bidding was at 290k. Asking price is 300k.

    Hard to believe if these bids are legitimately tbh but no way of knowing for sure. Considering a bid of 291k. What ye think?

    What idiots upped an offer from 265k to 290k.The country must not be fcuked just yet.


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    #16
    EricPraline
    Registered Users Posts: 486 ✭✭EricPraline


    Rhys Essien wrote: »
    What idiots upped an offer from 265k to 290k.The country must not be fcuked just yet.
    Somebody who assumes the property is going to sell for >= 290k (based on the PPR or otherwise) and wants to put off any other potential bidders? Not an unusual tactic.


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    #17
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    OP, it sounds like the EA is doing a very good job of drumming up interest in the property. I would be very weary of getting into a bidding war. Here are some things you could consider doing

    1) Check the Property price register & see if this property represents value for money at that price taking into consideration things like extensions, detached properties, car parking spaces, etc.

    2) See if its possible to contact the owner directly, the EA may be playing games or being untruthful unbeknownst to him/her.

    3) Sit back & see if any of these bids actually become sale agreed. None of these bidder's may have mortgage approval(thats if they exist in the first place). Also just because a sale is agreed on a property it doesnt mean you can't bid for it. Nothing is really agreed until contracts have been signed by both parties.

    Try & be cool & calm. Hope this helps.


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