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Putting an offer in

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  • 21-10-2013 6:50pm
    #1
    doctorwhogirl
    Registered Users Posts: 2,664 ✭✭✭


    This is all very theoretical, but I'd like to have myself ready for if and when the time comes with a house.

    I have read up the multiple threads on this topic but, obviously, lots of those threads are from years ago and the property market is a constantly changing organism!

    Anyway, I would love some guidance on how to go about this as I am a first time buyer and fairly clueless although I've been spending my evenings researching.

    Basically, the house is just on the market for 140,000. House prices in the estate/ general area are anywhere from 120,000 to about 145,000. This particularly house is very well maintained, ready to move in essentially and is coming with a lot of fixtures and fittings.

    In terms of an initial offer what's sensible? I'm mad about the place but wna to leave myself enough playing room if I'm outbid.

    Many thanks for any advice that can be offered.


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    #2
    wirelessdude01
    Registered Users Posts: 8,423 ✭✭✭wirelessdude01


    Check the ppr and see what similar houses in that area ACTUALLY sold for. That will give you an idea what the possible sale price should end up around.


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    #3
    kosa
    Registered Users Posts: 24 ✭kosa


    Hi doctorwhogirl,
    Start with 10 -15 percent below asking price and be prepared to give up when price is in region 135k. We are sale agreed now on a house which came on the market for 195. We bid up to 185 and were outbid. EA came back 2 weeks later and ask if our offer is still on the table. There are still plenty of houses on the market, don't fall in love with house.
    Good luck


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    If its in the greater Dublin area- I'd suggest offer asking- if its midlands- 20-25% below asking- Cork or Galway City perhaps 10% below asking.........

    The Dublin market (insofar as there is a market, period), has diverged from the rest of the country- however Cork and Galway are performing strongly also.


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    #5
    doctorwhogirl
    Registered Users Posts: 2,664 ✭✭✭doctorwhogirl


    Great advice lads.

    The houses in the area are selling for about 130-135 so I was thinking of going in with an initial of 130,000?


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    #6
    kosa
    Registered Users Posts: 24 ✭kosa


    What is your upper limit? I suggest to start with 10k below this to leave room for bidding.


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    #7
    doctorwhogirl
    Registered Users Posts: 2,664 ✭✭✭doctorwhogirl


    My upper limit is 150,000. Asking price 140,000. Good point, need to leave the space for a bidding war!


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    #8
    kosa
    Registered Users Posts: 24 ✭kosa


    Don't forget about solicitor fees, stamp duty, engineer check fees, furniture, new paint/decor etc.. I think 125 -130k is good start price, I understand it is not in Dublin area.


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    #9
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Don't presume there will be a bidding war- if its not in a high demand/low supply area- you could well be the sole bidder (if asking is at fair market price, rather than undercutting the market).


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    #10
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    If its in Dublin you will have to come in with a strong serious offer if you want to be taken seriously. Houses seem to all have lots of viewers now.


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    #11
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    handlemaster wrote: »
    If its in Dublin you will have to come in with a strong serious offer if you want to be taken seriously. Houses seem to all have lots of viewers now.

    Yes- I concur. I'd suggest offering asking. It really is a market in its own right- totally disengaged from the rest of the country.


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    #12
    doctorwhogirl
    Registered Users Posts: 2,664 ✭✭✭doctorwhogirl


    kosa wrote: »
    Don't forget about solicitor fees, stamp duty, engineer check fees, furniture, new paint/decor etc.. I think 125 -130k is good start price, I understand it is not in Dublin area.

    Thanks Kosa. I have 12% saved with a wee bit over to cover the above costs etc.... Yeah I may go slightly under 130k? How much does the inclusion of things like fridges etc... count?
    The_Conductor wrote: »
    Don't presume there will be a bidding war- if its not in a high demand/low supply area- you could well be the sole bidder (if asking is at fair market price, rather than undercutting the market).

    Fair point there alright. Yeah I think it's reasonably priced and the houses are selling more or less for asking prices around here. It's on the commuter belt? So relatively high demand...I think! (meath)
    handlemaster wrote: »
    If its in Dublin you will have to come in with a strong serious offer if you want to be taken seriously. Houses seem to all have lots of viewers now.

    Not in Dublin, thank God but as I said, commuter belt.

    Again, lads this advice is great! Going on my own so great to hear some suggestions!


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    #13
    kosa
    Registered Users Posts: 24 ✭kosa


    New fridge, washing machine, dishwasher cost from 200 each. We are sale agreed on house in commuter belt also. I don't think there is a high demand outside co.Dublin.


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    #14
    who_ru
    Registered Users Posts: 2,033 ✭✭✭who_ru


    The_Conductor wrote: »
    Yes- I concur. I'd suggest offering asking. It really is a market in its own right- totally disengaged from the rest of the country.
    it's been micro managed that way, NAMA, bust banks, etc.

    truth is supply has been killed, and particularly in the family home market.

    i don't want to start a whole debate about this, it's not relevant to the OP.

    i considered a bid recently for such a house in the greater dublin area.

    house was actually in very good nick, which is strange as most are kips with a BER rating of Z.

    within 2 weeks the highest bid was 17% above asking, you just knew a bidding war broke out and that's not something you want to get into.

    Do all your sums carefully OP - are you approved for a mortgage?


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    #15
    doctorwhogirl
    Registered Users Posts: 2,664 ✭✭✭doctorwhogirl


    Going in tomorrow officially but have spoken to them already during Summer and they saw no problem at all with my application in theory. They said I'll know in 24 hours.


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    #16
    kosa
    Registered Users Posts: 24 ✭kosa


    My advice: see as many houses as possible before you decide to buy. We've seen over 30 properties before decided that this is a house we want to buy.
    We changed our mind very often because one house was better interior but north facing garden, other had nice garden but close to main street, another one didn't have side entrance, next was too far from shops, etc.


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    #17
    doctorwhogirl
    Registered Users Posts: 2,664 ✭✭✭doctorwhogirl


    I've looked at a good few now, and the main selling point of this is that it's the house directly behind my homeplace in the estate I've grown up in, where I've always wanted to stay close to. For me, it's ideal (I know for others that sounds like a nightmare!) but I'm very close to my parents and always envisaged myself near them. They can see very little of the house but we share the wall at the end of the gardens...

    Very exciting but nervewracking stuff. Have been doing a lot of reading of online guides so I have an idea of what's coming but as stated in my OP it was the offer that was worrying me and how to play it so that I don't end up paying through the nose, but don't lose the house if it's right for me either.


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