How much should I bid

Someday

House A- Looking at a house and it is priced at 365K, 1400 sq ft

House down the road went for 373K last week and it is 2200 sq ft, no exterior or interior work to be completed and full mature gardens.

What is house A worth, I reckon 270K, when it is 800 sq ft less and there is some small work inside and out, mature gardens also though.

Sleepy

If you reckon it's worth 270, why not make an offer of 260 and see how it goes?

jon1981

I'm interested to see how this goes. Nearly every house we were interested in or bidding on went for over asking. And most of the time there was a cash buyer in the bidding.

Someday

Thanks, I will, just curious on peoples thoughts and experience.

Someday

jon1981 wrote: »

I'm interested to see how this goes. Nearly every house we were interested in or bidding on went for over asking. And most of the time there was a cash buyer in the bidding.

What locations? This is out in the sticks but still in Dublin

jon1981

We were looking in Killester, Artane and Raheny.

Out in sticks it may well be different. I'm seeing houses in Skerries/Rush on sale for up to 2 yrs. so I gathered there would be more negotiating room out there.

Someday

Yes Jon, it is north county Dublin.

caew

No room to neogiate in Rush/Skerries, that is the area we are looking to buy.

Made two offers on houses recently. One the vendors said they will not take below asking, zero neogiation. House has been for sale since March 2012.

The other they said if we offered x amount they would take it off the market. We offered that amount and then they decided they want 'more', no figure forthcoming. House up for sale since March 2013.

We have done our research in the area. We are looking to buy a house at 350k +, according to the property price register only two houses in Rush have sold over 300k in the past year. The majority of house sales are 150-250k. I think due to recent media reports vendors are getting greedy and hanging on hoping they get more money. But I don't think there are that many mortgages being approved for over 300k.

jon1981

Wow that is really surprising. Some houses I was looking at (mostly houses outside of estates) out in Skerries were up on sale for nearly 2 years, I never put a bid in because we chose to move closer to town but I would have assumed there was room to haggle. They are obviously in no rush to sell.

We also tried the playing hard ball approach and putting in a final generous offer take or leave it, each time we were beat by some other bidder. Very few are willing to walk away, as i said there previously there are also a lot of cash buyers out there that are willing to pay slightly over the asking. We saw an absolute shoebox in Raheny village that needed total gutting go for over 325k (cash).

caew

The most surprising thing is that there are no other offers or interested parties on either properties. I can understand in areas like Raheny on the Dart line and close to the city bidding wars occuring.

There was one house in Rush that sold recently, it was up for 350k and the agent told me it sold for 300k. So they are not going for asking price. Unfortunately it wasn't a house we were keen on.

The advice I would give, and bear in mind I haven't successfully purchased a property, is you have the facts and figures and use them to guide you. What the property price register is telling you the properties are going for is of far more value than what sellers think or hope they will get for the property. Go in with your bid of 260k and cite the property price register. I did that on a bid once, the agent told me I was wrong, the house has now dropped to below what I offered for it.