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Bidding on a house

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    #32
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    conjon wrote: »
    We had some similiar issues while bidding on a house recently. We put in a final offer on a Friday and had requested final confirmation on the Monday. I had my dad call then to express and interest in the house. He was told that it had pretty much gone sale agreed to someone whom was selling their own (ie us). Come Monday, we got a call that evening to state that the sellers had accepted 1k more over the weekend (which the EA never told us) and that the seller had accepted this offer from a first time buyer as there was less risk involved.

    The carry on of some EAs is poor (and thats being polite). The whole thing left such a sour taste in our mouths, that we said fug it, pulled out of the sale of ours and have decided to renovate.

    My heart goes out to folks bidding on houses right now.


    less risk for a first time buyer ? odd thing to say. do they mean that first time buyer has bigger chance of getting a mortgage ?

    Should i pretend so that im a first time buyer ?


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    #33
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    conjon wrote: »
    The whole thing left such a sour taste in our mouths, that we said fug it, pulled out of the sale of ours and have decided to renovate.

    That is basically where we are at now. We have decided that we are done with the whole thing and are going to pull out of the sale of ours. We are not going to any of the viewings we planned over the weekend, we are done. I feel dreadful thinking about the buyer of ours and they will be in turn be really fed up with the process as they thought they have found the house they want. And so it goes on. Not sure who wins in the property market here. Given the prices very ordinary houses are going for surely people are taking out very high mortgages, I can see it all ending in tears.


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    #34
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    homeOwner wrote: »
    That is basically where we are at now. We have decided that we are done with the whole thing and are going to pull out of the sale of ours. We are not going to any of the viewings we planned over the weekend, we are done. I feel dreadful thinking about the buyer of ours and they will be in turn be really fed up with the process as they thought they have found the house they want. And so it goes on. Not sure who wins in the property market here. Given the prices very ordinary houses are going for surely people are taking out very high mortgages, I can see it all ending in tears.

    How do you mean ? i wouldnt think that houses are going for big money out side of the major urban centres ?


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    #35
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    mickman wrote: »
    How do you mean ? i wouldnt think that houses are going for big money out side of the major urban centres ?

    We have been looking in wicklow. Its big money to us. Maybe not for Dublin market. We foolishly set our expectations in and around asking prices, but houses are selling far above asking prices for the houses we have been looking at.


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    #36
    GavMan
    Registered Users Posts: 1,919 ✭✭✭GavMan


    mickman wrote: »
    less risk for a first time buyer ? odd thing to say. do they mean that first time buyer has bigger chance of getting a mortgage ?

    Should i pretend so that im a first time buyer ?

    The FTB's will (should) have their mortgage in place. The OP is relying on his house to sell to finance the new purchase


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    #37
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    homeOwner wrote: »
    We have been looking in wicklow. Its big money to us. Maybe not for Dublin market. We foolishly set our expectations in and around asking prices, but houses are selling far above asking prices for the houses we have been looking at.

    Interesting. Any house i have been looking at has sold for less than asking price - Cork area


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    #38
    Ihatecuddles
    Closed Accounts Posts: 4,986 ✭✭✭Ihatecuddles


    homeOwner wrote: »
    We have been looking in wicklow. Its big money to us. Maybe not for Dublin market. We foolishly set our expectations in and around asking prices, but houses are selling far above asking prices for the houses we have been looking at.

    Just bought in Wicklow, paid 13,000 over the AP. The one next door was at 30,000 over AP when we bid on it.


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    #39
    crackcrack30
    Registered Users Posts: 1,160 ✭✭✭crackcrack30


    Prices pretty flat in Midwest, shortage of family homes in the nice areas but still great value to be got when asking price is realistic.... we have long memories down here... & nobody jumping in head first...


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    #40
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    Looked at house , very impressive . House is 6 yrs old , never lived in. Owner built two houses , his sister lives in one next door and he is selling the one we are interested in

    EA says that the original bidder isn't tied to area and when offer was knocked back then they didn't go further

    Not sure what to do . EA says owner won't sell under asking , is he telling porkies


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    #41
    miss misty
    Registered Users Posts: 86 ✭✭miss misty


    Hi, just a question somebody may be able to answer... is there not a limit ro the number of times that an EA can have people bidding against each other, and then it has to go tender ?


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    #42
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    mauzo! wrote: »
    Just bought in Wicklow, paid 13,000 over the AP. The one next door was at 30,000 over AP when we bid on it.
    AP was too low, what was the final price?


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    #43
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    miss misty wrote: »
    Hi, just a question somebody may be able to answer... is there not a limit ro the number of times that an EA can have people bidding against each other, and then it has to go tender ?

    No, the Estate Agent is employed by the vendor, Ethically he is obligated to get the vendor the best possible price.

    If it takes 1 month to get an extra 3k out of a buyer, that's a good thing for the vendor..


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    #44
    Ihatecuddles
    Closed Accounts Posts: 4,986 ✭✭✭Ihatecuddles


    ted1 wrote: »
    AP was too low, what was the final price?

    The house next door is back up for sale. Don't know why!


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    #45
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Wicklow seems to be quite expensive to buy.

    Housing market (both rental and selling) gone a bit chaotic,

    I think theres a lot of nasty underhand stuff been done by EA even more so now than before,especially in regards to bank owned properties.


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    #46
    conjon
    Registered Users Posts: 457 ✭✭conjon


    mickman wrote: »
    less risk for a first time buyer ? odd thing to say. do they mean that first time buyer has bigger chance of getting a mortgage ?

    Should i pretend so that im a first time buyer ?


    Sorry about the late response on this Mick. Kids and football took over last night.
    Yes, that's correct, there was less risk to the sellers as our purchase/bid on the house was dependent on the sale of our own. I've no doubts this was on the EA advice.

    I don't want to say too much, but the history on our own sale is that we played the estate agents off one another to get the best rate. We genuinely believe that this went against us, as the EA whom went to 1% was matched by the EA we went with (we got a better feel from him). We believe that this was held against us on the one we were trying to buy as that EA was acting for the seller.


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    #47
    conjon
    Registered Users Posts: 457 ✭✭conjon


    homeOwner wrote: »
    That is basically where we are at now. We have decided that we are done with the whole thing and are going to pull out of the sale of ours. We are not going to any of the viewings we planned over the weekend, we are done. I feel dreadful thinking about the buyer of ours and they will be in turn be really fed up with the process as they thought they have found the house they want. And so it goes on. Not sure who wins in the property market here. Given the prices very ordinary houses are going for surely people are taking out very high mortgages, I can see it all ending in tears.

    Completly agreed. We found the whole process to be a bigger stress that when the twins arrived, from having to get your own ready for viewings (which is tough with 17 month olds) to looking at houses and saying to ourselves that they weren't a patch on what we had. From my fairly limited experiences over the last couple of months, there are plenty of cash buyers on the markets, and there are plenty of young first time buyers with mortgage approval. From what I saw at viewings, it looks like the young first time buyers are being backed up by their folks.

    I honestly wouldn't stress too much about the buyers on your own. There is nothing you can do. We were quite clear when we met the EA that the sale of ours was dependent on getting a new house ourselves. What I would say to you is that if you can spend the money renovating your own, go down this route.


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    #48
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    conjon wrote: »
    Completly agreed. We found the whole process to be a bigger stress that when the twins arrived, from having to get your own ready for viewings (which is tough with 17 month olds) to looking at houses and saying to ourselves that they weren't a patch on what we had. From my fairly limited experiences over the last couple of months, there are plenty of cash buyers on the markets, and there are plenty of young first time buyers with mortgage approval. From what I saw at viewings, it looks like the young first time buyers are being backed up by their folks.

    I honestly wouldn't stress too much about the buyers on your own. There is nothing you can do. We were quite clear when we met the EA that the sale of ours was dependent on getting a new house ourselves. What I would say to you is that if you can spend the money renovating your own, go down this route.


    renovating your own house is one thing but if you just dont have the space then you have to move.

    We did our house up beautifully and i have rarely seen a house that is as nice but its 1200 sq feet and we want to have 2300 sq feet without side space


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    #49
    TheDriver
    Registered Users Posts: 12,513 ✭✭✭✭TheDriver


    its interesting hearing these stories because if I came across a house with a family living in it, I always ask a few questions including have the sellers got somewhere to go if we agree a price because I wouldn't buy off someone that then had to wait a look around........


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    #50
    conjon
    Registered Users Posts: 457 ✭✭conjon


    mickman wrote: »
    renovating your own house is one thing but if you just dont have the space then you have to move.

    We did our house up beautifully and i have rarely seen a house that is as nice but its 1200 sq feet and we want to have 2300 sq feet without side space

    Completly agreed. That was our reason for moving a bigger house for the kids. It's amazing how much crap kids get/have. We are loosing the majority of our back garden to do ours. We do however live about a 5 minute walk away from the local park which made our decision a little easier.

    Good luck Mick with yours, I hope you get what you need at a decent price.

    Conor.


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    #51
    Ihatecuddles
    Closed Accounts Posts: 4,986 ✭✭✭Ihatecuddles


    Can anyone tell me what the term 'closing date' actually means?

    The closing date is the 16th, but all funds(minus the deposit) were sent by cheque today.


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    #52
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    conjon wrote: »
    Completly agreed. That was our reason for moving a bigger house for the kids. It's amazing how much crap kids get/have. We are loosing the majority of our back garden to do ours. We do however live about a 5 minute walk away from the local park which made our decision a little easier.

    Good luck Mick with yours, I hope you get what you need at a decent price.

    Conor.

    yeah we looked at exaclyt the same. we were going to los 90% of the back garden. Also, there is very little green space in our estate as its partly unfinished - the joys !

    So we have to rent our house and buy a bigger one, we are lucky that we can get two mortgages thankfully


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    #53
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    mickman wrote: »
    renovating your own house is one thing but if you just dont have the space then you have to move.

    We did our house up beautifully and i have rarely seen a house that is as nice but its 1200 sq feet and we want to have 2300 sq feet without side space

    We have three kids under four including twins! And we have no space to extend. Our garden is tiny. The house is about 900st ft so we are really cramped. Kids have an unbelievable amount of crap stuff.


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    #54
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    you know what ? IF the seller wont negotiate then we are going to leave the house

    We will continue saving cash every month and keep our eyes open - lot of messing and desperation in the market at hte moment. I think it looks like people in cork have been reading the stories about price increases in dublin and they are now looking for higher prices down here . SO we will wait!


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    #55
    BeatNikDub
    Closed Accounts Posts: 603 ✭✭✭BeatNikDub


    Closing date is when the whole sale is closed and you get your keys and officially own the property.
    Solicitors set this date.


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    #56
    Larry Wildman
    Banned (with Prison Access) Posts: 1,460 ✭✭✭Larry Wildman


    Bubble? Hardly...

    House prices fell by 60%. In order to return to the same level, they need to rise by 150%. They're up by what, 15%?

    The hysteria and quest to be the next Morgan Kelly is laughable. Everyone fancies themselves as economists now but the reality is that very few people have a clue.

    We're so far from a bubble it isn't funny.


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    #57
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    The Mustard wrote: »
    Bit worrying to see estate agents asking bidders for a bid in writing, on the basis that it could be in any way construed as a written note or memorandum of a sale of land.

    Even the prospect of getting dragged into litigation is unpleasant.

    "Subject to contract / contract denied". I think written bids are better because it means they can't ignore it.


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    #58
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    Larry Wildman wrote: »
    Bubble? Hardly...

    House prices fell by 60%. In order to return to the same level, they need to rise by 150%. They're up by what, 15%?

    The hysteria and quest to be the next Morgan Kelly is laughable. Everyone fancies themselves as economists now but the reality is that very few people have a clue.

    We're so far from a bubble it isn't funny.

    I don't think anyone here has said there's a "bubble". Prices are up by way more than 15% based on my experience of bidding since January. People here are not trying to be comedians. We are discussing our experience of bidding on properties. Welcome.


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    #59
    TheDriver
    Registered Users Posts: 12,513 ✭✭✭✭TheDriver


    homeOwner wrote: »
    I don't think anyone here has said there's a "bubble". Prices are up by way more than 15% based on my experience of bidding since January. People here are not trying to be comedians. We are discussing our experience of bidding on properties. Welcome.

    15% in Dublin but nothing in rest of country and that's what people need to realize.....


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    #60
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    TheDriver wrote: »
    15% in Dublin but nothing in rest of country and that's what people need to realize.....

    Add in pockets of wicklow to that, within commuting distance of Dublin, about 90 minutes each way.


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