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Well over asking price and seller refuses

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    #62
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Larbre34 wrote: »
    Eff that nonsense, ring EA back, tell him you're now offering AP +€10k and it expires Midday Monday, then you are gone. Don't be anyone's pawn.

    asking price minus 10 k you mean prob no other bidders he doesnt seem to have a clue what he is doing 27k over the asking price unreal


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    #63
    Archaeoliz
    Registered Users Posts: 142 ✭✭Archaeoliz


    kupus wrote: »
    tear fairy... you need to step away for a while, you are taking this very personal. Its not. When you take it personal, your emotions change. and you become irrational. You start making strange decisions and EA can sense this and push you further into spending extra money needlessly.

    The fact is now its a sellers market. And they have the upper hand, its not long ago the shoe was on the other foot and you could buy for a lot cheaper.
    but that doesnt help you now, so stop thinking about what you could have got it for. and maybe invest your time in looking for something else.

    I disagree here.

    I think it's becoming a more equal market but sellers believe it's still a sellers market and buyers believe it's become a buyers market. Seems to me that there's not much stock coming onto the market while both ends of the spectrum either wait and see what happens with prices and CB rules or are beligerent enough to think that they can sell for big bucks/get a knockdown deal. 'Reality' has yet to show itself...


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    #64
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Archaeoliz wrote: »
    I disagree here.

    I think it's becoming a more equal market but sellers believe it's still a sellers market and buyers believe it's become a buyers market. Seems to me that there's not much stock coming onto the market while both ends of the spectrum either wait and see what happens with prices and CB rules or are beligerent enough to think that they can sell for big bucks/get a knockdown deal. 'Reality' has yet to show itself...

    outside Dublin feck all moving judging by daft


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    #65
    Archaeoliz
    Registered Users Posts: 142 ✭✭Archaeoliz


    audi12 wrote: »
    outside Dublin feck all moving judging by daft

    I guess I should have said - yup I'm outside of Dublin....


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    #66
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    audi12 wrote: »
    27 k over and no other bidders lord just the esate agent must love you

    There are other bidders.


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    #67
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    runawaybishop wrote: »
    There are other bidders.

    because the esate agent said so and they wouldent like even if there its insane going over the asking price by that much especially the way the market is no one has a clue whats going on


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    #68
    WearstheFoxhat
    Registered Users Posts: 118 ✭✭WearstheFoxhat


    If you feel you have bid too much, pull the offer off table, and if he comes back offer 10k lower. Tell him your juices were flowing at the time but now you've seen others. Get him chasing you , tell him you like the house but the horn you have for it is a bit soft, he'll be back.


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    #69
    Larbre34
    Registered Users Posts: 24,144 ✭✭✭✭Larbre34


    WearstheFoxhat wrote: »
    If you feel you have bid too much, pull the offer off table, and if he comes back offer 10k lower. Tell him your juices were flowing at the time but now you've seen others. Get him chasing you , tell him you like the house but the horn you have for it is a bit soft, he'll be back.

    Yeah this is the sort of thing.

    Make sure the vendor knows in time for the weekend that you are lowering your bid. Weekends of pondering have a habit of unnerving people in times like this.


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    #70
    swampgas
    Registered Users Posts: 3,557 ✭✭✭swampgas


    Best thing to do is keep looking, and keep your focus on what else might be out there. If the buyer does eventually accept, you can decide at that point if his place is the best one you've seen, or if you still want to pay the the same price, given whatever alternatives you might have seen in the meantime. You simply can't force him to sell.

    And don't get too attached to anything until you have the keys in your hand ... if you're already planning the new kitchen and picking out colours for bedrooms, you're way too invested!

    Personally when I've made an offer on a place I try not to think about it or even look at it until the seller makes a decision.


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    #71
    Carawaystick
    Registered Users Posts: 8,779 ✭✭✭Carawaystick


    TearFairy wrote: »
    But in other areas of business this kind of thing wouldn't be tolerated. if I went into a garage to pay for petrol and get to the till only to be told the price advertised isn't what I was now paying I'd be rightly p++sed off! I do understand its a business transaction, they want to make money and as much as possible. But all I am saying is there has to be some way to stop genuine people from having a month of their time wasted.

    Buying something in a shop is a consumer transaction, buying land is a business transaction, you don't need a lawyer to buy petrol or sweets... Also if you buy petrol, the next person can buy more petrol, which is the same as the petrol you bought. Buying land is not the same


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    #72
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Carawaystick wrote: »
    Buying something in a shop is a consumer transaction, buying land is a business transaction, you don't need a lawyer to buy petrol or sweets... Also if you buy petrol, the next person can buy more petrol, which is the same as the petrol you bought. Buying land is not the same

    no one forced him to go over the asking price whats the buyer going to do if he finds stupid people who are willing to give him more than a house is worth turn them away


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    #73
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    audi12 wrote: »
    no one forced him to go over the asking price whats the buyer going to do if he finds stupid people who are willing to give him more than a house is worth turn them away

    If people give "more than the house is worth" then that becomes what the house is worth.


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    #74
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    runawaybishop wrote: »
    If people give "more than the house is worth" then that becomes what the house is worth.

    Dont know where to start with that statement so wrong its almost right lord


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    #75
    sweetie
    Registered Users Posts: 9,795 ✭✭✭sweetie


    audi12 wrote:
    no one forced him to go over the asking price whats the buyer going to do if he finds stupid people who are willing to give him more than a house is worth turn them away


    You're a bit lost aren't you? The other people bidding forced the price that high. Its not as if his first and only bid was AP + 27k! Lots of houses price low to get interest and a bidding frenzy will take them higher.


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    #76
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    sweetie wrote: »
    You're a bit lost aren't you? The other people bidding forced the price that high. Its not as if his first and only bid was AP + 27k! Lots of houses price low to get interest and a bidding frenzy will take them higher.

    I can read and am not lost just because they drove up the price doesn't seem the house is worth the price they are willing to pay ..They very likely got attached and let emotion get the better of themselves


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    #77
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    audi12 wrote: »
    Dont know where to start with that statement so wrong its almost right lord
    Simple economics. Assets are worth what someone else is willing to pay for them.

    If you have a house and the highest price someone is willing to pay for it is €10, then your house is only worth €10.


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    #78
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    audi12 wrote: »
    I can read and am not lost just because they drove up the price doesn't seem the house is worth the price they are willing to pay ..They very likely got attached and let emotion get the better of themselves

    You cant force someone to buy a house. If X is the max offered then the house is worth X, that's how markets work. You are saying that being 27k over the asking price is an automatic rip off but you, or I, have no idea what the house is like. If the OP is happy to spend X+27k then thats what the house is worth, simple.


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    #79
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    seamus wrote: »
    Simple economics. Assets are worth what someone else is willing to pay for them.

    If you have a house and the highest price someone is willing to pay for it is €10, then your house is only worth €10.

    He is willing to overpay and once he buys it unlikely that he will find anyone who will pay what he paid for in the future if the market doesnt move upwards madness ..


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    #80
    lawred2
    Registered Users Posts: 24,395 ✭✭✭✭lawred2


    TearFairy wrote: »
    Hi guys,

    We have been bidding on a house for over 3 weeks, we are now the only bidders left and the price is 27K over the price. Spoke to EA who said the seller thinks he can get more and has refused our offer. He said he advised him to take our offer, it was a fair price etc

    I know this happens all the time but its incredibly unfair. The house was on at a price (possibly slightly underpriced no doubt to get people interested) but our offer is more than fair given the location, work its needs doing etc.
    I understand the seller is out to make as much as possible but there really sure be some sort of ethics and fairness to this process!

    As much as it galls me because I don't want to give him a penny now given he is being greedy we are just left in limbo and are leaving our offer on the table. Obviously we will keep looking at other houses but I guess there is nothing else we can do regarding this house? We wont withdraw our offer because we do want the house and hope he doesn't get anymore bids in but the seller said he is prepared to risk us withdrawing our offer for the chance of getting a higher one. Should we just forget the house??

    that's his prerogative


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    #81
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    runawaybishop wrote: »
    You cant force someone to buy a house. If X is the max offered then the house is worth X, that's how markets work. You are saying that being 27k over the asking price is an automatic rip off but you, or I, have no idea what the house is like. If the OP is happy to spend X+27k then thats what the house is worth, simple.

    worth to him you mean not to the market if he turned around and had it valued the day after he bought it it would not have increased in price because he paid 27k over what the asking price was ..

    It is also unlikely that he would find anyone else who would pay so much money is not the issue here however he doesnt care about that he loves the house hence why he is overpaying ..His money at the end of they day was just giving my view


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    #82
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    audi12 wrote: »
    He is willing to overpay and once he buys it unlikely that he will find anyone who will pay what he paid for in the future if the market doesnt move upwards madness ..

    You have no idea if he is overpaying or not.
    audi12 wrote: »
    worth to him you mean not to the market if he turned around and had it valued the day after he bought it it would not have increased in price because he paid 27k over what the asking price was ..

    It is also unlikely that he would find anyone else who would pay so much money is not the issue here however he doesnt care about that he loves the house hence why he is overpaying ..His money at the end of they day was just giving my view

    Do you think that the OP is somehow outside the market?


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    #83
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    runawaybishop wrote: »
    You have no idea if he is overpaying or not.

    so the buyer put it on the market for 27 k than less than what it is worth possible he did if wants to start a bidding war but unlikely as it seems to me the buyer is not exactly savy he is way two deep in emotionally


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    #84
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    runawaybishop wrote: »
    You have no idea if he is overpaying or not.



    Do you think that the OP is somehow outside the market?

    He is one person in the market not the entire market


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    #85
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note

    Folks can we calm down please. If you want to chat/argue/disagree back and forth with another poster please take it to PM


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    #86
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    I would ask the EA to ask his client how much he wants for the property. Then either give him that or make a counteroffer, or if you are already at your ceiling say that it is the best you can do.


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    #87
    TearFairy
    Registered Users Posts: 70 ✭✭TearFairy


    Wow guys, lots of assumptions going on here. First off, I am not a 'he' but in fact a she - possibly not relevant. Second of all, I happen to know the area very well where the house is, I have said several times the house was underpriced to begin with. Most houses in that location go for in and around 15 - 20k more than the asking price so I certainly expected to pay more than it was priced at. Next I have also stated that there was myself and two other bidders - I didn't ram the price up all by myself. Yes I agree totally that you cant believe the EA - we have dealt with him on another property where it was down to us and another bidder. At their highest offer we walked away because we had a price we decided the house was worth and stuck to it and it was 16k less than we are willing to pay for this house because it wasn't as big and needed more work. That house went sale agreed two days after and was taken off the market. So I can only presume the EA was telling the truth and the other bidder got the house So despite some of the opinions here that we are being mugs offering 27k over the asking price we aren't. As I say I know the market in this area very well and I think the seller is getting about 7-10k bonus for his house which I am happy to pay as it ticks all the boxes. I don't think that makes me not savy or too emotionally involved - it makes me willing to pay that because our quality of life would be greatly improved living in that area. We are not prepared to be ripped off however and like I say we walked away from another house not too far away but in an even more preferable location

    I asked the EA how much he wants and his reply was he doesn't know as the seller wouldn't tell him! Again whether that's true or not I don't know. He did say that a figure of another 8k on top of our price was mentioned in the early days but EA didn't think that was realistic.

    What pisses me off and what has led some of you to think we are mugs/EA dream/too involved etc is the all the BS that has gone with it. Come on, in this day in age with houses in such shortage there is no need for this absolute crap. It probably is still a sellers market, so pick a price for your house that you think its worth/would be happy to get and if you get anything over it then its a bonus. This BS of making up bids, houses not really for sale, or not for sale at the advertised price shouldn't be allowed to happen


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    #88
    Jake Stiles
    Registered Users Posts: 111 ✭✭Jake Stiles


    I think you've got to accept that this is the nature of buying property in Ireland. I have myself in recent months purchased a house and like everything, bidding wars appeared and just when you think its yours another bid (real or otherwise) comes in.

    Not going to get into someone paying €27k over the asking price, you made your point on this which I would agree with.

    You've got to take a step back on this and make an emotionless decision to maintain your interest or simply move on, I chose the later. Turned out the bid on the original property came back on the table and rest is history.

    You have hit your max your going to pay and that rings bells to move on and chalk it up to experience.

    Your still at the bidding stage, sale agreed is another ball game, so be prepared for fun and games here also.


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    #89
    TearFairy
    Registered Users Posts: 70 ✭✭TearFairy


    Thanks Jake, quite a few people on my thread seems to have missed that we aren't nor ever were going to offer anymore than we have now. What we both currently spend on petrol traveling to work every week Id rather put towards overpaying a few thousand on a house! My question was did anyone think we might still get the house at this price or should we forget it. Likewise the fact that we are still viewing other properties seems to have overlooked. Great that its worked out for you, yeah am aware the sale agreed to getting keys process can be quite a challenge!


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    #90
    Jake Stiles
    Registered Users Posts: 111 ✭✭Jake Stiles


    What's for you won't pass you by. Not sure if it's true but has happened me for the house and my job.

    Another factor depends on the urgency of the vendor to sell, one could test the water and see what the market is like, one may accept the asking price once reached, really is a fluid situation.

    There is another thread I've seen in here describing how painful the whole process is.

    Good to guage with the boards natives their opinion, but as property is an obsession with the Irish, things can be heated at times.

    Good luck with the searching, it will happen, that's for sure, but it is a patience game.


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    #91
    bmm
    Registered Users Posts: 912 ✭✭✭bmm


    When prices were going down , buyers waited ....
    Now prices are going up, sellers are waiting ....


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