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Experience With Seller

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  • 20-12-2015 9:14pm
    #1
    Nidot
    Registered Users Posts: 372 ✭✭


    Hi All,

    I was wondering could you give me.your opinions and advice on a situation I find myself in at the moment.

    I'm currently looking at purchasing a house in a desirable suburb of Cork City South. The property is currently listed for €295k for which there is an offer with a single bidder.

    Before I start bidding I have been conducting research into the property.

    From this I have found that the property previously went sale agreed at €285k in July of this year, but the sale did not finalise. I have spoken to the current estate agent and he has informed me that the sale fell through as subsequently to going sale agreed the seller was informed he could achieve a greater amount, which he did not get so the sale fell through.

    On learning this I ree arched further, I spoke to a neighbour of the property who informed me that the property originally sold to the current owner for €450k+ in 2007. In his words the property has been listed a number of times since then with the property never going full sale, this is obviously due to the recent property issues in Ireland.

    In further research I have also found that the property is currently rented to a house share, searching online I then found that a room is currently listed as available for rent and available to move in come the end of January 2016.

    My queries are, is this property only being listed as a fishing expedition with no actual chance of the property being sold, and if so is there anything I can do?

    Thanks


Comments

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    #2
    El_Dangeroso
    Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    I think you'll drive yourself batty trying to read the mind of a vendor.

    The only thing you can do is bid what YOU think the house is worth, don't go above that and walk away if necessary. Beyond that you have zero control in this situation.


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    TBH if the vendor has form of messing buyers around I wouldn't even bother putting in a bid, you'll just be giving yourself extra stress and worry. If the place is in negative equity, he could be trying to negotiate reduced payments with his mortgage provider, and making it look like he's trying to sell it, while really not having any intention of doing so.


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    #4
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    There is a house "for sale" in my area for the last two years. Everything else that has come to the market has sold so the only conclusion is that this house isn't really for sale.

    If the seller of the house you are interested in really wanted to sell I think he would have asked the tenants to leave as it's normally easier to sell an empty house. The fact that there's an ad for a new tenant kind of confirms that. Could be that the seller is under-water with negative equity & is getting pushed by a bank to sell. You'll never know for sure though.

    I wouldn't be investing too much more in this house. Make an offer if you really want it, be prepared to walk at the first sign of messing, but you could be creating a difficult situation for yourself.


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