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Bidding War...New Bidder

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    #32
    Cyrus
    Registered Users Posts: 20,102 ✭✭✭✭Cyrus


    Ms Doubtfire1 wrote: »
    It most definitely has and it's scary. This is going to burst and I bet within the next 12 month. I could buy for cash at this point in time but I'm sitting tight.

    If you are sitting tight waiting for a crash you will be sitting tight for quite some time

    the banks havent loosened lending yet really so most people are buying with 20% + equity, supply is slow and will be slow for at least the next 3-5 years and because of that rents will stay where they are.

    this is nothing like the last time where the banks lent at 110% over 40 years


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    #33
    derekbro
    Registered Users Posts: 154 ✭✭derekbro


    We were the new bidders in a similar situation to this recently. We were bidding on one house for a couple of weeks and it went over our max so we moved onto another house where 2 people had been bidding for some time and put in a good offer. Our max offer was outbid anyway on the new place so no luck. Have offered on a few places at this stage and have thought that there were some phantom bids but none have come back to us yet. I think its just the market at the moment.


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    #34
    davej
    Registered Users Posts: 1,186 ✭✭✭davej


    If it were a buyer's market, wouldn't we have "sneaky" couples using the bargaining ploy of mentioning cheaper phantom houses that they were also bidding on?

    davej


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    #35
    Alanstrainor
    Registered Users Posts: 23,157 ✭✭✭✭Alanstrainor


    Parchment wrote: »
    We were that third bidder in a bidding battle that went on for two weeks - we came in 5k above the last bid and won the house that evening. EA are snakey but just wanted to say that sometimes its not a phantom bidder!

    I mean I appreciate that it's not out of the realm of possibility that there was a fresh bidder. But the fact that they disappeared as quickly as they came definitely got my suspicions up. The fact that estate agents put no bids in writing, wont leave bids on voicemails if calls are missed, just screams fowl play.

    Glad its all over now anyway.


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    #36
    domrush
    Registered Users Posts: 1,186 ✭✭✭domrush


    Ms Doubtfire1 wrote: »
    Don't agree as it's not sustainable. But let's wait and see...

    I don't see how whether you seen it as sustainable or not makes a difference. There's a shortage of housing in Dublin, and there isn't a lot of new housing being built. Until large amounts of new housing come on the market, minimum 2 years I would think, prices will continue to rise.


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    #37
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    domrush wrote: »
    I don't see how whether you seen it as sustainable or not makes a difference. There's a shortage of housing in Dublin, and there isn't a lot of new housing being built. Until large amounts of new housing come on the market, minimum 2 years I would think, prices will continue to rise.

    Until new houses come on the market AND interest rates stay at historic lows, prices will continue to rise.


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    #38
    jfk247
    Registered Users Posts: 101 ✭✭jfk247


    So just to update the thread here...
    We went in for another 1k, told them that was our max and we were chatting to the bank etc, just to feel them out. Got a phone call first thing the next morning, the other bidder had gone another 4k on top ours. Needless to say we pulled out straight away.
    Happy to let the house go in the end, gone way over what we think it's worth as it will need a good few thousand to make it comfortable, windows, kitchen, paint, floors etc.
    Found somewhere else thats cheaper and plenty of potential with full PP already.

    Thanks for all the input here...this house hunting is great craic altogether!!!!!


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    #39
    spaceHopper
    Registered Users Posts: 3,992 ✭✭✭spaceHopper


    jfk247 wrote: »
    So just to update the thread here...
    We went in for another 1k, told them that was our max and we were chatting to the bank etc, just to feel them out. Got a phone call first thing the next morning, the other bidder had gone another 4k on top ours. Needless to say we pulled out straight away.
    Happy to let the house go in the end, gone way over what we think it's worth as it will need a good few thousand to make it comfortable, windows, kitchen, paint, floors etc.
    Found somewhere else thats cheaper and plenty of potential with full PP already.

    Thanks for all the input here...this house hunting is great craic altogether!!!!!

    Wait till you have your Saturdays back - no more looking at over prices .... no wait you'll never have a Saturday free again, it will be DIY and gardening...


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    #40
    evolving_doors
    Closed Accounts Posts: 11,812 ✭✭✭✭evolving_doors


    I think people often forget to factor in the EA's commission.

    You think 5k is going to seal the deal (and in some cases it might)... but really for an EA on a 1% sales commission that translates to just €50. So they might be happy to sit on it a few more months longer... meanwhile house prices 'might' rise 20k in a sellers market. So that's be €200 commission.

    It's just one little factor but it might explain why some EAs are a bit lax in getting back to people.

    (Depends how much else is on their portfolio too... )


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    #41
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Gebgbegb wrote: »
    I think people often forget to factor in the EA's commission.

    You think 5k is going to seal the deal (and in some cases it might)... but really for an EA on a 1% sales commission that translates to just €50. So they might be happy to sit on it a few more months longer... meanwhile house prices 'might' rise 20k in a sellers market. So that's be €200 commission.

    It's just one little factor but it might explain why some EAs are a bit lax in getting back to people.

    (Depends how much else is on their portfolio too... )

    You really think an estate agent is going to turn down €3000 now in the hope of getting €3200 in a few months time?


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    #42
    evolving_doors
    Closed Accounts Posts: 11,812 ✭✭✭✭evolving_doors


    Graham wrote: »
    Gebgbegb wrote: »
    I think people often forget to factor in the EA's commission.

    You think 5k is going to seal the deal (and in some cases it might)... but really for an EA on a 1% sales commission that translates to just €50. So they might be happy to sit on it a few more months longer... meanwhile house prices 'might' rise 20k in a sellers market. So that's be €200 commission.

    It's just one little factor but it might explain why some EAs are a bit lax in getting back to people.

    (Depends how much else is on their portfolio too... )

    You really think an estate agent is going to turn down €3000 now in the hope of getting €3200 in a few months time?

    Bit confused sorry...Where did you get the €3000 figure from?

    Anyhow...The EA's company get the 1or2% of the selling price... personally himself the EA will get a % of this %. So what may seem like a fortune to an overbidder , won't necessarily translate to a fortune for the EA personally. Hence why they might like to hang around the price for a while. If it doesn't bite then just put it back on the market... will the market have moved down since? Not lately anyway.
    So my point is that (depending on sales targets too) an EA might be in a stronger position to hold out if they're allowed.
    Have a look back through the thread on those who were gazumped but then the sale fell through. Or their 1k bids never ended.


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    #43
    domrush
    Registered Users Posts: 1,186 ✭✭✭domrush


    Gebgbegb wrote: »
    Bit confused sorry...Where did you get the ?3000 figure from?

    Anyhow...The EA's company get the 1or2% of the selling price... personally himself the EA will get a % of this %. So what may seem like a fortune to an overbidder , won't necessarily translate to a fortune for the EA personally. Hence why they might like to hang around the price for a while. If it doesn't bite then just put it back on the market... will the market have moved down since? Not lately anyway.
    So my point is that (depending on sales targets too) an EA might be in a stronger position to hold out if they're allowed.
    Have a look back through the thread on those who were gazumped but then the sale fell through. Or their 1k bids never ended.

    As in if the estate agent sells now he might get 3000 commission or whatever his cut is, is it really worth his time waiting a few more months for an extra 200 when he could be trying to sell another property in the mean time?


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