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Making Offers

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  • 10-11-2017 10:21am
    #1
    stargazer 68
    Registered Users Posts: 5,117 ✭✭✭


    Hey folks
    Newbie to the property purchase circus!


    Went to an open viewing last night and loved the house. Price has been reduced to sell - they have had offers but the purchasers can't move as fast as the vendors need them to.


    There is another open viewing tomorrow. Do I call and make our offer or wait until the viewing tomorrow and call next week?


    Does the timing of all this, offers and counter offers really make a difference?


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Dovies wrote: »
    Hey folks
    Newbie to the property purchase circus!


    Went to an open viewing last night and loved the house. Price has been reduced to sell - they have had offers but the purchasers can't move as fast as the vendors need them to.


    There is another open viewing tomorrow. Do I call and make our offer or wait until the viewing tomorrow and call next week?


    Does the timing of all this, offers and counter offers really make a difference?

    It suggests the vendors may give preference to offers from people that can complete quickly rather than those with a slightly higher offer.


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    #3
    stargazer 68
    Registered Users Posts: 5,117 ✭✭✭stargazer 68


    Graham wrote: »
    It suggests the vendors may give preference to offers from people that can complete quickly rather than those with a slightly higher offer.

    Yep we can make a deposit next week and be in contract stage by Xmas if possible


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    #4
    TJJP
    Registered Users Posts: 1,523 ✭✭✭TJJP


    Dovies wrote: »
    Hey folks
    Price has been reduced to sell - they have had offers but the purchasers can't move as fast as the vendors need them to.

    There is another open viewing tomorrow. Do I call and make our offer or wait until the viewing tomorrow and call next week?

    Does the timing of all this, offers and counter offers really make a difference?

    What you've been told may or may not be true at all: reduced to sell, have had offers, purchasers can't move fast. You've no way of knowing. The market is very strong so 'reduced to sell' sounds like nonsense.

    The agents job is to get offers and create a bidding war, all the above will help that. There's little chance of a quick deal I'd have thought, but you might be lucky. It's far more likely that the property will view a few more times yet and a bidding war will ensue.

    Go to the second viewing, see what interest levels are like, but take your time and don't be seen to be over keen.


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    #5
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    TJJP wrote: »
    What you've been told may or may not be true at all: reduced to sell, have had offers, purchasers can't move fast. You've no way of knowing. The market is very strong so 'reduced to sell' sounds like nonsense.

    The agents job is to get offers and create a bidding war, all the above will help that. There's little chance of a quick deal I'd have thought, but you might be lucky. It's far more likely that the property will view a few more times yet and a bidding war will ensue.

    Go to the second viewing, see what interest levels are like, but take your time and don't be seen to be over keen.
    You can overthink these things.

    "Reduced to sell" might simply mean that the original asking price was unrealistic.

    Decide what the house is worth to you. Make an offer that is a bit below that (you might get lucky and, if not, you have a bit of room to increase your offer). If it is the case that you are in a position to move quickly, make sure that the vendor knows.

    I don't think that the timing of your offer is a big deal. Anybody else who really wants the house will bid on it. That said, I'd hold back until next week, because if your offer is on the table before tomorrow's viewing, it might cause other parties to modify their expectations, to see more value in the property than they otherwise might have seen.

    I recommend that you communicate your offer in written form: email is fine. I once experienced an EA forgetting about my interest in a property after I made a verbal offer (happily for me, it led to me being still in the market when a property more suited to my wishes came on the market).


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    #6
    scouserstation
    Registered Users Posts: 328 ✭✭scouserstation


    There is no such thing as a "quick sale" any EAs that talk about a quick sale are either inexperienced or just bluffing.


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    #7
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    scouserstation wrote: »
    There is no such thing as a "quick sale" any EAs that talk about a quick sale are either inexperienced or just bluffing.

    Or they're under instructions from their client to try for a quick sale.


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    #8
    scouserstation
    Registered Users Posts: 328 ✭✭scouserstation


    Graham wrote: »
    Or they're under instructions from their client to try for a quick sale.

    Note the word try


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    #9
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    scouserstation wrote: »
    Note the word try

    I noted it when I wrote it but thanks for the recap.

    It's not at all unheard of for vendors to seek a quick sale. It doesn't always happen but there are preferences a vendor can express to their agent to increase the chances:

    1) cash buyers
    2) first time buyers
    3) Nth time buyers with no chain


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    #10
    scouserstation
    Registered Users Posts: 328 ✭✭scouserstation


    Graham wrote: »
    I noted it when I wrote it but thanks for the recap.

    It's not at all unheard of for vendors to seek a quick sale. It doesn't always happen but there are preferences a vendor can express to their agent to increase the chances:

    1) cash buyers
    2) first time buyers
    3) Nth time buyers with no chain

    By all means a vendor can request a quick sale but you are relying on a lot of people to work in harmony with each other between the bank, estate agent, surveyors, solicitors and even the buyers to all co operate together to make the sale happen as quickly as possible, 99% of the time this just does not happen, even cash buyers have their drawbacks


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    #11
    Big Eejit
    Registered Users Posts: 73 ✭✭Big Eejit


    scouserstation wrote: »
    By all means a vendor can request a quick sale but you are relying on a lot of people to work in harmony with each other between the bank, estate agent, surveyors, solicitors and even the buyers to all co operate together to make the sale happen as quickly as possible, 99% of the time this just does not happen, even cash buyers have their drawbacks

    I sold my home recently to a cash buyer. Sale went from advertised to sold, with cash in my bank account inside of eight weeks.

    The EA took contact details and bids (where appropriate) at time of viewing.


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    #12
    JeffKenna
    Registered Users Posts: 4,564 ✭✭✭JeffKenna


    P. Breathnach wrote: »

    I don't think that the timing of your offer is a big deal. Anybody else who really wants the house will bid on it. That said, I'd hold back until next week, because if your offer is on the table before tomorrow's viewing, it might cause other parties to modify their expectations, to see more value in the property than they otherwise might have seen.

    If the property is priced at below market value in order to entice bidders I would actually have gone the otherway. Put in a stong bid now to try and reduce the chances of a bidding war.


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