Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

DataDude

Dick Turnip wrote: »

Were there many bidders on the property? Had any bidder viewed it before you went sale agreed?

Did the price go over asking?

Sorry for the all the questions - just hard to get used to idea of bidding on a house without actually viewing it first!

No expert on buying a house but my two cents for what it's worth based on 18 months of spending far too much time watching Myhome/Daft/PPR.

Don't get too hung up on asking to sale prices and being disheartened by it. Assuming you have a budget/filter in a certain area your eyes will naturally be drawn to the "best" properties in that range. These are by definition going to be the ones that are most likely to be underpriced as you've picked them out above the others. (common strategy but varies from EA to EA: family member currently selling house and EA has advised an asking price €50k below the minimum bid they would actually accept purely to generate interest).

Each house you're interested in, ignore the asking. Note down what you think it's worth. You'll find the houses that go way above asking, you'd probably have known in advance yourself. You'll get the odd surprise in both directions but after much practice I find I am reasonably accurate in my predictions these days.

It's certainly helped me emotionally by stopping me getting attached to clearly undervalued properties and despairing when they go for €100k above the asking!

Cosle

Dick Turnip wrote: »

Were there many bidders on the property? Had any bidder viewed it before you went sale agreed?

Did the price go over asking?

Sorry for the all the questions - just hard to get used to idea of bidding on a house without actually viewing it first!

I don't know how many bidders exactly but there a number of other bidders and no one else had viewed the property. The house went 25,000 over guide price.

They had accepted 20,000 over asking in November but the sale fell through. The sellers wanted a quick sale as they have a property lined up for beginning of April.

We were sale agreed 3 days after it going up on daft, which gives you an idea of the interest and speed of the sale!

Dick Turnip

DataDude wrote: »

No expert on buying a house but my two cents for what it's worth based on 18 months of spending far too much time watching Myhome/Daft/PPR.

Don't get too hung up on asking to sale prices and being disheartened by it. Assuming you have a budget/filter in a certain area your eyes will naturally be drawn to the "best" properties in that range. These are by definition going to be the ones that are most likely to be underpriced as you've picked them out above the others. (common strategy but varies from EA to EA: family member currently selling house and EA has advised an asking price €50k below the minimum bid they would actually accept purely to generate interest).

Each house you're interested in, ignore the asking. Note down what you think it's worth. You'll find the houses that go way above asking, you'd probably have known in advance yourself. You'll get the odd surprise in both directions but after much practice I find I am reasonably accurate in my predictions these days.

It's certainly helped me emotionally by stopping me getting attached to clearly undervalued properties and despairing when they go for €100k above the asking!

Good advice, I went sale agreed on a place in December at 4k under asking having started bidding 25K under. I had decided before hand that the asking price was the absolute max I would go as I did not believe it was worth anything over that. The asking price was maybe 5k over the average sold price on ppr for the previous 3 years, so I was comfortable going to that price but no more.

There something seriously wrong when people are bidding on houses they have not even stepped foot inside

DataDude

Dick Turnip wrote: »

Good advice, I went sale agreed on a place in December at 4k under asking having started bidding 25K under. I had decided before hand that the asking price was the absolute max I would go as I did not believe it was worth anything over that. The asking price was maybe 5k over the average sold price on ppr for the previous 3 years, so I was comfortable going to that price but no more.

Sounds like you are more clued in than I was.

It’s those perfect houses that tick every box. Right at the top of the price range, that i’d know in my heart was going to blow through the asking price if I could stop imagining myself living in it already for a few seconds that were the killer for me. Could drive a man to madness!

DataDude

bubblypop wrote: »

There something seriously wrong when people are bidding on houses they have not even stepped foot inside

You're not really committing to anything though? Is it not just bidding to have the right of first refusal at that price when you can go to view?

Dick Turnip

DataDude wrote: »

Sounds like you are more clued in than I was.

It’s those perfect houses that tick every box. Right at the top of the price range, that i’d know in my heart was going to blow through the asking price if I could stop imagining myself living in it already for a few seconds that were the killer for me. Could drive a man to madness!

Well, I say it was the absolute max but I wasn't actually tested on that - who knows, if the other bidder had come back with an increased bid on my final one whether I would have broke my word and gone higher!

Reins

DataDude wrote: »

You're not really committing to anything though? Is it not just bidding to have the right of first refusal at that price when you can go to view?

I'd hate to be a Vendor is this scenario..

The successful bidder decides they don't like it after they've viewed it in person and on it goes.

ms vieria

Which is my all but fleeting hope - that there is not only pent up demand but also sellers who are not listing until they can show the house / have somewhere to go when showing.

fliball123

bubblypop wrote: »

There something seriously wrong when people are bidding on houses they have not even stepped foot inside

The something wrong is a global pandemic and being stuck inside your four walls. If your four walls have very little space between them there is nothing better for putting a want on someone to get something bigger or out from under parents or room mates.

Treppen

Reins wrote: »

I'd hate to be a Vendor is this scenario..

The successful bidder decides they don't like it after they've viewed it in person and on it goes.

Is it a better scenario than not putting your house on the market though?
Only the seller can answer that though and every seller has different financial constraints.

I've seen 2 houses that did fall through / or withdrawn in January... but guess what... they're on again at 20k over the older listed price so it's obvious with limited supply the seller realises they can possibly get more.

Maybe in both those cases the seller wasn't in that much of a rush.

I saw one house where the EA said the seller had moved out and built their own house (they were a builder)... that tells me the guy is loaded and happy to let things fly in a rising market.

The other scenario we viewed the house and it looked like it was being rented (you could tell by the stuff left around) and the sellers were happy to take the rent until the right price came along (or else they were waiting for an extra 10K to pay off the tenants to leave :pac:)

connemaraharpy

Due to close on our sale today. Sweaty palms moment waiting for the keys. We viewed and went sale agreed in autumn, between lockdowns...

hao123

connemaraharpy wrote: »

Due to close on our sale today. Sweaty palms moment waiting for the keys. We viewed and went sale agreed in autumn, between lockdowns...

Congratulations!

cubatahavana

connemaraharpy wrote: »

Due to close on our sale today. Sweaty palms moment waiting for the keys. We viewed and went sale agreed in autumn, between lockdowns...

Fingers crossed

connemaraharpy

connemaraharpy wrote: »

Due to close on our sale today. Sweaty palms moment waiting for the keys. We viewed and went sale agreed in autumn, between lockdowns...

We did it! Got the keys in the nick of time. Busy few days ahead of us now cleaning and moving. I'll be sure to post again in a few days detailing our buying journey in case any of ye find it helpful

pleh

connemaraharpy wrote: »

We did it! Got the keys in the nick of time. Busy few days ahead of us now cleaning and moving. I'll be sure to post again in a few days detailing our buying journey in case any of ye find it helpful

Congrats well done

stampydmonkey

connemaraharpy wrote: »

We did it! Got the keys in the nick of time. Busy few days ahead of us now cleaning and moving. I'll be sure to post again in a few days detailing our buying journey in case any of ye find it helpful

Congrats. Enjoy it all and do send on your journey!

Cash_Q

connemaraharpy wrote:

We did it! Got the keys in the nick of time. Busy few days ahead of us now cleaning and moving. I'll be sure to post again in a few days detailing our buying journey in case any of ye find it helpful

Congratulations, immense relief especially in these times.

goingagain

We also closed today.

Bought and sold in same day, so it can be done. It was very busy.

Removers arrived to our house at 8.30 we left about 1, new owners outside waiting to come in. Got keys for new place at 4, really at the last minute.

Boxes everywhere now, so much to do.

pleh

goingagain wrote: »

We also closed today.

Bought and sold in same day, so it can be done. It was very busy.

Removers arrived to our house at 8.30 we left about 1, new owners outside waiting to come in. Got keys for new place at 4, really at the last minute.

Boxes everywhere now, so much to do.

Congrats well done and enjoy

Signed contracts today

FTB, HTB, moving out of apartment renting in Dublin to a house within a half hour of heuston on the train, wfh allowed us to expand our search a little, saved up during COVID

Could we tick any more boxes?!

hao123

goingagain wrote: »

We also closed today.

Bought and sold in same day, so it can be done. It was very busy.

Removers arrived to our house at 8.30 we left about 1, new owners outside waiting to come in. Got keys for new place at 4, really at the last minute.

Boxes everywhere now, so much to do.

Congratulations!

hao123

Deleted User wrote: »

Signed contracts today

FTB, HTB, moving out of apartment renting in Dublin to a house within a half hour of heuston on the train, wfh allowed us to expand our search a little, saved up during COVID

Could we tick any more boxes?!

Congratulations! finding this thread, oops, one more box

Nika Bolokov

DataDude wrote: »

You're not really committing to anything though? Is it not just bidding to have the right of first refusal at that price when you can go to view?

Not really because your committing to a price level that may never have been achieved had all bidders actually seen the property and got a feel for it.

Sweetaure

Any buying/ selling happening at the moment? We have an offer on a house but the vendor is in no hurry and seems to want to wait until March to see how much he can get. Already €5k over asking. Hardly anything has come online in my budget/ area search in the last 2 weeks...

optogirl

Sweetaure wrote: »

Any buying/ selling happening at the moment? We have an offer on a house but the vendor is in no hurry and seems to want to wait until March to see how much he can get. Already €5k over asking. Hardly anything has come online in my budget/ area search in the last 2 weeks...

Very little out there and AIP clock running down all the time. It's really so frustrating especially as every single house we have viewed has gone way over asking.

Sweetaure

optogirl wrote: »

Very little out there and AIP clock running down all the time. It's really so frustrating especially as every single house we have viewed has gone way over asking.

And are you selling or FTB? The sale of our house is progressing but we haven’t found a new house yet. Very frustrating indeed...

givyjoe

Sweetaure wrote: »

Any buying/ selling happening at the moment? We have an offer on a house but the vendor is in no hurry and seems to want to wait until March to see how much he can get. Already €5k over asking. Hardly anything has come online in my budget/ area search in the last 2 weeks...

Considering the appalling lack of supply, I think they may be wasting their time waiting. The few properties we're looking at are definitely going for a premium, which id be highly skeptical they would achieve without the current restrictions. There's a marked increase now in every house I've looked at, above what I was seeing last year. Even had one agent insist it wouldn't go for much more than asking (he thought it wasn't competitively priced), only for him to come back to me and confirm it had gone way above asking and our budget.

VegetaIRL8e

Almost pulling my hair out with getting the other side and a "Letter of Consent".
Went sale agreed over 4 months ago and aware of the AIP time running out. Its just very frustrating and the uncertainty is killer.

optogirl

Sweetaure wrote: »

And are you selling or FTB? The sale of our house is progressing but we haven’t found a new house yet. Very frustrating indeed...

We're FTBs but in our 40's....looks like we might be renting for life at this stage unless that sweet lottery win comes in