I have spotted and viewed a house thats perfect for us. Its guiding at 320, with an offer of 302 at the moment. This is the first time we will have entered the bidding world. How does it go, and how do i make sure i get the house, inasmuch as i can? Where do we start? We can well afford the asking with extra to spare thank god, but i wont be telling them that obviously. We are viewing it again on tue and my husband wanst to make an offer then. Any tips?
How does bidding on a house work?
- Thread starter reddy
- Start date
Re: how do you make sure?
Thanks Clubman, had a look at them. Very informative! Just want an opinion from anyone , would it be in our interest to :
A: offer about 305 ish on tue, and wait to see how far it goes or
B: Say we will offere the asking if it is accpeted, otherwise no dice? As in no offer?
We dont mind paying the asking, its the going rate of similar houses around the area, its worht it and we want it? What do you guys think?
Thanks Clubman, had a look at them. Very informative! Just want an opinion from anyone , would it be in our interest to :
A: offer about 305 ish on tue, and wait to see how far it goes or
B: Say we will offere the asking if it is accpeted, otherwise no dice? As in no offer?
We dont mind paying the asking, its the going rate of similar houses around the area, its worht it and we want it? What do you guys think?
how do you make sure?
Is there any advantage to you in risking losing a house you have identified as 'perfect' and in budget by jeopardising being taken seriously by what is clearly an undervalue offer? How this works out will depends on whether another potential buyer offers the asking-price 10 minutes earlier or later than your pitch. It depends on the strength of your nerve, really, and on whether there are dozens of similarly 'perfect' properties available. You would 'make sure' by contracting to purchase the house at the sale-price, surely?
Is there any advantage to you in risking losing a house you have identified as 'perfect' and in budget by jeopardising being taken seriously by what is clearly an undervalue offer? How this works out will depends on whether another potential buyer offers the asking-price 10 minutes earlier or later than your pitch. It depends on the strength of your nerve, really, and on whether there are dozens of similarly 'perfect' properties available. You would 'make sure' by contracting to purchase the house at the sale-price, surely?
Brendan Burgess
Founder
- Messages
- 52,116
Re: how do you make sure?
Hi Marie
Not the way the Irish market works. If you offer the asking price, they will think about it. They won't necessarily sell it at that. So offer a price better than their current offer and they will come back to you if they get another offer.
Brendan
Hi Marie
Not the way the Irish market works. If you offer the asking price, they will think about it. They won't necessarily sell it at that. So offer a price better than their current offer and they will come back to you if they get another offer.
Brendan
Re: how do you make sure?
See, thats what i cant work out. If we offer the asking price, which yes we can afford and yes we are willing to pay, then we jump from an offer of 302 (not our offer BTW) to an offer of 320 in one go. That means if someone comes in over us, and we still want it it could go bananas. Or, if we offfer 305 or 307, that does leave room for manouver (sp!) but wastes bloody time if we both know (vendor and me) that its not going to go for less than 320? My hubby suggested that maybe we tell the auctioneer that we offer 320 asking price if it is offered, but if not, we make no offer at all, and walk away? Or if we do that do they think they can squeeze mor out of it? GRRRRR, wish i had a crystal ball. I really dont want to spend time faffin around with stupid offers when we really want the house. What to do........
See, thats what i cant work out. If we offer the asking price, which yes we can afford and yes we are willing to pay, then we jump from an offer of 302 (not our offer BTW) to an offer of 320 in one go. That means if someone comes in over us, and we still want it it could go bananas. Or, if we offfer 305 or 307, that does leave room for manouver (sp!) but wastes bloody time if we both know (vendor and me) that its not going to go for less than 320? My hubby suggested that maybe we tell the auctioneer that we offer 320 asking price if it is offered, but if not, we make no offer at all, and walk away? Or if we do that do they think they can squeeze mor out of it? GRRRRR, wish i had a crystal ball. I really dont want to spend time faffin around with stupid offers when we really want the house. What to do........
Time wasting is of the essence it would seem (if you can afford it). Yes you could put in your bid for the AP of 320 but then you'd die wondering, "What if we could have got it for less?".
I think your best bet is to go through the rigmarole of putting in silly bid increments of 2 or 3k. The vendor might get p'd off and just do a sealed bid thing just to bring it to a conclusion. Don't put all of your apples in this basket though. Don't get too caught up in it so that you go over your budget. You'll loose perspective and pay more than what you thought you would.
Play it calm. Put yourself in the vendor's shoe/s. If you were selling a house you'd be keen to get the best price going so you're willing to make the most of it if it means dragging it out a little. To the point where it interferes with your own plans. You'll then be inclined to bring the sale to a conclusion. If you want, make a difference to the patterned bid increment and bid 310. If another bidder engages in the same game then be prepared for the worst. If I was buying a house today I'd easily allow myself about €40k for this bidding lark (south county Dublin). It'd help if the estate agent could indicate what the typical difference is between the 'For Sale' price and the 'Sale Agreed' price. That would give you an indication of your chances on this and future properties.
At the same time, keep looking for other properties. Be prepared for heartache when/if you loose out. But 'nil desperandum'. An estate agent never made it selling one property. There's always another one around the corner. That's the great thing about buying a new house. None of this bidding lark and no stamp duty.
If you're asking, "Does it make sense to outbid the other bids by 2K or 3K?" (Mickey Mouse bidding) then, yes, it probably does. It's probably a waste of time but spend some time on eBay and see how bidding works. It's like the property market here.
I think your best bet is to go through the rigmarole of putting in silly bid increments of 2 or 3k. The vendor might get p'd off and just do a sealed bid thing just to bring it to a conclusion. Don't put all of your apples in this basket though. Don't get too caught up in it so that you go over your budget. You'll loose perspective and pay more than what you thought you would.
Play it calm. Put yourself in the vendor's shoe/s. If you were selling a house you'd be keen to get the best price going so you're willing to make the most of it if it means dragging it out a little. To the point where it interferes with your own plans. You'll then be inclined to bring the sale to a conclusion. If you want, make a difference to the patterned bid increment and bid 310. If another bidder engages in the same game then be prepared for the worst. If I was buying a house today I'd easily allow myself about €40k for this bidding lark (south county Dublin). It'd help if the estate agent could indicate what the typical difference is between the 'For Sale' price and the 'Sale Agreed' price. That would give you an indication of your chances on this and future properties.
At the same time, keep looking for other properties. Be prepared for heartache when/if you loose out. But 'nil desperandum'. An estate agent never made it selling one property. There's always another one around the corner. That's the great thing about buying a new house. None of this bidding lark and no stamp duty.
If you're asking, "Does it make sense to outbid the other bids by 2K or 3K?" (Mickey Mouse bidding) then, yes, it probably does. It's probably a waste of time but spend some time on eBay and see how bidding works. It's like the property market here.
Thanks Decani, Just a few queries. Not bothered about the could we have got it for less situation, we had money on a house for 65K more that we had to let go, so this really is a bit of a find for the money, suits us fine for what we want.
Also, the auctioneer says the vendor is renting when he sells, while waiting for his own house, so time is on their side alright i guess. I dont think there is about 40 K in the difference between sale price and sale agreed this time, the asking is aobut the going rate, maybe with about 10K extra to play for.
What do you think of coming straight out and asking 'what are they willing to sell for? what are they looking for>? what are they hoping to achieve price wise?
dont want to show my hand tooo sooon but want the damn house. Will the auctioneer tell me if they are willing to sell at the asking?
Think maybe we will offer the 310 and see what happens. thanks again.
Also, the auctioneer says the vendor is renting when he sells, while waiting for his own house, so time is on their side alright i guess. I dont think there is about 40 K in the difference between sale price and sale agreed this time, the asking is aobut the going rate, maybe with about 10K extra to play for.
What do you think of coming straight out and asking 'what are they willing to sell for? what are they looking for>? what are they hoping to achieve price wise?
dont want to show my hand tooo sooon but want the damn house. Will the auctioneer tell me if they are willing to sell at the asking?
Think maybe we will offer the 310 and see what happens. thanks again.