Bid on First home

E

Emma N

Guest
Hi,

Can someone please give me advise as regards to bidding on a house. The house is up for sale at €225K. 4 bed detached with conservatory in an estate. It is being sold by americans who moved back from Ireland and are looking for a quick sale. In january they put it up for sale and got an offer of €225K but the sale fell through so they have now put it up for sale again. Myself and my partner put in an offer of €190K which was refused then €195K and that was refused. We have been told by the auctioneer to start bidding at €210/215K. What I'm afraid of is going over €225K. Its a lovely house and I don't feel that there will be any other bidders. Theres a new estate going up and none of the houses are being sold. Its in the west in a fairly remore area and I don't think it will increase much in value above €225K over the few years. Should I bid €210K or €215K now or €205K and wait. We don't want to go over €215K. Any advise please?
 
Ask a friend to ring up and ask about the house see what the best offer they have, also let EA know that you are looking at several houses, hard to know if you are bidding against yourself, but maybe offer what you deem a fair price and say you will redraw the offer in 3 days if it is not accepted, best of luck
 
Thanks Dodo,

Just got my friend to ring up and they said that theres no other offer on the house. Clearly not taking my €195K seriously. Looks like we'll have to up my offer to around €210K. we've told them we're also looking at other houses.
 
why not sit on it for a while, they're in a hurry you're not and there's no other bidder so let them get nervous!
 
Depends on how much you want the house. If you want it, bid closer to what they're looking for and you have a good chance of getting it - meeting them in the middle.

You say that they have had the property on the market since last Jan - doesn't sound like they're under much pressure to me. If the house is in a good location and is in good nick and has some advantages over the new estate then it will surely sell when the sellers get closer to what they're asking for.

I'm in a similar situation to yours at present except I am the seller and although I am keen to sell, I don't have to unless I'm closer to the price that I know the property is worth (because of superior location, better features than neighbouring houses etc.) . I am waiting until budget tomorrow to put the screws on my EA to drive the 2-3 bidders he has holding out for any possible change in stamp duty before I consider accepting any bids a few grand lower than my asking price.
 
I would be hesitant about bidding at the moment, wait to see what Trichets comments are after tomorrows rate hike to see what is coming down the line in the way of increased interest payments next year.
 
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