Just want to pick your collective brains.....here's a brief recap. We were bidding on a house recently and despite being the higher bidder we lost out. Estate agent just seemed to prefer the other couple and said we wouldn't get bridging. Sale has now fallen thru' and I have it in writing from the bank that we will get bridging. I don't know how to proceed now. The EA knows our highest bid from the last time and I'm sure will push us back up to that. There have been no viewings and no bids this time so I want the house for less than I was originally willing to spend. People have suggested that we go directly to the vendor, the house however is unoccupied and I don't know how to trace them. Any ideas on how best to approach this?? Any help much appreciated....
House purchase - how to proceed now?
- Thread starter Sive
- Start date
Go to the EA - tell them you'll match the offer the vendors previously went sale agreed on, but no more. If they push, you can always say that the market / interest rates have moved on since, and you're not comfortable matching your original offer.
Or you can be downright mean to them (since they obviously deserve it having misjudged badly, and to the detriment of their client, in the first place) and tell them that as they couldn't accept your initial higher offer, you're now trying to make an offer that might be accepted.
Or you can be downright mean to them (since they obviously deserve it having misjudged badly, and to the detriment of their client, in the first place) and tell them that as they couldn't accept your initial higher offer, you're now trying to make an offer that might be accepted.
Heard about a similar situation. The highest bidder pulled out and the EA went back to the second highest bidder. He refused to match his previous bid and put in a lower bid. The EA had no problem with that, took the lower bid and left the house on the market a while. I don't know if that lower bid was the final one or not.
If I were you, I'd ring the EA up and put in a lower bid. If he goes on about how high your bid was the last time, simply tell him interest rates and the market have changed, and you're now only prepared to bid your current amount.
It might be a good idea to get someone else to ring the EA first to enquire on any current bids, and also to ring a few days later to check again.
If I were you, I'd ring the EA up and put in a lower bid. If he goes on about how high your bid was the last time, simply tell him interest rates and the market have changed, and you're now only prepared to bid your current amount.
It might be a good idea to get someone else to ring the EA first to enquire on any current bids, and also to ring a few days later to check again.
My advice is to go in with a lower bid than what was accepted before, you probably hold more aces than the seller at the moment. Tell the EA that there are future interest rate rises coming down stream which will curtail your spending power. Get a friend to test the water with the EA as well.
niceoneted
Registered User
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Did you not all see the prime time programme last week on dodgy estate agents!!
I would have a tendancy to find the vendor and go directly to them.You should be able to find them through the land registry as all owners of houses have to be registered there.
Otherwise I would go in with a considerable lower price. You also have to think how much you want the house and what will come on stream in the new year as traditionally this is a quiet time for house sales and it picks up in the spring.Interest rates will be rising again so may be more buying power.
Good luck with it all.
I would have a tendancy to find the vendor and go directly to them.You should be able to find them through the land registry as all owners of houses have to be registered there.
Otherwise I would go in with a considerable lower price. You also have to think how much you want the house and what will come on stream in the new year as traditionally this is a quiet time for house sales and it picks up in the spring.Interest rates will be rising again so may be more buying power.
Good luck with it all.
P
phoenix_n
Guest
Your offer should certainly be lower than your previous offer as the cost of money has risen so that has to be reflected in your new offer.
Technically, if there was an offer accepted with a potential buyer for say €300k and they subsequently pulled out, then their offer gets taken out of the equation altogether and it drops back to the previous offer on the table before that, which could have been €295k. You would therefore have to offer an offer higher than this previous bid but you don't necessarily have to match the offer that had been accepted. I would phone the EA and ask what offer is on the house at the moment and make my decision from there. Sometimes, the vendor can be the one calling the shots and can say that they would prefer to go with someone who was in a 'ready to go' situation, finances in place etc. and therefore they may have been the ones who said that they would accept the lower offer than the one you made at the time. There's no harm in speaking to the EA and tell him/her that you have your finances in place and are 'ready to go' and make your offer. Best of luck.
Oilean Beag
Registered User
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- 221
Phoenix_n has hit the nail on the head here.
The vendor was not happy with your offer when it was made because there was other money out there. Finance is now more expensive, & your new offer should reflect that, particularly if there is no other pressure ( other bidders). The market determines the house price & many things drive the market.
The vendor was not happy with your offer when it was made because there was other money out there. Finance is now more expensive, & your new offer should reflect that, particularly if there is no other pressure ( other bidders). The market determines the house price & many things drive the market.