looking for some bidding advice

S

scarf ace

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hi all. i'm new to the property process and am currently looking to buy a home. i've got mortgage approval and deposit all sorted and am just getting into the bidding part, which sounds like a pain! i've currently found a property that i'm very interested in and curious about your thoughts/tips on bidding.

the property is a 3 bed apartment in dublin 6, quite good condition, parking, reasonable management fees. the asking price is €375. this is the upper end of my budget, so i want to be careful! what would be your recommended angle for bidding? how low should i start? all help would be great!
 
usually, I will first check the property price register and find any similar properties in the area that have sold recently. That will give you a good idea if the asking price is accurate. If there are no other bids on the property and the asking price looks realistic, then I will offer 80% of the asking price and work up from there.
If the first bidder offers 100% of the asking price then the price can only go up further.
 
thanks for that. i had read the key post stuff, but wasn't sure of how up to date it would be re: current dublin pricing. fortunately the EA saved me the hassle by letting me know the price is already above asking. on to the next one i suppose!
 
Personally I would sanitise your opening post as there probably aren't that many properties matching those criteria. The owner or estate agent could be AAM members.
 
scarf ace said:
thanks for that. i had read the key post stuff, but wasn't sure of how up to date it would be re: current dublin pricing. fortunately the EA saved me the hassle by letting me know the price is already above asking. on to the next one i suppose!
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What are the odds?! Offer 80% of asking price if you think that's what it's worth. EA could be full of hot air.
 
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