Hi all,
I'd appreciate some solid advice from the knowledgeable folk on here!
My fiancee and I are interested in purchasing a home and we've really fallen for a particular house (our first mistake I guess!) in our home village. Asking price is €229k. The house is a private sale, no auctioneer, and has been on the market at least a year. Being a private sale, we're finding the negotiation / bidding process a little unnerving and stressful.
Between our first and second viewings, the vendor informed us an offer of €220k had been made. This surprised us a little as this bid appeared as we were just making it obvious we are interested.
So, following our 2nd viewing last weekend, we decided to go with a bid of €223k. The vendors promised to get back to us by lastnight, which they did, and they informed us the other party have now bid €225k.
So now we find ourselves in a "bidding war" which is the last thing we want. We have mortgage approval and we have decided that we can comfortably reach to €230k. Beyond that price, I feel that we'd be stretching ourselves beyond our comfort zone and I don't believe the house is worth any more than that anyway (a similar house in the same estate was auctioned last year for sub €200k).
So... what to do? Rather than going tit-for-tat and offering another 2k (up to 227k), I am tempted to go in and offer €230k and state it is our final offer, reiterating our serious interest in the house and that we are ready to close the sale now. I feel this would be a signal of serious intent and that the other bidder would have to come up quite a lot from his initial bid of €220k to beat us. If they do beat €230k, then so be it, I think we will bow out.
If we just bid €227k, my gut feeling is that the other bidder will go to the asking price or even to €230, so we'd be out of it then anyway...
Any advice / tips on this would be greatly appreciated...
I'd appreciate some solid advice from the knowledgeable folk on here!
My fiancee and I are interested in purchasing a home and we've really fallen for a particular house (our first mistake I guess!) in our home village. Asking price is €229k. The house is a private sale, no auctioneer, and has been on the market at least a year. Being a private sale, we're finding the negotiation / bidding process a little unnerving and stressful.
Between our first and second viewings, the vendor informed us an offer of €220k had been made. This surprised us a little as this bid appeared as we were just making it obvious we are interested.
So, following our 2nd viewing last weekend, we decided to go with a bid of €223k. The vendors promised to get back to us by lastnight, which they did, and they informed us the other party have now bid €225k.
So now we find ourselves in a "bidding war" which is the last thing we want. We have mortgage approval and we have decided that we can comfortably reach to €230k. Beyond that price, I feel that we'd be stretching ourselves beyond our comfort zone and I don't believe the house is worth any more than that anyway (a similar house in the same estate was auctioned last year for sub €200k).
So... what to do? Rather than going tit-for-tat and offering another 2k (up to 227k), I am tempted to go in and offer €230k and state it is our final offer, reiterating our serious interest in the house and that we are ready to close the sale now. I feel this would be a signal of serious intent and that the other bidder would have to come up quite a lot from his initial bid of €220k to beat us. If they do beat €230k, then so be it, I think we will bow out.
If we just bid €227k, my gut feeling is that the other bidder will go to the asking price or even to €230, so we'd be out of it then anyway...
Any advice / tips on this would be greatly appreciated...