Advice on how much to bid on a house?

A

Alli

Registered User
Messages
78
Hi,

Where would I be able to get some advice on how much to bid on a house, considering the current climate, the location of the property and the fact that it needs some work? I'm not looking for an exact sum, just an idea of what to take into account when making the opening bid, and the figure to place on it.

thanks,

Alli
 
The sale value of a house is only determined by how much a person is willing to pay for it. Bearing in mind it's a buyer's market, decide how much this house is worth YOU paying for it and its upgrading costs and then I would suggest offering a very low price at first and see how it goes from there.

Also check other property price's *asking price* in the area to get some kind of comparison in so far as you can. Now that will be €50 :D
 
Research the local area, see what competition the seller has, look at:

http://www.irishpropertywatch.com/

stick in the address and look at its sale history ..... if there's a price drop then it may indicate a willingness to reduce more or a need to sell.

Research the market ..... research what you can afford, allow for unexpected costs etc. and put in an offer that suits your pocket.

(I've no connection with linked site)
 
Hi All,

I'm new to the forum.

Just wanted to get your opinion on a new house I've seen in Ashbourne.
Asking price is €245,000 and max I can afford is €220000.
Just wondering what you think the chances are of it been accepted??

Estate agents said it had been sale agreed but the other buyers couldn't sell their
own property so it's back on the market.
I'm a first time buyer and I have mortgage approval in principle.
 
hi widget, how many bedrooms is the house? with approval in principle there already you have a very good chance. I'm from Ashbourne, nice place to live!
 
It's a 3 bed terraced house.
I'd just like some advice on how to approcah the estate agent really!
Not sure what offer to start with!
 
widget said:
It's a 3 bed terraced house.
I'd just like some advice on how to approcah the estate agent really!
Not sure what offer to start with!
Click to expand...

Hi Widget, my advice is not to offer more than 200k. Just always remember its a buyers market now and let the EA know that. At the end of the day you will pay what you feel it is worth to you, and not what anybody else says its worth. I have recently agreed to buy a house in last few weeks in Navan for 175k, where they were asking 200k for it and 12 months ago it was asking 335k!!
 
Leaving the forecasts about where houses prices are going to one side, but in principle if the max you can afford is 220, whatever you do, do not start the bidding at that level.
- Start at a level somewhat below that, to allow for bidding tactics from the agent, negotiations etc.
- Check out alternatives...give yourself the choice of a few houses - from different agents. If you have 3 or 4 houses in mind, it it a lot easier to walk away from one and play hardball with another 2 or 3. Plus, this would give you a better sense of value and price sensitivity from the sellers.
- Don't let the selling agent know what level you are approved to or what your limit is. This information is protected under Data Protection laws and they have no right to know it. If they demand to know it, then just walk away from them.
- Understand the risks of non-closure: does the seller have somewhere to go to? If they are hoping to use this sale to move on and buy somewhere else, then you need to understand the risks of the sale not going through and be prepared to live with that.
 
Go in very low to start with. You can always come up on your original offer, but its bad form to revise an offer downwards if you get an attack of buyers remorse.
I don't entirely agree with this notion of "offer what you think the house is worth". While you definitely don't want to be offering what the auctioneer pretends its worth, - you should be trying to get it at as low a price as you possibly can, - if thats even less than what you think its worth then great.

I think the key is to psyche yourself into thinking you don't really really need the house and that you're prepared to walk away. If they get a sniff that you love the house and are emotionally attached to it, - you'll be paying dearly.
Lots of excellent threads here on negotiating.
 
Thanks for all of the advice - it's all been very helpful.
It's helped me get an idea of how to approcah the estate agent!
 
widget said:
Thanks for all of the advice - it's all been very helpful.
It's helped me get an idea of how to approcah the estate agent!
Click to expand...


If you don't me saying so, you sound like somebody an estate agent will take to the cleaners. Try and get a relative or friend who is a hard negotiator.
 
You must log in or register to reply here.
Back
Top