Another bidding question.

Minnie*** said:
No news yet.

The good news is another house in the area has come onto the market. I still prefer house no1 but it's taken the pressure off me a bit. I don't feel like I should be running to the EA with another bid for house no1 now that I have a back up plan.

Thanks for everyone's opinions so far. I will keep you all up to date with any changes.

Minnie.
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Is it the same price as house No1?
 
No, it's 50k less. It needs more work than no1 but it would be the same standard with 50k or less spent on it. My husband perfers no2 but I still really perfer no1.
 
Just to let you get a sellesr perspective.

I put my house on the market in September - lots of viewings, no offers. I saw things were getting bad before a lot of other people did and was prepared to go 40k under my asking if things hadn't sold by Jan 07 (luckily someone offered just under the asking in November, accepted straight away - we are just about to close... fingers crossed).

Anyway. I contacted EAs who had similar houses for sale in the area and made offers - I pitched myself like you - interested but not too keen -but I was only doing it to test the water (as I said above - I sensed things were bad in the market). A house that was looking for 485k went on the market the same time as mine. I rang and offered 470k, just to see what the reaction would be. The EA said what you have said you were told! Looking for 485k, but expect it to get close or over 500k.... I was delighted they said that - would make my property easier to sell.

Here's the funny bit - that EA reduced the price from 485k to 465k last week on myhome.ie. Considering their sudden drop in price I'd bet they would be open to a 450k offer now!

Just to show you - things may change, especially with a 2nd property in the area now on the market! you can play both of them against each other..... You could actually withdraw your 435k bid and say you are putting all your interest in this new property as they are more open to negotiation!!!!

Best of luck, I hope it all works out for you...
 
Thanks for that Delboy!

God I really don't know what to do. We need to go back with another offer before the weekend. I really think they won't accept anything less than the asking price but dh reckons that the EA is just doing a good job!

This is really wrecking my head and we haven't a clue what to do next. I think we're gonna go and offer them what they want. Someone tell me I'm stone mad or maybe I'm not...
 
Tell them that your existing bid will expire this friday around 3pm. Put the pressure back on them. There is loads of fine houses out there and the prices are steadily coming down.
 
Your issue is simple really. You appear to really want this particular property so it boils down to supply and demand. You demand this one particular property. There is only one supply of this property. Thus you dont really have much choice but to offer the asking price or open your supply to other properties.

Thus its not really a mad decision on your part since no other properties in the suburb or county meets your exact demand.
 
phoenix_n said:
Your issue is simple really. You appear to really want this particular property so it boils down to supply and demand. You demand this one particular property. There is only one supply of this property. Thus you dont really have much choice but to offer the asking price or open your supply to other properties.

Thus its not really a mad decision on your part since no other properties in the suburb or county meets your exact demand.
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Except there are no other bidders. Supply and demand is one thing but simply having some semblence of patience is another. Why can't you wait another week or so with your existing offer? They're the ones looking to sell. They're the ones currently paying the mortgage. What's it costing you to wait in the current market? Nothing. What will it cost you to make another offer at the asking price? 20K? That could be a years net wages to some people.

You're probably making the biggest financial transaction of your life, it's not like buying a Mars bar, think of the financial consequences of your actions.
 
I concur with Howitzer.
Minnie - have you catalogued the real differences between house and house 2? If it is just a case of carpets, walls and stuff like that, you could transform the house for a lot less than the extra 50k house 1 is asking. In addition, you can do it at your own pace, and feel you have 'put your stamp' on the property.
Just think about it, paint and new floors can transform a house for less than a few grand.
I'd suggest you withdraw the offer on Friday. You don't have anything to lose and ultimately you need to call the EA's bluff. You can submit a lower offer the following week, to really put the sh*ts up them!
 
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also tell him you have an interest in the other house - it's €50,000 lower! Do ou realise the amount of stuff you can do to a house with that amount of money! Some suggestions -
Hot tub and decking - €5,500
Attic conversion - €13,000
New kitchen - €15,000
Conservatory - €16,000
That amounts to €49,500 - some spare change to bu yourself some new clothes!!
 
amgd28 said:
I concur with Howitzer.
Minnie - have you catalogued the real differences between house and house 2? If it is just a case of carpets, walls and stuff like that, you could transform the house for a lot less than the extra 50k house 1 is asking. In addition, you can do it at your own pace, and feel you have 'put your stamp' on the property.
Just think about it, paint and new floors can transform a house for less than a few grand.
I'd suggest you withdraw the offer on Friday. You don't have anything to lose and ultimately you need to call the EA's bluff. You can submit a lower offer the following week, to really put the sh*ts up them!
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Not to mention that you could put an offer in 10K less than the asking on the other house and potentially save 60,000 euros.
 
Minnie - what's the story now? You're way too quie for my liking! Have you paid full price for the first house?
 
We have decided we do want the 1st house. We offered another 5k Friday and they still turned it down but that is our last offer for now. My Dad told me there is no point in bidding against yourself especially since no one else is bidding on it. So now we have to wait it out and see what they'll do next. My biggest fear is that someone else will look at it and a bidding war will start.
 
Don't be bidding against yourself! Once you start that the vendor will be in no hurry to accept your offer.
 
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