Bidding against ourselves?

H

homeseller

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We have found a house we'd like to buy. House on the market for 5 weeks. No offers.

We put in a low offer today. EA said low offer wouldn't be entertained. We have been told that vendor wants to move asap. We wish to close quickly.

It is def overpriced. At least by 100k, if not by 150k. EA has suggested bluntly coming back with a more realistic offer, but surely we're just bidding against ourselves and feeling now we should let this property go.

Any opinions? Thank you!
 
You have two options

1. Offer more and dress up your offer with your confirmed mortgage offer, deposit in bank etc.
2. Look for something else.

I don't believe, based on what you have posted, that you can say you are bidding against yourself.

Only you can decide what this property is worth to you.

Having said that, I would love to see the Swedish system brought in here where bids are openly posted on the agents listing; no cloak & dagger rubbish.
 
At this stage I believe the ball in is the vendors court as you have made an offer which will either be accepted or not and if not they will more likely instruct th EA to let you guys know what would be acceptable to them.so I'd just wait and see what happens.
 
Ask the EA what kind of offer would he/she suggest the sellers would consider again stating you are not part of a chain and willing to proceed quickly should a price be agreed.
 
You aren’t bidding against yourself if your initial offer is not sensible .

decide what you would be happy to buy it for and make a sensible offer if that’s refused then move on.
 


Offer was rejected. We are the only offer. We are cash buyers.

Time to look somewhere else unfortunately!
 
Blackrock1 said:
You aren’t bidding against yourself if your initial offer is not sensible .

decide what you would be happy to buy it for and make a sensible offer if that’s refused then move on.
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Thanks. We love house and location but time to move on. Thank you
 
Similar properties...ie in better condition went for 100k less than this property is asking.
 
We were also told the vendor wished a v quick sale. We are in that position so I'm thinking that's not really the case.
 
homeseller said:
Similar properties...ie in better condition went for 100k less than this property is asking.
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I have a feeling they know you want the house, €100,000 is alot of money, think before you leap.
 
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If you are fairly certain that its over lriced by 100k and you have a strong basis for that opinion then you should stick to your guns and walk away. Or else if you really love the lroperty maybe decides how much you will go above your offer to secure it, think of it as a premium you will pay for the fact that you love it and wamt it. For e xample 10k over life of mortg aint much if you really want house and its of a certain value.
 


Thank you. We are moving away from this property. Hard to do but we wouldn't be happy with a higher price and we could do alot with 100k as we'vea couple of kids who will use this money . Location is fab but house needs work. Alternative house is not a stretch. Ticks a no of the boxes and although not our dream, is a v good option.
 
Why are the options only ‘A’ or ‘B’?

‘A’ being to pay what you view as over the odds.

‘B’ to walk away.

What about ‘C’? It’s only been on the market for 5 weeks. Restate your offer and make sure that it’s in writing. If you really want it, perhaps be prepared to move somewhat; not by €100k, but if it’s not worth that, who else is going to pay it? Would it be the end of the world if you got it for €20-40k more than you’ve offered. What you’ve offered and that plus €100k aren’t the only two potential outcomes.
 
homeseller said:
Offer was rejected. We are the only offer. We are cash buyers.

Time to look somewhere else unfortunately!
Click to expand...

If it was me, I’d see if that EA has any other half-suitable house(s) on his books. And if they do, make enquiries. A viewing, etc.
The EA may return to the original vendor to say that you’re actively looking elsewhere.
It may focus the mind.

BTW, are you under time pressure yourself? Kids enrolled in school, etc?
 


We will stay in the area as kids in school. We've widened our search a bit and have agreed we won't increase our original offer. The house was up.for sale before twice!! And neither time closed.
 
Have you talked to the estate agent about what might be accepted? While he is working for the vendor and paid by the vendor, he only gets paid if he sells the property. Better to get 1.5% on €430,000 than 0% on €500,000.

You went in with a low offer looking to get it for what you think is a good price. How much more would you deem a reasonable price?

If the house has been up for sale twice before, maybe they aren't in as much as hurry as you've been told.
 
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