First time buyer and bidding

Thanks for all of your advice. The EA called back and said that 'as he expected she will not take anything less than the asking of 375k'. This annoyed me as it was at odds with his previos comments.
He has been pushing another property in the estate that that is the same and is asking for 360k. He thinks it will go for 350k. There are now 5 of these houses on the market ranging in asking price from 350k-395k
Should we view it even though we are set on the one we have the offer on?
We are renting a place from a relative so we are not in a rush. I am inclined to sit and wait while viewing other properties. Our current offer is 352 and we can go to near the asking price but the market isnt inspiring confidence in us at the moment.
 
balkanhawk said:
Thanks for all of your advice. The EA called back and said that 'as he expected she will not take anything less than the asking of 375k'. This annoyed me as it was at odds with his previos comments.
He has been pushing another property in the estate that that is the same and is asking for 360k. He thinks it will go for 350k. There are now 5 of these houses on the market ranging in asking price from 350k-395k
Should we view it even though we are set on the one we have the offer on?
We are renting a place from a relative so we are not in a rush. I am inclined to sit and wait while viewing other properties. Our current offer is 352 and we can go to near the asking price but the market isnt inspiring confidence in us at the moment.
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I think you are very brave buying a place at the moment.
But if you intent to I think you should continue to offer well well below the asking prices for any property you bid on.
There is so much out there out the moment that you have plenty of choice and eventually ye will get something
 
balkanhawk said:
Thanks for all of your advice. The EA called back and said that 'as he expected she will not take anything less than the asking of 375k'. This annoyed me as it was at odds with his previos comments.
He has been pushing another property in the estate that that is the same and is asking for 360k. He thinks it will go for 350k. There are now 5 of these houses on the market ranging in asking price from 350k-395k
Should we view it even though we are set on the one we have the offer on?
We are renting a place from a relative so we are not in a rush. I am inclined to sit and wait while viewing other properties. Our current offer is 352 and we can go to near the asking price but the market isnt inspiring confidence in us at the moment.
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I'd say there's absolutely no reason not to view the other house. It'll give you a better idea of what else is out there, and you never know, you may actually end up prefering it.

Just going by what you say, I'd be amazed if you didn't get what you're looking for at your current offer price (and maybe even lower) within the next couple of months.
 
Thanks, i think our offer is decent for the current market but its hard to know which way it will go in the future. The next interest rate decision will be important for everyone. Fingers crossed
 
Strangely, I made an offer on a 3-bed semi 5k under the asking price, and the vendor accepted it even before I put down the phone ... makes me suspect that I could have gone lower.

PS - asking price was 225k ...

If you're worried about the next interest rate decision ... fix your mortgage for a while ...
 
Remember one important fact. The EA makes his money on commision. The higher the price the more he earns. This is a buyer's market. Believe it or not. If this one fails there will be another property that you fancy. Give him your price and pick a time and date that this price is good until. After that wait. Do not worry, if they do not come back to you and they want to sell, yopur price is going south. Tell him you have an offer on another property but would prefer this one and watever price you choose is your price. The property market is full of liars and unfortunately if you want to play the game, play them at their own sport. Good Luck.
 
Palantir_Use said:
Strangely, I made an offer on a 3-bed semi 5k under the asking price, and the vendor accepted it even before I put down the phone ... makes me suspect that I could have gone lower.

PS - asking price was 225k ...

If you're worried about the next interest rate decision ... fix your mortgage for a while ...
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In the current market you would probably have had an offer of €200k accepted.
 
Very interesting article!! I havent contatcted the EA in a while but one of his colleagues left me a voice mail about a different property. He said 'it may be easier to buy'. I think we may view this place even though we are set on the first property. I guess it will give the impression that we are looking and are not 'desperate'. Any thoughts?
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Remember one important fact. The EA makes his money on commision. The higher the price the more he earns.
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So if he drags another 10,000 grand out he pulls in another €100 to the company and maybe 10/20 euro to himself so I don't think its the EA you need worry about .


He said 'it may be easier to buy'
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which suggests also easier to sell. This sales process sounds like it is being hindered by an over ambitious vendor that is in no hurry to sell (yet). The EA probably knows that he is being asked to get too high a price , but the vendor has the last say so there is little the EA can do.


Yes, things are that bad and worse! many vendors have dropped prices by much more than that and still cannot sell:


[broken link removed]

http://www.irishpropertywatch.com/
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It is also important that one takes a balanced look at the market, do not base your opinions on doom mongers or the boomers opinions as they tend to concentrate on a particular area and use this as the general gospel for all areas. There are many different markets within the property market and some research into your area and type of property alone is needed not a general sweep of the marketplace
 
I'd suggest just sitting tight for the moment. It's very unlikely that somebody will come in at the asking price or just below.
 
mercman said:
Remember one important fact. The EA makes his money on commision. The higher the price the more he earns.
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Altough the EA makes their money on comission its not the single sale that makes them their money, its the turnover - the need to turn over houses as quickly as possible. 5k extra on a house is not the extra effort to an EA (@ a very generous 2% comission thats 100e), they would much rather get as many houses sold as possible - thats where it all adds up
 
Apple* said:
personally i'd agree with the EA... if i had my property on for 375k and you went in 30k below i'd be disgusted also!!!
.
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Eh, what? Business is business. There's price drops going on. Be annoyed, sure.. but "disgusted"?
 
Went to view the other property on Monday. It was OK but was no as nice as the previous one. We then noticed that the nicer property had dropped their asking price to €365k from €375k. Our last offer was €352.
I then got a phonecall from the EA who showed us the 2nd prop asking if we were interested. I told him that we were more interested in the first property but that we would consider it if the other one fell through.
10 minutes later the EA who is dealing with the orig property called me. I was expecting it as both EAs work in the same office.
He said that she will not take anything less than €365 and it is pointless offering anything lower than that. Sounds familiar. He said that the market is warming up and they have sold more houses in the last 3 weeks than they have in the last 3 months. He also said they three couples have viewed the house this week alone and we may loose it. i said that we will not go to €365k. I am tempted to raise the offer a few thousand.

Any opinions?
 
balkanhawk said:
Went to view the other property on Monday. It was OK but was no as nice as the previous one. We then noticed that the nicer property had dropped their asking price to €365k from €375k. Our last offer was €352.
I then got a phonecall from the EA who showed us the 2nd prop asking if we were interested. I told him that we were more interested in the first property but that we would consider it if the other one fell through.
10 minutes later the EA who is dealing with the orig property called me. I was expecting it as both EAs work in the same office.
He said that she will not take anything less than €365 and it is pointless offering anything lower than that. Sounds familiar. He said that the market is warming up and they have sold more houses in the last 3 weeks than they have in the last 3 months. He also said they three couples have viewed the house this week alone and we may loose it. i said that we will not go to €365k. I am tempted to raise the offer a few thousand.

Any opinions?
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My opinion - you are being played by EA, not for his profit, but because vendor wont drop price. EA is using all usual tricks to try and get you to up your price. Same trick as all salemen, ever had a carsales man try this on with you, exactly the same trick the EA is using - thats his job.

Why won't they vendor drop their price - cos they think they can get more!

What you have to do is persuade the EA & vendor that your offer is final and then they may take your offer seriously and either they accept it or not.. If not you have to just forget about it and more on. There's plenty of houses out there!

Try not to get too attached - I think you are.

Good luck
 
comanche said:
My opinion - you are being played by EA, not for his profit, but because vendor wont drop price. EA is using all usual tricks to try and get you to up your price. Same trick as all salemen, ever had a carsales man try this on with you, exactly the same trick the EA is using - thats his job.

Why won't they vendor drop their price - cos they think they can get more!

What you have to do is persuade the EA & vendor that your offer is final and then they may take your offer seriously and either they accept it or not.. If not you have to just forget about it and more on. There's plenty of houses out there!

Try not to get too attached - I think you are.

Good luck
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I'd agree with a lot of this, but not the bit about saying your current offer is final and "take it or leave it": I don't think this is a good strategy.

I'd just say "the offer's on the table"; "I'm in no hurry"; "there's plenty of choice out there"; "I can close quickly" and "prices seem to be falling": stuff like that.

That way, you're putting pressure on them to move rathar than being pressured yourself, and avoiding killing the negotiation by saying "take it or leave it" (in which case you risk loosing it right now, or loosing credibility if you subsequently decide to up your offer).

The only way you can loose it now is if someone comes in at a higher offer: it's up to you to judge how likely this is vs. how badly you want this particular one.

As previously said: try and keep emotion out of it and rember it's real cash you're negotiating with.
 
Thanks, we have remained quite emotionally unattached from this property but i wonder if the market is picking up as the EA said??

My girlfriend wanted to say that this is our 'final offer' but i was more inclined to say 'it still stands' or what was quoted in the last reply.

I am waiting for the EA to come back and say there is another 'bid' that is higher than our own.

Cheers for the advice.
 
The market has most definatly not picked up. The ERSI say by the end of the year prices will be down 15%. Take a look at the graph on http://daftwatch.atspace.com of unsold houses on the market. It keeps going up and up and up. If no more houses were put up for sale, it would take a year to sell all the ones currently for sale. Hold your nerve. Its like poker, and you need to call his bluff. I bet if you withdraw your offer, the asking price will suddenly drop, and you could get it for less than E352. The lower you can get it, the less years your gonna be paying off your mortgage.
 
Is it worth you getting a friend who is up for annoying the EA, asking really how low will seller go and so on, even get him to drop into seller to see if ea is telling the truth, also some people drop a note in the door
 
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