Help with selling

Status
Not open for further replies.

Thomas22

Frequent Poster
Messages
251
Just to give an update, I've contacted the agent today and asked if the bid was serious.

The agent said she has dealt with the coule before and they have put in very low bids on a number of properties. If the seller didn't accept they just walked away! She thinks I should accept the current bid but I'm inclined to wait a bit longer and see if some comes in closer to the asking price.
 

PM1234

Frequent Poster
Messages
959
Remember the EA is also trying to close the deal. The main thing is though to satisfy your own future needs. If that means accepting a lower bid in order to obtain your ideal home, then its worth having a serious think about it.

Bear in mind though that your 'ideal home' is only bricks and mortar and you are sure to find another. Good luck with your decision.
 

mo3art

Frequent Poster
Messages
721
Have you taken into account that it's the "silly season" at the moment and there is a chance the market has quietened down until September?

FWIW There is normally a large drop off of prospective purchasers at this time of the year.

In the month of August, the canny purchaser would be making offers significantly below the asking price, particularly if the property has been on the market for a long time.

Also, have you tried to negotiate on the price of the house you want to acquire? Is it a new or second hand property?
 

Maine

Frequent Poster
Messages
79
Have you taken into account that it's the "silly season" at the moment and there is a chance the market has quietened down until September?
FWIW There is normally a large drop off of prospective purchasers at this time of the year.
It should however be noted that the market went quiet August 2006 and has been headed one direction ever since.

There were were definitely offers made in August 06 that were seen as low at the time however would now be above going market rate

See if you can negotiate the offer upwards. Remember if you are trading up property falls are good.

ie selling a house for 315 that would have made 350 last year and buying a house for 630 that would have made 700 last year means you have gained €35k and also have less stamp duty to pay and lower EA fees.....you could be up by almost 50K !!

Rising property markets are good for

1. Banks
2. Those exiting the market
3. Investors / speculators

It is definitely not good for FTBers or trader uppers
 

Raskolnikov

Frequent Poster
Messages
348
Have you taken into account that it's the "silly season" at the moment and there is a chance the market has quietened down until September?
I have to say I agree.

No one is currently buying, therefore buyers are taking advantage of desperate sellers putting in extremely low offers.

I would suggest that the seller should hold on until Autumn before accepting a lower price. You have a property in a prime location and the market sentiment should be improved by the time we get to the Autumn selling season.
 

CCOVICH

Frequent Poster
Messages
8,831
There may be no offers in the autumn. One offer in 9 months isn't a good sign. I can't see what conditions will have improved by the autumn other than the fact that people are back from holidays.
 
J

Jaid79

Guest
There may be no offers in the autumn. One offer in 9 months isn't a good sign. I can't see what conditions will have improved by the autumn other than the fact that people are back from holidays.
It seems everybody wants to sell and nobody is buying at the moment. I think that situation is unlikely to change until after christmas.

My reasons for that call are that the intrest rates should have stablised by then. Also the government will have brought in a new TRS rate for FTB, to try and stimulate the market.

Jaid
 

shirley_d

Registered User
Messages
23
To be honest, I would sell as what ever price you can get now, before the value drps lower. I would then rent somewhere for 6-12 months. But the time you look for your 3/4 bed house it will be worth less and you will get the most of your sale. This of course assumes the 3/4 bed will drop more than a years renting but I believe that is likely.
 

MrMan

Frequent Poster
Messages
1,470
Before adhering to further negative speculation, you should deal with the job in hand first. Why not tell the EA to go back and say that the offer is somewhat below your estimation but you may be willing to compromise if they are serious bidders. Don't tell him what your compromise is just see iff he can get them to make another bid. If like he says they 'always' bid very low then walk away then you can still change your mond and go back to accept. TBH they are looking for a very cheap buy, but the EA should be able to get them to got to €317,000 at least and then maybe look at a 'deal' on contents for cash. Either way if the EA can get some action going on your apt it will attract others. Don't accept the current offer is my opinion and the EA has as much as said that they are offering well below market value.
 

CCOVICH

Frequent Poster
Messages
8,831
TBH they are looking for a very cheap buy, but the EA should be able to get them to got to €317,000 at least and then maybe look at a 'deal' on contents for cash.
'Deal' is nothing more than a euphemism for tax evasion. Bad advice.

The topic of a separate 'deal' for contents has been discussed many times before, and the advice/opinion from our solicitor members is always the same-it's not a good idea.
 

comanche

Frequent Poster
Messages
213
Before adhering to further negative speculation, you should deal with the job in hand first. Why not tell the EA to go back and say that the offer is somewhat below your estimation but you may be willing to compromise if they are serious bidders. Don't tell him what your compromise is just see iff he can get them to make another bid. If like he says they 'always' bid very low then walk away then you can still change your mond and go back to accept. TBH they are looking for a very cheap buy, but the EA should be able to get them to got to €317,000 at least and then maybe look at a 'deal' on contents for cash. Either way if the EA can get some action going on your apt it will attract others. Don't accept the current offer is my opinion and the EA has as much as said that they are offering well below market value.
What has 317000 got to do with things? As for tax avoidance - well I don't think that’s gonna help anyone!

Like all things, the buyer should have a price in mind and the seller a price in mind. If these prices differ and they can't come to an agreement then no deal. The vendor must realise the value of the property or they will get a bad deal, likewise the buyer.

@OP - I suggest that you do your market research - look at what all similar properties are asking for and selling for. Talk to other EAs, nothing wrong with that, ask what similar properties have gone for in the last 3 months and price accordingly to sell. You have an offer in the door at the moment, get your EA to present the facts to the buyer and try to negotiate up.

After that all I can is good luck!
 

MrMan

Frequent Poster
Messages
1,470
What has 317000 got to do with things?
I don't envisage them coming back in at a higher stamp duty threshold so €317,000 would seem obtainable.


'Deal' is nothing more than a euphemism for tax evasion. Bad advice.
Deal is exactly whay buyers look for when taking contents. For instance buyers generally when looking to leave the white goods would only want to pay for a small percentage of their true value, in this scenario the vendor could require a high to full value on conotents to beef up the price, I wasn't condoning cash 'under the table' just trying to offer viable solutions
 

Thomas22

Frequent Poster
Messages
251
Thanks to everyone for all the advise.

I've told the estate that we aren't interested in the €310k offer and told try and bargain them up to at least €320k. At this stage all I'm hoping for is that we can get enough to pay off the existing mortgage and any legal fees.

We've also contacted another 2 estate agents over the weekend and they are going to send someone out to value the place today or tommorow. Hopefully this might get some renewed interest in the place.
 

MrMan

Frequent Poster
Messages
1,470
If the interested party is a FTB the threshold is not relevant anymore.
Sorry if I misinterepreted your earlier post.
No worries, and I just presumed they were investors tbh, but looking back they could very well be crafty ftb's
 

Thomas22

Frequent Poster
Messages
251
Thanks to everyone for all the advise.

I've told the estate that we aren't interested in the €310k offer and told try and bargain them up to at least €320k. At this stage all I'm hoping for is that we can get enough to pay off the existing mortgage and any legal fees.

We've also contacted another 2 estate agents over the weekend and they are going to send someone out to value the place today or tommorow. Hopefully this might get some renewed interest in the place.
The agent informed me this evening that the couple have withdrawn their offer as they are unwilling to negotiate on price. I thought that might move up a little but I was never going to accept their offer as it was below my purchase price.

Both Estate Agents are coming tomorrow so really hoping for some good news on the valuations.
 
L

LUFC

Guest
If their offer (€310k) was below your purchase price, yet your willing to deal with prices from (€320k) onwards, given the fact that your apt has been on sale for 9 mths, would you not take the small hit given the current market conditions?
If your an investor then surley you must be able to read the current market or are you just flippin an apt to try cash in on a few extra quid??
 

MrMan

Frequent Poster
Messages
1,470
If their offer (€310k) was below your purchase price, yet your willing to deal with prices from (€320k) onwards, given the fact that your apt has been on sale for 9 mths, would you not take the small hit given the current market conditions?
He has already reduced his valuation by €70/80,000, every €10,000 will count i'm sure
 

Thomas22

Frequent Poster
Messages
251
If their offer (€310k) was below your purchase price, yet your willing to deal with prices from (€320k) onwards, given the fact that your apt has been on sale for 9 mths, would you not take the small hit given the current market conditions?
If your an investor then surley you must be able to read the current market or are you just flippin an apt to try cash in on a few extra quid??
Because 320k is enough to pay off my mortgage and legal fees but 310k isn't.
 
Status
Not open for further replies.
Top