House price €275, offer €255

The laughing has stopped a good few months back.
Offer 230 and increase 5 later to seal the deal
 
This is the biggest financial decision of your life. Hold out for a few months and rent a place. Don't buy this EA/builders hype that there is great value out there. For the first time in many years the market is in favour of potential buyers so make it work for you. House prices have to get back to a reasonable rate relative to average incomes. Research what happened in the UK and Japanese markets in the late 80's and take a very reasonable gamble that the same will happen here. It is now happening in the UK again and the only thing keeping prices up here is loads of PR from estate agents , the CIF, and economists working for or in the back pocket of banks and building societies. These people thrive on high prices and the media give them too much publicity imo.
Eventually developers will have to lower their prices for new developments to pay off their loans. This will knock onto 2nd hand prices. especially in an area like Navan.
 
good point aidan. maybe waiting six months might be the best thing. HOwever fft buyers are spending a smaller portion of ther total income on morgages than they were six months ago.

I would wait six months house prices are only going to go down during that time. The danger is you might have your heart set on buying a house. dont let your heart win out.
 
Well, I called the estate agent and offered €235k, she said it was well below the asking price.
I said the vendors are in a hurry to sell, I'm a ftb with mortgage approval so there will be no hold-ups. She said ok and would call me back.

So wait and see!

Neil.
 
Neil, make sure the agent provides you written confirmation that they put your offer forward to the vendor. Otherwise they could be just yanking your chain.

Remember not all buyers have the ability to understand the market as you do and will gladly fork over the asking price.
 
slinky said:
Neil, make sure the agent provides you written confirmation that they put your offer forward to the vendor. Otherwise they could be just yanking your chain.

Remember not all buyers have the ability to understand the market as you do and will gladly fork over the asking price.
Click to expand...


1. The EA has no obligation to OP to provide written confirmation...........
2. Most vendors and EA's have grasped that serious purchasers are in short supply - I just don't buy the paranoid "they are all liars, cheats and eejits" crap who are not passing on offers.
3. If I was selling my house, I would sell it to the highest bidder. I would not engage in a competition as to who I though understood the market best. Strange but true.

mf
 
mf1 said:
1. The EA has no obligation to OP to provide written confirmation...........
2. Most vendors and EA's have grasped that serious purchasers are in short supply - I just don't buy the paranoid "they are all liars, cheats and eejits" crap who are not passing on offers.
3. If I was selling my house, I would sell it to the highest bidder. I would not engage in a competition as to who I though understood the market best. Strange but true.

mf
Click to expand...

1. I didnt say they are OBLIGED, I said make sure you GET. An EA will not mind a polite request if everything is above board. Unfortunately, there are occassions when they don't bother putting offers forward. Why should an EA put forward an offer for 40k less than the asking price when the current attitude is to leave your house on with an EA for over a year in the hope of getting exactly the asking price.
2. No ones asking you to buy any crap.... I have advised the buyer to ensure his offer is taken seriously nothing more.
3. You are correct and I have not said otherwise, merely advised the buyer that while they put in a reasonable offer in the current market, not all potential buyers are savvy enough to do the same and will pay the full asking price. And they may therefore miss out on the house, due to another buyers ignorance and the sellers desire to get the best price. This is commerce at its best and worst.
 
" when the current attitude is to leave your house on with an EA for over a year in the hope of getting exactly the asking price."

This is so not true. Vendors are desperate to sell their houses. I just do not see any evidence that EA's are encouraging the above - they will not get paid until the house is sold. I deal with a lot of estate agents - I find them fine to deal with. Mostly they are supremely practical.

Why would they encourage the above behaviour?

mf
 
I did not imply that EAs are encouraging this attitude. I am saying that vendors are not aggressive in selling they are merely accepting the situation and taking no action to get rid of their EA or dropping the price. So EAs will be under no pressure to achieve.

daft is full of houses that have been on sale for over 6 - 18 months.
 
Because some of them act in the manner stated. Estate Agents are obliged by law to submit the bid to the vendor, no matter how good or bad it is.

Neil - the likelihood is that they will come back and ask for another offer - it's up to you, but in this market there's no need unless you really really want the property.
Mf1 -maybe the EAs you deal with are practical - lucky you. Most of the EAs I have come across are unparactical and downright spoofers.
 
Hi there,

Certainley not! Go for it, almost all auctioneers will be open to offers of any description for their vendors especially the way the current market is at the moment!

I went to view a house the other day that was on at 285k when i walked in the door the ea said "vendor would probably take 283k" then by the time i was leaving the house ten minutes later the ea was saying "if you were thinking of an offer in or around the 270s i can put that to my client". It dropped 15k in 15mins thats 1k per minute!

I decided against it but i also got 15k off the one that i went for in the end. People want to sell at the moment so its a buyers market, may not be for long so my advice is go in as low as you want and work from there.
 
Hi there,

235 is a great offer and they should jump at the chance of selling it for that.

Just wanted to tell you what happened me. I am in the process of buying a house. It initially was on for 600k in Sep and has fallen through twice, each time with a reduction in the asking price and with the seller getting even more frustrated. The house is in a great location and although needs a bit of work is a great size so I really was interested in it from the beginning. The last asking price was 530k and when I offered 460k for it the EA chuckled and said that never in a million years would they take it and that they would probably rent it out rather than let it go for that.
So I waited.................and guess what 2 weeks later he called me back to see if my offer still stood.

So never think your offer is too low. Its a buyers market so make sure you keep re-iterating that you are ready to go and that its worth a lot of money. Your position makes you a damn good bet for the seller so take your discount where you can!

Buyers should stop thinking about Estate Agents and sellers feelings about prices being too low. Or being laughed at. At the end of the day you're the one who has to pay the mortgage so do you really care if they laugh or feel hurt.
 
Hi Lulu,

Thanks for the advice, I'm curious to see what the estate agent says when they call me back.

Neil.
 
I think its not a buyers market everywhere. Certain well located desireable addresses seem to be holding their value. I viewed a 3 bed semi in Cork with PP for extension recently.

Asking Prce was 400k. The day i viewed it there was an offer of 362. Over the past fortnight this has increased to 390 and now 397k

So it depends. Some areas will always be in demand. Either that or not everyone in the market at present is aware of the recent trend in falling prices.
 
Well there are nearly properties 65000 on daft alone for sales today and almost 12000 for rent, so I wouldn't be in too much of a rush to commit if I was you Mr. Ireland.

As was mentioned by thejuggler though if a house is in a good location (with very few nearby for sale) then I would take a slightly different approach.
 
Well I just got a reply from the EA, he said was I serious with my offer. He also said that I was belittling the market and the property I viewed and that I was taking the pi$$.
I said I was serious and my offer stood, he said there is no way he would deal with me and and not to be wasting his time on that property or any other properties he has on his books, he would welcome me viewing other properties but not to make ridiculous offers like that.
He said there was 10k off the original price and there was no way I would get a house for the price I offered.

Neil.
 
Hope you rebutted back and said that's what the property is worth - its only worth what someone is willing to pay.

You offered the correct amount, if the seller is not insulted you have offered too much! :)
 
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