how low is too low

Hi, ok i’ve just started viewing houses and will hopefully but a bid on at least one of them in the next few weeks. i’m just wondering how low is too low. i’m looking around the navan area and would like to start low but not seem like a time waster? any ideas.

I was going to ask the same question myself.
I suppose you firstly have to decide how realistic the asking price is in the first place. If they are asking 2006 prices I wouldn’t be inclined to over more than 60%.
I am thinking of putting in a cheeky bid on a property myself but not sure what to offer, they have already reduced the asking price twice so I’m not sure how much lower I can go, am thinking 70%?
Also what do you say when making such a bid? Do you say that’s all you can afford? That’s all you think it’s worth? Neither?
Sorry for hijacking your thread Nutfield but I reckon we have the same questions :smiley:

Trial and error. Its only your time you are wasting anyway, EA’s life is already wasted :angry:.

i dont mind a cheaky one i just dont want to be told no and we wont deal with you again or something.
when you put in a bid do you need to justify why its so low. Like it’d need a new boiler and radiators, and stuff like that or do you just pop it in and say its low but i can close quickly?

I doubt if vendors can afford to be so picky.

I want my offer to be cheeky, but not ludicrous, in other words I want them to see me as a serious buyer and come back to me if they get another offer.

thats exactly how i feel about it. i dont want to pay more than i have to but i would like it to be seen as a serious offer.

The general consensus seems to be if you don;t want o pay more than you have to then hold off.

Why are you bidding now? Are you watching what’s happenning around you? You should not bid on anything now. If you buy now you will be in negitive equity by the time you move in. This is advice I repeat to anyone I see in your situation. There is a long over due correction about to happen in the irish property market. We had the biggiest bubble ever in property worldwide, and the corresponding deflation of tha bubbble has not yet happenned. Stall the digger.

i know neg equity is a problem. I dont plan on ever moving again, what i’m looking for is a house i can stay in for the rest of my life. i’m looking for something that is big enough for whatever i may need down the line. i’ve found a few maybes and am working on viewing some of them now. i’m just wondering if i do decide to buy now is there any rule of thumb when it comes to making a bid.

Because I want to move house now :slight_smile: that’s why I am only prepared to make a very low bid even though I could afford more. If I got it for my bid, it would be <50% of what they were going for in 2006 so I’d take my chances there. I don’t buy the “If you’re never going to move it doesn’t matter line” though.

Personally I won’t ever be in negative equity TG

Too low is probably in the context of rental value rather than in the context of the EAs estimated price.

To me it’d be anything below 10 times a lowend estimate of annual rent.

no i’m not nuts. i want to have a home of my own with my other half. i do not want to spend the next 10 years with my parents and i havent seen anywhere i want to rent. i know prices are falling and i know things will get cheaper but i want to buy in the near future so i can actually live a life and not have crippling mortgage repayments which is why i didnt buy sooner.
thank you for your less than helpful comment. if you cant say something useful dont bother logging on.
i have heard all the warning and have given them to enough people. i know now isnt the best time to buy, but like i said even in 10 years it might not be the right time.

You know some of you people really shouldn’t anwser unless you have advice to give.

There are loads of FTBS out there that may or may not buy this year(I’m 1 of them), and all we want are genuine answers not questions on how smart we are.

I myself would like to buy 6 months from now and want to bid 300K for a 500K(way overpriced house). How low is too low?

Help us out people instead of some of you just making smart arshe remarks.

We want to be taken seriously when the time comes to bid, but not be taken for a ride either

Thanks in advance

You’ll have to happen upon a distressed seller then!

To be honest. If I’m looking at a property on the market for say 350k today. I think the min. realistic bid in the eyes of EA / vendor is approx. 20% under ask. so you are at 280k.

Now, I personally think we are now heading all the way back to 200k for average 3 bed semi ds in Dublin (attach whatever premia you like to location, bathrooms, quality of build). But either way, I’m saying you need to bid 40% under ask to insulate yourself (and I’m probably wrong) however, I don’t think EAs or vendors are prepared to countenance this scenario for at least another 2 years.

Unless, you are prepared to play hardball like geckko at the premium end of the market where the falls are bigger (currently) but even then you must be stone solid in your determination and be prepared to say this is the only offer from me on the table. Come back and give me a shout when you are interested.

In reality, this topic has been covered on the 'pin in multiple threads over the past few days. Certainly in Navan, you could use Iguana’s tip about printing out the MyHome map and showing how many props are for sale and tell them you are going to get into a reverse auction.

Whichever vendor is prepared to meet your offer, gets the cash.

Hardball but this is the deathground after all according to Eoghan Harris!

Far too sensitive ascott… To be honest, the 'pin is not really an advice site and posters once they stay within the terms and conditions of the welcome forum are free to post whatever they like and it’s reasonably on topic.

It’s our sandbox and if you want to come and ask the collective’s advice, you must take the rough with the smooth.

This is not askaboutmoney…

You got perfectly straight answers Ascott , none of which i disagree with in the slightest, and anything more precise would depend on knowing what area it was what kind of house etc. We do not expect that info and the advice is spot on in its absence.

Nobody has misled you…although I could see things degenerate rapidly were you to say that you wanted to move to Bray 8)

Now, there’s a lovely person with a genuine thought on our concerns.

Thanks. I feel the house i want will be worth no more than 300K, but can’t see it going for less than 375K as I get the impression that the owner can wait it out.

In saying that, it’s been on the market 2 years so I may get lucky

I agree with Ascottdub. The condescending “Are you stupid, prices are falling LOL” reply is getting very repetitive. I will probably be buying next year, like it or not, because thats the deal in place with my other half, and some people have their lives to get on with and other concerns than possibly being in negative equity. Of course, if prices have not fallen to what I consider good value, I will look for a good rental instead :nin if the boss agrees.

I spoke to an EA about this a while back. He’s based in another Midlands town but it’s probably applicable to many places.

At the time I was going to offer (another EA) 25% below the asking price and he advised to be careful as if I was seen to be “insulting the house” I would end up being blacklisted and that EA firm would not entertain enquiries from me in the future.

Sounds crazy, but I am just repeating the advice I was given which my give some insight into the way EA’s think!

I’m not buying in Bray, I’m a Northsider, I work Southside and that’s enough for me.
I did say that SOME of the posts here have nothing to do with the questions asked.
Some of them are just plain smartie pants, and some are very genuine.

I’m happy to play in your sandbox and didn’t mean to come across as sensitive.

It just seems that alot of posts on here are very repetitve on the ‘Are you mad to buy now line’.

Thanks in advance