Our offer to developer was turned down- what to do next?

Hi all,

I know you will all say it’s a mad time to buy, but we’ve weighed up all the pros and cons and the time is right for us for a number of reasons.

We have mortgage approval in principle, are not in a chain and are ready to pay a deposit. We sold our own house in August '08 and have been renting since.

We made an offer today on our dream house. It’s on at €395000. We offered €330000. She said no way and said they would accept €380000. There were originally 13 houses for sale. About 6 seem to be occupied. She said there was only one house and the showhouse still for sale and that they had no problem getting buyers. Is this a load of sh*t to get us to increase offer? We can afford to pay €350000, but would obviously prefer not to!

I think part of my problem is that I even had the rooms decorated in this house- a ridiculous thing to do I know. :blush: It would be our home for the next 20+ years.

I know the advice will be to wait another year or two, but the time is right for us now.

What do we do now?

take a weeks breather and think it over in the cold light of day.

you have sold yourself this house, given the use of words like “dream” etc.

If, after a week, you still like it, do plenty of research on other similar houses in the neighbourhood.

then, either buy it or don’t

If “they had no problem getting buyers”, why is it still for sale? Up to you how to handle it ultimately, but I’d point out your situation to the agent (mortgage approval in principle, not in a chain, have a deposit), tell the agent you really like it but not at the price they are seeking, leave your mobile number and tell them to call you if they change their mind. End with pointing out that there is “no problem finding other properties” particularly for a ready buyer such as yourself. See, e.g., www.daft.ie. Sometimes you just have to dance back and forth a few times–you could hardly expect them to just take the low ball without a little haggling. Hopefully you didn’t start at your final offer.

Best of luck. 8DD

sorry; But emotions! Tha!

I had a temporary crush on a girl (family) and she is still with me.
Oh lord ! Only if I had no emotions.

Thanks for the replies.

We didn’t go in at our highest offer.

Don’t know how quickly to increase the offer or how much to increase it by. Should we just give our highest offer (€350000) and say take it or leave it?

No, I doubt that’s your best bet.

If only six appear occupied, I doubt there are only two left. Whether they are sold or not is another matter, they may be, but the owners may be heading for the exits soon (forced sales).

You could inch up and see if they will inch down. The gourd scene from The Life of Brian might be instructive…

Not too clear on this particular topic but if their y/e is December 31 (may not be but a lot are) would it not be in their interest to have another sale pre year end? maybe someone else can give you a line to use! Although if this is your dream home and you’ve picked colours don’t leave it too long!!!

auctioneers at the moment are dealing mainly with people like you who have a deposit relatively secure jobs and have done your research before making an offer.

For EA’s the name of the game is now negotiations and not flash offices. Take your time before making your next offer and put aside the decoration costs which I doubt at not significant in terms of getting your base office price.

That’s a ridiculous comparison in my opinion. You cannot compare the choice of a life partner to that of a home. A home is readily replaceable and reproducible. This is ridiculous marketing that preys on the emotions.

How can you have had the rooms decorated if you have not bought it yet ?

I would echo some of the posters here… don’t put in another offer. Let them know that your original offer stands until the end of the year, or some time frame that you are comfortable with.

If a number of them look unoccupied, and they are indeed sold, as a previous poster said, they may come up for sale soon, and they will be priced for less than the current new builds simply because they have to be to compete.

Buyers are in the driving seat at the moment, the sooner sellers realise that, the better off we will be.

Have people learned nothing from this site, the estate agent’s job is to pile on the pressure and make you pay more than you want to for the house.

THAT IS THEIR JOB. They have no problem lying about how many are sold. If you want to be taken for a ride and made a fool of then up your bid.

Do you have no common sense??

Hmmm, so they’ve only two houses left and no problem getting buyers but 7 are empty and they are willing to drop the asking by €15,000 off the bat!! Well then I guess they do have a problem getting buyers, otherwise they wouldn’t be dropping the price would they!

You’re in a great position now don’t fuck it up by thinking you’ve found a “dream house” and listening to some fucking shyster of an estate agent.

On no account do anything before Christmas.
January is a cold dark desperate month. It is the slowest month for house sales. We have a crippling budget tomorrow that may refocus minds.
Let your developer friend have a good long think about it.
If you want to go back to them the week before Christmas and see do they want to think about your offer again, as we are still interested. But do not offer any more money.
Did you give the offer to the developer direct or the estate agent?

So make sure your offer has gone to the actual builder.

This seems like a game of “who blinks first loses”.

If it were me I would tell the EA that the offer drops to €300k on January 1st and I am also viewing other properties one of which Im going to make an offer on as it seems a better deal at this point.
If that doesnt get the response I want I would check out the site at the beginning of January and if its still half empty I’d ring up the EA and say I am withdrawing my offer as Ive made an offer on another property and I think its going to be accepted (then I’d wait for a week and see what they say when they ring me back). But remember thats only me.

What makes this a “dream” house? It’s in an estate FFS!!It’s hardly unique.
Anyway the EA has you where they want you because you are already buckling and sallowing their guff.
Offer 300k (probably way too much) If they ahd no problem getting buyers why are they not all sold?

You should offer the full ask. The property market is about to rebound and you don’t want to be left behind. It’s your last chance to get on the ladder especially as you won’t be able to secure a mortgage next year. After all, they’re not making any more of it and you can’t lose on bricks and mortar.

That’s what I’d do anyway, if I was ballsy.

TuG

Thats not true. We are making more. Probaly 20k more this year.

Oh for goodness sake. Does everything have to have a smiley on it? :neutral_face:

Oh a sarcasm detector…that’s a useful invention!

I was talking about land. LAND!

The law of the land.

That rules this country.

Clearly, this is a unique one off development and as such your paean to 20,000 more shoeboxes is meaningless in this context, why, this investment can probably make something in the region of 3-5% yield and with ZIRP, it just makes sense.

I think I’ll buy two.