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Understanding how to buy a house and sale agreed

By Md at 08:49, Fri April 13 2012, in Buying or selling - 17 responses

http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/steps_involved_buying_a_home.html

The asking price is a negotiating starting point, generally buyers will (read should) offer less - this is up to the buyer but because we have no price index regarding sale prices of properties, it is really difficult for buyers to know for certain whether or not they are paying the correct market price.

Some people find that as soon as they express an interest in a particular property the Estate Agent may tell them that there is another interested party to encourage another, higher, offer - these are called phantom bidders, again it is up to the buyer to decide whether or not they wish to offer more.

It is advised that you get a survey done as a seller is under no obligation to inform you about any defects in the house, this is normally done before finalising the deal - if you make an offer and it is accepted then you are required to give a refundable deposit. If the survey comes back and the house has a problem you can get a quote to see how much it will cost and deduct this from your offer, or simply decide to go no further, you will get your deposit back but not the cost of the survey.

You can make an offer, give a deposit and make it a requirement that the house is taken off the market - if it's not on the market then other offers can't be forthcoming. Any sensible seller will agree to this.

They may require proof of mortgage approval in order to see if the sale can be completed - which is fair enough.

From accepting the offer to going sale agreed shouldn't take too long if both parties agree on a price and if the seller proves he can complete the sale.


My own advice - offer 30% less than the asking and see what develops, increase bids in 1k increments to try and reach a suitable price. Know your budget and stick to it.

Look at sites like http://www.thepropertypin.com, they have a section on price drops in certain areas, also http://collapso.net/, use these as your starting point to try and understand property prices and the market in general. If you are unsure of a property price join the property pin and put a WIW (what it's worth) post in and you will get some sound advice from the contributors.

Bear in mind that this site has been tracking the whole property market for years and they are still of the opinion that there are further falls to come.

Last piece of advice - an asking price is just that.


Good Luck

MD
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