All properties are being sold by private treaty. This means that any offer made can be withdrawn at any point prior to the signing of contracts without penalty. This differs from an auction where bids are legally binding. The vast majority of property sales in Ireland are done by private treaty.
Yes, nothing is binding until contracts are signed. Even if a deposit has been paid, this is fully refundable.
Not yet but we’re working on it. For now, we provide our service in Cork & Dublin as well as surrounding counties.
Property Seller FAQs
In a private treaty sale, there is no incentive whatsoever for the opening bid to be for the guide price. Almost always, the first bid is below the guide price as the buyer will “chance his/her arm” to see if they can get the property for less than the guide price. The estate agent is then relying on a counter offer to push the price upwards. It can take weeks, even months of bid and counter bid to get to the guide price. Often, the original bidder who placed the first offer well below the guide price remains in the bidding even after it has pushed past the guide price ie they were willing to pay more but started the bidding below the guide price. We wanted to create a system that would save buyers and sellers all this time ie we wanted to offer buyers an incentive to make their first offer be for the guide price. We do this by having a deadline for offers ie if you offer the guide price, we will put a deadline for offers of 15 days after the receipt of that offer.
For those who are seriously interested in a property and are willing to pay the guide price, this is attractive. They can cut out all the time-wasting, offer the guide and know that they will have an answer in 15 days. From the vendor’s point of view, (s)he has secured the guide price and still has two further weeks of viewings during which we will show the property to any further interested parties who can make offers in excess of the guide price. So there is still the potential that the bidding can push the property beyond the guide price. Sometimes a vendor will say to us “what if someone comes along after 4 weeks and would have been willing to pay more?” Our answer to this is “well when would you draw the line?” Would you wait 6 weeks, 8 weeks, a year? You are selling your property in the current market to the current buyers, you have secured the guide price and there is a two week window during which the bidding can go higher – you are getting the full current market price.
Our concern with setting a deadline of let’s say one month would be that there is an increased possibility that the offer for the guide would fall through as another property could come on the market that the bidder prefers. They then withdraw their offer and then we no longer have an offer of the guide. Vendors must remember that markets don’t just keep going up and offers can be withdrawn so a buyer who is willing to offer the guide price should be taken very seriously and in our view given clarity as to when the offer will be accepted or rejected. We don’t think that it’s reasonable to say to a bidder who has offered the guide “ok, thanks for your offer, we are going to wait a month now to see if we can do better.” Many bidders would just move onto another property at that point. We feel that a 15 day deadline as soon as the guide price is hit works best for all concerned. Vendors lock in the offer of the guide price by giving the bidder clarity in terms of when it will be accepted or rejected while still having the potential for the bidding to push the price higher. Buyers have an incentive to make their first offer be for the guide price as they know that this offer will be treated very seriously and will automatically set a 15 day deadline.
Auctioneera, like all estate agents in Ireland, is licensed by the PSRA. All licensed agents must maintain a record of offers on each property it is selling. If an interested party inquires about a property, the agent is obliged to tell the latest offer, if any. As buyers are entitled to know the latest offer on a property, putting the offers online is the most convenient and efficient way of making this information available to them.
Yes absolutely no problem; we are more than happy for all viewings to be private ie we will not advertise them on Daft / MyHome or our website. All attendees will have to register in advance of the viewing.
There really is none. We do everything a traditional estate agent does and a whole lot more besides. The cost of selling a property is made up of professional photography, 2D floor plans, Daft and MyHome listings, for sale sign, viewings and accepting offers. The cost of these things, when bought in bulk, amounts to hundreds not thousands of Euro. We don’t think our price is low; we just think our competitors prices are extremely high. We think Irish property vendors will follow countries like the UK in rejecting paying a percentage of the final selling price of their property to an estate agent in favour of paying a fair fixed fee.
The theory here is that local estate agents have scores of prospective buyers, who were unsuccessful under-bidders on similar properties in your area, “on their books”. These buyers are dying to buy properties just like yours and so you should sell your property through your local estate agent in order to access all these would-be buyers. This defies logic – if these people are that interested in buying a property in your area, they will be scouring Daft & MyHome & will be signed up for email alerts. You don’t need to pay high fees to reach interested buyers – you just need to be on Daft & MyHome! We list all our properties on these websites, with great photos of course. Incidentally, we sell far more properties than the vast majority of estate agents so we have a large and growing database of prospective buyers too! There really is no rational reason to pay high fees to sell your property!
Yes, even though the vast majority of interested buyers will find your property online, we still install a for sale sign.
There is no obligation on you to sell if you aren’t happy with the highest offer. We can request a higher price from the highest bidder or withdraw the property from the market.
It makes a lot of sense to list the property for sale in parallel to the application for granting of probate. Getting to sale agreed can take several weeks and sometimes even months; the same is true of granting of probate. Accordingly, it makes sense for both processes to run in parallel. The property won’t be able to close until probate is granted but being sale agreed when the probate is granted substantially speeds up the sales process.
Property Buyer FAQs
The lowest offer that you can submit is 90% of the guide price – we won’t waste time by processing an offer below that amount as the vendor won’t sell for that. If you are interested in buying a property, the best chance of buying it is to offer the guide price. This will automatically trigger a deadline for offers of 15 days. During this period, there is potential that a counter bidder may emerge and if that happens, you will receive an email immediately inviting you to make a counter offer. If you offer below the guide price, we will “sit on that offer” for as long as it takes to get to the guide price. This can take weeks and often months. So if you are seriously interested in a property and are willing to pay the guide price, the best course of action to quickly secure the property is to offer the guide price and then sit tight for 2 weeks and hope that no counter bidder emerges.
No, there is no cost to make an offer. If it is accepted, we will request a fully refundable booking deposit in order to go sale agreed. This deposit is fully refundable right up until contracts are signed.
The deadline for offers is the time and date after which no further offers will be entertained by the vendor. A deadline for offers is set as soon as a property receives an offer for its guide price. The purpose of setting a deadline for offers is to give those who have made offers on a property clarity in terms of when their offer will be accepted or rejected. Auctioneera will contact the person who has made the highest offer when the deadline expires in order to go sale agreed and collect a booking deposit. If someone submits an offer on our website within 2 minutes of the deadline, we will automatically extend the deadline by a further 2 minutes to give any interested party an opportunity to make a counter offer. Once 2 minutes has expired during which no counter offer has been made, we will close the property to further offers.
Your offer amount will be visible on our website but your name or any details about you will not be visible to anyone other than Auctioneera staff. We treat your offer with total confidentiality.
We are regulated by the PSRA and have an obligation to ensure that every offer on our website is genuine. In order to make an offer on one of our properties, you will need its property ID number – this is only available to those who have actually attended a viewing of the property. We hold a valid email and telephone number on file of all bidders on our website. No one can make an offer on our website unless they have physically attended a viewing of the property.
The vendor is hoping to achieve at least the guide price so offers below the guide are unlikely to be accepted. That being said, some vendors will allow offers of less than the guide price to be made. Typically, the minimum offer that will be entertained on a property is 90% of the guide price.