This is indeed one of the most common questions we hear. It’s trickier than you would believe to give a simple answer. This article will examine the many aspects that contribute to the overall length of time it takes to sell a home in Ireland.
The Minimum Acceptable Offer, Fair Market Value, or Suggested Retail Price
Irish house prices are frequently listed by real estate brokers in their advertisements. The asking price, often called the guide price or the suggested market value, is the amount at which the seller hopes to sell their property based on the professional judgement of the estate agent representing the seller. If a property is overpriced, in the sense that it is offered for sale at a level that the market is not willing to support, it may effectively wither on the vine. Lots of people will be interested in buying a house if the price is lower than the market value. There will be a dramatic rise in both the number of viewings and the number of offers. If all else is equal, a higher level of interest, momentum, and bids will follow from offering the property with a competitive proposed price.
In contrast to a private treaty transaction, the reserve price at an auction is grounded in law. Any offer at or above this price will be considered a legally enforceable contract to sell the property by the seller. In order to attract interest, keep the bidding momentum going, and gain the highest possible sale price for their clients in the shortest period of time, real estate agents in both private treaty and auction sales routinely promote properties at relatively low prices.
Photography for News and Commercial Use
If you want to sell your home, you need professional photos that will do it justice. To get the most out of your money, you need professional photos shot swiftly but with good quality.
Online Auctions That Never Sleep
You should pick a real estate firm that provides 24/7 online bidding if you want to maximise your profit and minimise delays in the selling process. Bids and counteroffers are frequently submitted after business hours, when the real estate office is closed. If the agency can’t handle after-hours bidding and still relies on contacting back bidders to tell them of fresh offers, the sale will be slowed unnecessarily.
Private bargaining or open bidding
One of these options is available to you when selling a house in Ireland. Unless and until the appropriate paperwork is completed and the deal is closed, no buyer or seller responsibilities exist in a private treaty transaction. at contrast, if the reserve price is met at an auction, both the bidder and the seller are bound to complete the transaction regardless of whether or not the price was met. Bidders can review the required paperwork before an auction begins, and the successful bidder has anywhere from 14 to 21 days after the auction ends to close the deal and pay any closing expenses. No longer can any doubt exist. Some less experienced bidders may be deterred by the procedure’ non-negotiable, strict character, resulting in a lesser price for the vendor than would have been attainable through a private treaty process.
Conveyancing
Auction sales eliminate the need for a lull in the action by taking care of the necessary paperwork before the bidding even ends. In spite of this, private treaty sales sometimes take longer than a year to conclude due to the numerous, apparently unending delays inherent in the transfer procedure. By employing a skilled conveyancing solicitor as soon as the property is placed up for sale rather than waiting until the property has progressed to sale-agreed, a seller may decrease the chance of these delays and raise the likelihood of a rapid transaction. You may make a fast search on this page to compare suggestions and quotations from solicitors that charge a flat fee.
Conclusion
A globally accurate estimate of the time it takes to sell a house in Ireland is difficult to offer because of the many factors at play and the unique nature of each sale. This guidance is based on our own experiences, so we hope it proves helpful to you.
