How much to offer on €620,000 property?

Skippy06

Hi all,

I am new to this board. My fiancee and I saw a beautiful house that we just love. The asking price is €620,000. We were told that there is an offer on it for €500,000. If we were to put an offer on it how much do you think would be a good offer. It is always hard to know how low to go but we were going to start lower than €500,000.

Any thoughts would be appreciated

The_Conductor

First of all- the offer of 500k on it probably does not exist- and is an attempt by an estate agent to establish a lower ceiling on what he reasonably expects to sell the property for.

That aside- you really have not given us any information on which we can offer an opinion.

What is the general area. What size is the property. What size are the grounds. What amenities and facilities are nearby- etc. A link to the property online would be helpful.

There are very few properties out there with viable price tags north of 500k these days.........

deeno1975

Go for 440 to 480 (or be right cheeky and go for 400, two thirds of the asking price), if there is an offer of 500, on it there is no guarantee that they can come up with that money. That is what happened to me, 2 offers were made for higher amounts than I bid but they could not come up with the money (they were in a chain waiting to sell their own house) and the vendor came back to me and was delighted to accept my offer when they knew I was ready to move.


But if you really like it then match the offer or go higher....

Bes to luck

CiaranC

deeno1975 wrote: »

Go for 440 to 480 (or be right cheeky and go for 400, two thirds of the asking price), if there is an offer of 500, on it there is no guarantee that they can come up with that money. That is what happened to me, 2 offers were made for higher amounts than I bid but they could not come up with the money (they were in a chain waiting to sell their own house) and the vendor came back to me and was delighted to accept my offer when they knew I was ready to move.


But if you really like it then match the offer or go higher....

Bes to luck

How can you give advice on a bid when youve no idea what the property is? I could be a ramshackle bungalow in leitrim for all you know.

quozl

CiaranC wrote: »

How can you give advice on a bid when youve no idea what the property is? I could be a ramshackle bungalow in leitrim for all you know.

Exactly. It is NOT a 620,200e property. That's what they're asking. You've given us no information about it to make the vaguest attempt to value it.

What I can say is, please don't consider their asking price as the foundation for your valuation. There is no reason to believe the asking price is remotely founded in reality. In fact, it's very unlikely it is.

You should work out the valuation based on something like square footage, location, average salary of the type of people who would live in this house, in this location. Something like that. Not an infalted figured picked out of the air by them or their EA.

Skippy06

Here is some info on the house:

It is 2,700 sq. feet on 0.75 acre of land. It is located near Gorey, Co. Wexford. It has 5 bedrooms; 2 ensuite, kitchen/dining, sunroom, utility, sitting room and garage.

I hope that helps!

ntlbell

How much is it worth to YOU?

dlambirl

Have you got a link of the property (e.g the estate agents website or daft.ie)

Dont worry - nobody here is gonna run off and bid on it!!

EKRIUQ

How does it compare to this house Link

At €450,000 I think it would be a great price, €500,000 a bit meh!! €620,000 not chance in the current market conditions.

My gut impressions is that its a new house so the €2,500 mortgage a month was just too much for the current owners and have to sell, so the sale is probably fueled by desperation. The €500,000 offer should be accepted because any one with €500,000 to spend won't wait for ever to get accepted as they'll find another house.

martian1980

I reckon it's this one:

http://www.daft.ie/1300224

edit: sorry! ekriuq beat me to it!

The_Conductor

I'd be inclined to agree with ekriuq- given the location, along with current economic conditions and a continued forecasted fall in prices- I think somewhere in the 440-450k region is a generous offer.

People are not willing to commute to Dublin from this area- in the manner they once were, and there just isn't sufficient demand for houses of this calibre locally- to justify the sort of price thats on it.

S.

latenia

Gorey is going to be one of the hot spots of the crash-on Daft alone there are 932 properties for sale in what is still essentially a small country town. I doubt that there are more than 10 buyers with funds ready actively looking to buy in the area. It's a simple case of 'do the math' and watch the market take effect.

They might have an offer of 500k for this house and if they don't they might still catch one of the last of the suckers and get a high price. Maybe the owners will never acknowledge reality and refuse to accept "less than it's worth."
So, even if it's not this one, I would think that you will be able to buy a similiar or better house in the area for about 200-250k if you hold on for another year or 18 months. I know it might be difficult to convince your OH if she 'has her heart set on it' because property makes chicks go cuckoo-bananas but 200k saved on the price will be almost 400k less to pay back to the bank.

ntlbell

the one linked looks really nice.

Pitty about the location tho..

EKRIUQ

latenia wrote: »

Gorey is going to be one of the hot spots of the crash-on Daft alone there are 932 properties for sale in what is still essentially a small country town. I doubt that there are more than 10 buyers with funds ready actively looking to buy in the area. It's a simple case of 'do the math' and watch the market take effect.

932 is way over stocked :eek: Kilkenny City which would be a small bit bigger has 368 for sale.

dlambirl

I'd put in an offer of €460k to €475k and see how you get on.

I would doubt if the offer of €500,000 still stands.

Ask the estate agent to keep you in the loop but say that you dont want it to drag on....

Macha

Property Bee shows it's been steadily dropping in price:

02 February 2009 00:15:11

* Price changed: from 'Region €670,000' to 'Region €620,000'

17 October 2008 16:57:37

* Price changed: from 'Region €695,000' to 'Region €670,000'

25 September 2008 19:54:14

* Title changed: ( Reduced Price)CURRAGH, CURRAGH, INCH, Gorey, Co. Wexford - Detached House

19 September 2008 14:10:07

* Price changed: from 'Region €720,000' to 'Region €695,000'
* Subtitle changed: 5 Bedrooms, 3 4 Bathrooms, Detached House

18 August 2008 15:13:47

* Price changed: from 'Region €790,000' to 'Region €720,000'

16 August 2008 21:28:26

* Price changed: from 'Region €740,000' to 'Region €790,000'
* Title changed: (REDUCED PRICE) CURRAGH, INCH, Gorey, Co. Wexford - Detached House

11 July 2008 13:04:20

* Price changed: from 'Region €795,000' to 'Region €740,000' [Found by n/a]

02 June 2008 20:36:39

* Price changed: from '€835,000' to 'Region €795,000'
* Status found: Available
* Subtitle found: 5 Bedrooms, 3 Bathrooms, Detached House
* Title found: CURRAGH, INCH, Gorey, Co. Wexford - Detached House

26 January 2008 00:00:00

* Price found: €835,000

CiaranC

Its only dropped 25% in asking price. Id say it has another 25% of the original price to drop yet.

ntlbell

CiaranC wrote: »

The owner seems to be in a bit delusioned and has only dropped 25% from the original asking price. Id say if the owner ever wakes up and realises the over supply in gorey and lack of demand in the area he'll drop it another further 25-50% but it won't make much difference as soemone will only pay what THEY think it's worth

FYP

jmayo

dlambirl wrote: »

Have you got a link of the property (e.g the estate agents website or daft.ie)

Dont worry - nobody here is gonna run off and bid on it!!

Speak for yourself.
I have to get in there before jetski finds out about this great fantastic deal.

martian1980 wrote: »

I reckon it's this one:

http://www.daft.ie/1300224

edit: sorry! ekriuq beat me to it!

Thanks for that.
Now which phone number should I try first.
Gorey here I come, the kids will love the biggest school in the country and the closeness to de capital (just 30 minutes to Stephen's Grn AFAIK).

The_Conductor

Lol.....:D

Skippy06

Thanks for all the info. people. It helps to have all the different opinions!