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Offers Below House Value.

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  • 12-01-2010 10:55pm
    #1
    pokerface_me
    Registered Users Posts: 829 ✭✭✭


    Guys looking to see what you think about this. My friend and really is my friend not me, is selling her home. Its on the market for 230k. She has had 4 offers between 160k-170k. Auctioneer has basically told her to take the best offer as the market is continuing to slump and she be lucky to get 130k next year for it.

    House is a 3 bed semi.
    Located in Dublin 24.
    Good Area not council.
    Paid 195k in 1999.
    Great condition and walk in condition.

    Thats just to give you an idea of the type of home. Any comments or advice most welcome and will be printed out and passed on to her. Thank You.


Comments

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    #2
    jeepers101
    Registered Users Posts: 707 ✭✭✭jeepers101


    how long has it been on the market?


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    #3
    pokerface_me
    Registered Users Posts: 829 ✭✭✭pokerface_me


    Roughly 3-4 months, started with a higher price. Will text her and see what the orignal price was. Also must add she is moving to Canada to be with her parents so is not buying another property, and currently owes the bank 117k, she put down a healthy deposit when she bought it.


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    #4
    Raskolnikov
    Registered Users Posts: 10,148 ✭✭✭✭Raskolnikov


    The fact that there have been four offers on the house would suggest to me that your friend might have a chance at breaking even on what she paid for it.


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    #5
    Eglinton
    Closed Accounts Posts: 992 ✭✭✭Eglinton


    With the information you've provided, in that situation and if it was my house, I'd sell it for the €170k.

    Think of it this way. She paid 195K. She's owes 120K. If she takes 170K, she's got 50K to take with her to Canada. The 25K she's dropped is much much less than the amount of rent she would have paid in those 10 years to date. So she's not doing too badly.

    She should get out while she can and go back to a country that's actually run well.


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    #6
    JoeyJJ
    Registered Users Posts: 3,663 ✭✭✭JoeyJJ


    I'd take it and get as the other poster mentioned she would have spend more on rent.

    Thread title Offers below Value, but who's value thats the problem with the market at present.


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    #7
    kenbrady
    Closed Accounts Posts: 404 ✭✭kenbrady


    Don't know the area, but 4 offer in around the same price. This is the market value.
    I would give it one last push. Get estate agent to tell buyers. If you can sign in the next 2 weeks, you can have it for 180. They will probably come back with 175.
    That should do it and that 175 might even be above market value.


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