What to bid?

ceoltoir

There's a three-bedroomed former council house for sale across the road from me in Dundrum, Dublin, with an asking price of €333,000. It belonged to an elderly lady who recently passed away. I presume the family are just trying to dispose of it.

Good location convenient to the Luas and other facilities, so it's likely to go fairly quickly.

Bank of Ireland were willing to advance me €250,000 towards the end of last year. Is it worth my while making an offer for, say €240,000, or would that just be foolish?

It's hard to know what the difference is between asking price and selling price these days.

Freddie59

ceoltoir wrote: »

There's a three-bedroomed former council house for sale across the road from me in Dundrum, Dublin, with an asking price of €333,000. It belonged to an elderly lady who recently passed away. I presume the family are just trying to dispose of it.

Good location convenient to the Luas and other facilities, so it's likely to go fairly quickly.

Bank of Ireland were willing to advance me €250,000 towards the end of last year. Is it worth my while making an offer for, say €240,000, or would that just be foolish?

It's hard to know what the difference is between asking price and selling price these days.

Don't. Hold off. There's a long way to go yet. And it won't go fairly quickly.

Check:

www.thepropertypin.com

www.irishhousehunter.com

www.irishpropertywatch.com

BEFORE you do anything.;):)

Danbo!

ceoltoir wrote: »

....or would that just be foolish?

As they say, "If you're not embarrassed by your offer its not low enough". It seems from the quote above you are not far off! All you really need to remember right now is that there are plenty of houses out there. If you see one you can afford, go for it. If it doesnt work out, move on to another one. At the moment all indications are prices will only go lower so right now there is no need to rush into anything.

Larrson

I think about €200,000 would be a good starting Point.

Gurgle

ceoltoir wrote: »

Is it worth my while making an offer for, say €240,000, or would that just be foolish?

Don't worry about foolish, they'll either take it or not, you've nothing to lose. Nobody knows what property is 'worth', you could be lucky. Or not. You won't know for another 5 years which way 'luck' would have brought you.

ceoltoir

Thank you all for that. It looks very encouraging. And thanks Freddie59 for the links. Hadn't seen them before.

AARRRGH

ceoltoir wrote: »

Thank you all for that. It looks very encouraging. And thanks Freddie59 for the links. Hadn't seen them before.

Spend a couple of weeks reading them before you make any bids. You've got a lot of scary catching up to do!

MRBEAVER

No reason why you shouldn't make an offer of 240k but if it has just come to market they are unlikely to come down much from 333k for a while. They wouldn't put it for sale at that price if they didn't have an expectation that they would be able to sell it for around that. If the price is unrealistic and they get no better offers they might reconsider yours in a few months if you are prepared to wait. As an executer sale though the 333k may already be below current Market values for area and house type so it may sell for well above the 240k you can afford.

As a rough guide selling prices these days seem to be 10% - 20% below asking.

ricman

look on daft.ie what are other houses in the area going for.Theres no harm in offering 260k, but i think you,ll have to look at homes in the 250k range anyway.Homes on the south side tend to be more expensive anyway.
Look on daft.ie , search homes under 250k.
And theres always older houses going relatively cheaper, that need total redecorating/ modernisation.