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New property viewing advice

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  • 23-08-2010 3:50pm
    #1
    xxyyzz
    Registered Users Posts: 2,196 ✭✭✭


    Hi,

    Looking for some advice. My wife and I are going viewing a potential first home at the weekend with an auctioneer. Unfortunately I know very little about this process. 6 months ago the house was advertised for €380,000. Three months ago it was €330,000 and now they are looking for €300,000 and "open to offers". It sounds to me like they are getting desperate to sell.

    What sort of offer should we be looking to make initially? I realise this is a 'how long is a piece of string' type question but I was hoping to start around 220 - 230 and see where it goes from there?


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    #2
    papsita
    Registered Users Posts: 32 ✭papsita


    It's very hard to say without seeing the house. Would you be willing to post a link?

    What I would say though is if you aren't embarrassed by your offer, then it's too high. Also, you're in no rush. If it's coming down in massive chunks already, who is to say that if you wait a few months it won't be down considerably lower again? Don't panic and think you have to buy now before someone else snaps it up at a 'bargain price'. If you do that you will see it depreciate, which it inevitably will. And obviously that would be stupid. Plus, if it does go, another house will always come along, and the longer you wait the more bang for your buck you'll get.

    Also, just because it came on at 380 doesn't mean it ever was ANYWHERE close to being worth that. A lot of vendors start out with stupid prices like that because their heads are still stuck in bubble mentality. So put that figure out of your head and judge it on how much you think it is worth.

    Best of luck with everything.


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    #3
    papsita
    Registered Users Posts: 32 ✭papsita


    BTW, I recently fell in love with a house that came on at 365, then down to 320, then 299. I went sale agreed at 255, originally thinking I had got a great deal. I soon thought otherwise and pulled out. It went back on the market at 270, and is now asking for 250. So go figure!


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    #4
    xxyyzz
    Registered Users Posts: 2,196 ✭✭✭xxyyzz


    Thanks. This is the house http://www.eraireland.ie/en.cfm/loc/buy/action/view/id/20835.html and to be honest, it is a fine house. I guess if I start fairly low, the worst they can say is no.


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    #5
    johndaman66
    Registered Users Posts: 4,097 ✭✭✭johndaman66


    papsita wrote: »
    Also, just because it came on at 380 doesn't mean it ever was ANYWHERE close to being worth that. A lot of vendors start out with stupid prices like that because their heads are still stuck in bubble mentality. So put that figure out of your head and judge it on how much you think it is worth.

    I've found Estate agents often make a point of stating how the asking price has gone down over time. Typically it might run along the lines of (in your case) "The house is on the market for nine months. There was an asking price of €380k on the house up to six months ago, then the vendors dropped their price to €330,000. The vendors have now moved back to England and will accept €295,000 but no less for an immediate sale. The house represents very good value at that price". Don't buy into it, or even humour them by agreeing or looking too eager. I tend to reply value is subjective when they rattle off such a rig marole to me while maintaining an unconvinced expression. Let them know you are looking at a few other similar properties that other Estate Agents have on their books even if you are not actively doing as such....but do a wee bit of homework on this one first in case they ask you for further details.

    The property looks nice and seems to be finished to a pretty high standard to be fair but I for one am not a fan of timberframe houses. Granted I acknowledge that the heat retention will be good and no doubt others will come on here and argue strongly against me on my opinion but I reckon question marks remain on the longevity of a timberframe house versus concrete built. Not a big fan of dormer style either or storey and a half as people seem to call them now for some reason but thats personal taste I suppose. Also not many pictures but the fact that the fireplace is at end of house seems to be poor design. €300,000 seems a lot of loot for Listowel to me even if it is on the Ballybunion road....I may come across as being extremly negative in my post but just trying to be as critical as possible.


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