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What does "offers around" really mean?

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  • 07-02-2011 6:15pm
    #1
    the_wee_eejit
    Registered Users Posts: 11 ✭


    When buying a house in Ireland, what does "offers around" really mean? (I'm in glasgow looking to move to ireland so i'm not familiar with the term when buying a house). If the property was advertised at "offers around 100,000 euro" what would be the normal offer? Is it more than this, less? how much more/less?
    Any help appreciated!


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    #2
    biko
    Registered Users Posts: 81,220 ✭✭✭✭biko


    From After Hours.


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    #3
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    the_wee_eejit wrote: »
    When buying a house in Ireland, what does "offers around" really mean? (I'm in glasgow looking to move to ireland so i'm not familiar with the term when buying a house). If the property was advertised at "offers around 100,000 euro" what would be the normal offer? Is it more than this, less? how much more/less?
    Any help appreciated!


    It is a terrible time to buy a house in Ireland because prices are dropping so fast. Rent instead until you get to know the market here first and then decide.

    But if you insist, I'd say start by offering 30% below asking. They can only say no, and as the saying goes: "If you're not embarrassed by your offer, you've bid too much".


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    #4
    the_wee_eejit
    Registered Users Posts: 11 ✭the_wee_eejit


    Treehouse72 wrote: »
    It is a terrible time to buy a house in Ireland because prices are dropping so fast. Rent instead until you get to know the market here first and then decide.

    But if you insist, I'd say start by offering 30% below asking. They can only say no, and as the saying goes: "If you're not embarrassed by your offer, you've bid too much".

    Thanks treehouse. The property market isn't that great here either though i do appreciate it's not quite as bad as ireland. Our own house here in glasgow is worth a lot less now than 4 years ago but at least we don't have negative equity.
    30% less seems very cheeky, is that normal practice? For example, houses here are sold as "offers over...£100k" and the standard practice is to always assume the vendor is looking for 10 - 15% above that price when you make your offer. Just wondered if there was a similar standard practice in the "offers around" scenario?
    PS. never heard that saying before...but i like it :D


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    #5
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    It's quaint to see you using "£100,000" because you won't find a house in Ireland for that price! Double it and you might be talking.

    Yes, the normal assumption here too would be to expect 10% off asking eventually, but in a market as damaged as ours, that is way too much to pay on pretty much any property in my view.

    My offer suggestion was aimed at getting no less than 20% off. As I say I wouldn't personally buy under any circumstances at any price, but certainly not more than 80% of asking. You really have no idea how bad it is over here till you arrive - the property market is in a massive meltdown much, much worse than anywhere in the UK.


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