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Haggling

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  • 04-07-2011 3:47pm
    #1
    waspinc
    Closed Accounts Posts: 2 ✭


    Has anyone here haggled over the purchase price of a newly built house? I know people do it when buying a 2nd hand home (if that's what they call it!!) but wondered if anyone has done it buying a newly built house, and how they got on?


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    #2
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Accomodation & Property

    dudara


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    #3
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    with the way things are at the moment, it's all fair game
    alot of the developers will be glad just to get money in to keep the hounds from the door


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    A lot of sellers (developers included) factor in an expected deduction that a potential seller might seek, into their asking price. Its not a standard practice- and its impossible to offer good guidance without further information- however as a rule, I'd suggest offering possibly 20-25% less than the developer is seeking and leaving your offer on the table with a deadline on it.

    Developers might have this idea that they can't sell at below the cost it cost them to build the property- thats a load of bollox. Look at the shrill press releases from the CIF about house prices being below cost- tough....... they were happy to take your money while the good time rolled, the boot is now on your foot.......

    Divorce yourself from getting sentimental about the property, get an independent valuation from a valuer on your banks panel, and offer x% less than this to the developer.

    Note- the asking price the developer has on the property- means absolutely nothing. If you're going to seek a mortgage- all the matters to the mortgage company is the valuation their valuer puts on the property (and that you meet their lending criterion). Independent of any offer you might make- you *need* to know in advance the valuation your mortgage lender is attributing to the property......... Pay the 100 quid or whatever they charge- it'll be money well spent.......

    S.


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    #5
    Dymo
    Registered Users Posts: 1,561 ✭✭✭Dymo


    The most powerful way to haggle is prove that you have cash in hand, easy transaction, ready to act straight away, private sale no one needs to know the selling price. All these things will appeal to sellers going in at 50% of the price just to chance your arm can be a frustrating process because both parties will come out bitter at the end.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Dymo wrote: »
    The most powerful way to haggle is prove that you have cash in hand, easy transaction, ready to act straight away, private sale no one needs to know the selling price. All these things will appeal to sellers going in at 50% of the price just to chance your arm can be a frustrating process because both parties will come out bitter at the end.

    The downside of this is that if it proves that you don't in fact have cash in hand- the buyer won't deal with you, fullstop, because you've wasted his/her time. A cash buyer is king- certainly, but there are damn few cash buyers left out there........


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    #7
    Dymo
    Registered Users Posts: 1,561 ✭✭✭Dymo


    smccarrick wrote: »
    The downside of this is that if it proves that you don't in fact have cash in hand- the buyer won't deal with you, fullstop, because you've wasted his/her time. A cash buyer is king- certainly, but there are damn few cash buyers left out there........

    True, and I've seen cases where that has happened. You can only haggle if your in a position to haggle and if price is your only method, do it that way.


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