Making the offer, advice needed

deepimpact

Hi all.

I'm currently looking at a house in Co. Wicklow that I like the look of (linky).

The current asking price is 200k, down from a peak price of around 425k. I have full mortgage approval from the bank.

However, with the housing market in freefall for the foreseeable future, I'm wondering what the value of the property is currently realistically? The developer has a similar, but larger, 4 bed in another part of Wicklow for 150k asking (link). The location is not right for me, however, it gives me an indication of how low the developer is willing to go on the price before negotiations.

I'm thinking of an initial offer of 140k, with my final offer not much higher than that.

I would appreciate any advice. Thanks.

I'm under no rush to buy btw, I just want to explore all my current options.

the groutch

as you said yourself, the location is probably better for the smaller one, hence the higher asking price.
that said in the current market there is no such thing as a rediculous offer, put in the 140k, set a max limit (155-160 imo), and if you can't get it for that amount then walk away, it won't be the only house in the area for that price over the next year.

DrPhilG

I put in a cheeky bid of €110k on a €165k property the other day. EA refused it on the spot and didn't seem too impressed!

It might be a silly offer, but the property was on for €299k a year ago!