How low is too low an offer for a house?

GS2K

Hi All.
First post here. As above I was wondering how low is too low an offer to make for a house. I have an example:

http://www.daft.ie/searchsale.daft?id=546589

This house has been on the market for about 3 years. Originally advertised for 380k, dropped to 280k about 18 months ago. No garden around the house despite the size of the site, no boundry wall, all overgrown or just stones so a lot of work to be done on the outside. Don't think there has been any interest in this house in the three years.
So how low of a lowball offer do people think could be put in for a house such as this?
If it was you and you were interested, how much would you offer?

Paulw

GS2K wrote: »

I was wondering how low is too low an offer to make for a house.

An offer that is too low is an offer that is rejected by the seller.

GS2K wrote: »

This house has been on the market for about 3 years. ........
So how low of a lowball offer do people think could be put in for a house such as this?
If it was you and you were interested, how much would you offer?

How much have you got? How much are you willing to spend? 200k? 220k? 240k? 250k?

No one will be able to give you the right number. This is between the seller and you.

ding_dong

Lord know's why you want to buy?

GS2K

Paulw wrote: »

How much have you got? How much are you willing to spend? 200k? 220k? 240k? 250k?

I was thinking more like 160K! If a house has been sitting there for 3 years with no offers (possibly)

Duckjob

GS2K wrote: »

I was thinking more like 160K! If a house has been sitting there for 3 years with no offers (possibly)

Absolutely.

If the house is at 280k for last 18 months then it means the property is worth nowhere near 280k. Don't make an offer based on fear of offending them or you will end up taking the hit that they should be taking.

Offer what you want to offer, If that amount is 160k then so be it. Walk away if they insist on keeping their head stuck in the sand.

GS2K

GS2K wrote: »

Hi All.
First post here. As above I was wondering how low is too low an offer to make for a house. I have an example:

http://www.daft.ie/searchsale.daft?id=546589

This house has been on the market for about 3 years. Originally advertised for 380k, dropped to 280k about 18 months ago. No garden around the house despite the size of the site, no boundry wall, all overgrown or just stones so a lot of work to be done on the outside. Don't think there has been any interest in this house in the three years.
So how low of a lowball offer do people think could be put in for a house such as this?
If it was you and you were interested, how much would you offer?

If you're not embarrassed by your opening offer you are probably offering too much. The difference between paying 260k and 160k will affect you every month for the duration of your mortgage; it could affect whether you can afford college fees for young 'uns when/if the time comes. Don't worry so much about how the seller will react. If they don't accept it you can up your offer if you think it's worth it to you.

Henry Ford III

Have you viewed it in person OP?

If you have, and are still interested, ask along the lines of "What would you let it go for now?".

If they say "€280k" forget about the property.

If however they say "€200k" or "make us an offer" then fire in your €160k bid.

After that it's a mere matter of horse trading.

TheBody

Some poster on another thread put it well when he/she said "an offer is too high unless you are embarrassed by it!".