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How to know what offer to make on a house?

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    #32
    Boom__Boom
    Registered Users Posts: 3,113 ✭✭✭Boom__Boom


    Mur1983 wrote: »
    Thanks for all the feedback here, they accepted 42,500euro but I have actually ended up going for another house. Its a new build and in walk in condition I even getting the furniture included. Getting that for around 90k. With two young children probably would have being nightmare to get the other house liveable.

    Congrats. Hope you have many happy years in your new home.

    Also thanks for the update on what had happened - some potentially useful information for other buyers especially those dealing with banks and distressed properties that they have been on the books for a while
    Mur1983 wrote: »
    asking price is 76,500euro. The house itself is a 3 bed and had been unoccupied since 2009 on the market since. A Bank is selling the house
    Mur1983 wrote: »
    I got impression from them anything in the region of 55k would be taken. But that did not factor in the works needed. As far as the aucthioneer was concerned everything is in good working order with the house.
    Mur1983 wrote: »
    Aucthioneer have come back and said Bank will have board meeting Wednesday and would really want 50k to settle. Not sure should I stick with the 40k or just go up to 50k to be sure.
    Mur1983 wrote: »
    They accepted 42,500euro.

    From a starting point where the asking price was €76,500 to a situation where the auctioneer was looking for €55k to a situation where the bank "would really want 50k to settle" to a final place where the bank accepted €42,500

    Key points for me.

    1) A discount of €34,000 on the asking price or in percentage terms 44%

    2) ALWAYS REMEMBER THAT AUCTIONEERS ARE ACTING IN THE SELLER'S INTEREST AND THAT EVERYTHING THEY SAY IS INFLUENCED BY THIS.


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