House hunting - the negotiation process

Woodville56

Partner and I recently got Mortgage Approval (in Principal) for a small mortgage, having managed to accumulate some savings, and we are now researching the property market in the mid west - small town, village or rural but close to a town would be fine
Being new to this lark, we are both enthusiastic and excited about the prospect of acquiring our own place, yet quite nervous about getting into the negotiation area of placing an offfer etc . From reading the postings here we are hoping for some advice from the experienced house hunters who post here.
We have been researching all the usual website sites (Daft, My Home etc) and have a fair idea of whats available and affordable at this point. A scenario has arisen as follows and we would be glad of any advice
We have seen a property in a small, new, partially completed development - not a ghost estate by any means, as all of the houses have been completed to builders finish, about 70% occupied, quiet area etc.
Prices for a 3 bed semi detached are listed on the Agent's website as €120k. On enquiry with the Agent as to reserve or selling price, the Agent indicated that selling price is as indicated on the website as "the Banks are involved" and a lesser offer will not be entertained.
The Agent also indicated that while the houses for sale are at builders finish level, once an offer is accepted and contracts entered into, the house will be finished to showhouse standard for the list price of €120k.
We do like the area, the finished houses look well and we feel a property in this development/area is within our budget capacity.We have found the Agent lukewarm in their response to our enquiries about the property, - very laid back and not particularly interested in our enquiry etc.
Our questions :
1. are prices generally negotiable for properties owned by ( or transferred to) "the Banks" or is the Agent just playing hardball ?
2. are prices for such (Bank or unfinished) properties likely to lower further or will the banks hold fast to the prices advertised - should we hold off a while and see what happens ?
3. if we offer the asking price, how can we ensure the finish to the house is as promised ie showhouse finish - is is best to get an engineer/surveyor to act for us to achieve this ?
4. as we are new to this process, we have considered using a Buyers Broker to negotiate on our behalf but this is quite expensive - has anyone used such a broker?
Sorry for the longwinded posting but we would be glad of any advice
Woody

Elottois

Hi,

This is just from my experience and it was two years ago when we were in your position:

1) The price we offered on the property was well below the Bank's asking price, by approximately €40K, this was not accepted, we went up by a further €5K which was accepted. At this point I will mention the bank we were dealing with is UK based and decisions were very slow to be made.

2) The agent we were dealing with at the time advised that the Bank would not reduce the property any further as they had to cover the interest part of the builder's original loan - this may have been complete BS. I think it depends on the local market performance and demand as to whether the Bank will lower the price.

3) You will need to specify everything with your solicitor as to the finish you require and these can be stipulated as part of the contract of sale. All of this will need to be thrashed out before you sign contracts.

4) That is up to you, but I would prefer to negotiate myself and have that personal contact with the agent and thrash everything out with the agent directly.

As I said it was two years ago when we went through this process, the house was a builders finish too. One other point to note be very careful and ensure your mortgage provider will finance a purchase such as this. AIB would not for us, BOI were happy too.