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Sensible offer on asking price?

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  • 19-06-2013 2:40pm
    #1
    Zulu
    Registered Users Posts: 10,965 ✭✭✭✭


    I've come across a "do-er up-er" thats there for 250K. It's got the potential, and I reckon we can manage the cost. Unfortunately the bank will only offer us 170K, and we've 50K in savings.
    Clearly that puts our upper offer at 220K, but it'd be best if we could minimise the mortgage amount.

    In the current market, what a "reasonable" low first offer on a 250K asking price?
    Would 190K be insulting and get us off on the wrong foot?
    200K?
    ???

    Thanks


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Zulu wrote: »
    I've come across a "do-er up-er" thats there for 250K. It's got the potential, and I reckon we can manage the cost. Unfortunately the bank will only offer us 170K, and we've 50K in savings.
    Clearly that puts our upper offer at 220K, but it'd be best if we could minimise the mortgage amount.

    In the current market, what a "reasonable" low first offer on a 250K asking price?
    Would 190K be insulting and get us off on the wrong foot?
    200K?
    ???

    Thanks

    Asking prices are largely irrelevant as it depends whether the house is hugely overpriced in order to attract one of those 'if I get 10% off the asking price, I've got a great deal' type buyers or it may be purposefully underpriced to generate enough interest to start a bidding war! See what comparable properties are selling for in the area and judge your offer accordingly. In your case it might be no harm to lay your cards on the table, tell the EA you have a max budget that you can't exceed which is substantially lower than the asking price and whether they think there is any point in putting it to the vendor & see what they say...


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    #3
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    OP how long is it on the market? If the house is for sale due the owner buying a new house. They might sell quickly. Also be careful the EA doesnt **** you about. I know someone who bidded 300k on a house that had an offer of 270k as the EA said they wanted to sign quickly. But most likely the other party that bid before them was no longer interested


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