No idea what to offer....

RubyXI

I am interested in an apartment. Asking price is €135K.
It's been on the market around 2 months and has no offers on it.
What would be a reasonable offer to make??

gmisk

Maybe have a look on the property price register and see what similar apartments have gone for recently?

Slydice

I agree, check the register: http://www.propertypriceregister.ie/

That'll give you an idea of Actual Prices places sell for.

Then check daft.ie and myhome.ie and see what prices sellers are asking.

With those bits of information, you can get an idea of the difference between what people are asking and what they are actually getting in the area.

Henry Ford III

Ask the estate agent "what'll it take to buy it"?

murph226

How do you know there is no offers on it?

RubyXI

murph226 wrote: »

How do you know there is no offers on it?

So the estate agent says.
I can't find any of the apartments in the same block in the property register.
I was wondering of €115,000 might be a reasonable offer?

Woodville56

phi3 wrote: »

I was wondering of €115,000 might be a reasonable offer?

Partner and I in similar position , househunting and wondering where to pitch opening bids. The advice seems to be go in low, keep something in reserve, don't show your full hand and if you have to up your bid, do so in small amounts. I suppose, in addition to reviewing sites already mentioned for similar locality prices or property sales prices, you have to set a max on what you are prepared to offer and start somewhere short of that !
Good luck, keep us informed of progress

gurramok

2 months and no sign of sale agreed, the power is in your hands as a buyer to offer below asking price and go from there.

Pawwed Rig

Offer as low as you can. The worst that will happen is they say No

Henry Ford III

Pawwed Rig wrote: »

Offer as low as you can. The worst that will happen is they say No

Sellers could dismiss you as messers too.

Woodville56

gurramok wrote: »

2 months and no sign of sale agreed, the power is in your hands as a buyer to offer below asking price and go from there.

Two questions I would be asking myself in this scenario :
1. why have there been no offers after 2 months on the market ?
2. Have there been price reductions on the property over the 2 months since it went on sale ? (Daftdrop.com or the EA might be of help in this) If no price drops, does the vendor really want to sell ?

Tigger

I bought recently and our opening offer was 60%
No one thought we were messers

RubyXI

Woodville56 wrote: »

Two questions I would be asking myself in this scenario :
1. why have there been no offers after 2 months on the market ?
2. Have there been price reductions on the property over the 2 months since it went on sale ? (Daftdrop.com or the EA might be of help in this) If no price drops, does the vendor really want to sell ?

No there hasn't been a price drop. Maybe the price is too high if there hasn't been offers?

Woodville56

So phi3, are you still thinking of offering in the region of €115k ? Would you be tempted to start at €100k, given the apparent lack of interest in the property and see where it goes from there ?

Jack Kyle

Personally I think that €110k would be a reasonable opening offer.

Best of luck.

Duketrixie

I am in the same situation. I put a € 115,000 bid in cash for an asking price of €135,000. The EA said no and he told me that there were higher bids of €121,000 and €128,000. He also said that the owner would rather rent it out than sell it for 115,000. I told him that it was my best offer considering uncertainty in Irish property market at the moment. I will see what happen. Time to move on to another property I guess if he doesn't come back to me within a week:D

Dyr

i threw an offer in on a house of about 80% of the asking, offer was a bit more then what houses in that estate had gone for over the last year. sellers looked at me like i had two heads, they had loads of interest, wouldnt let it go that cheap blah blah

two months later the property is still up on daft....

RubyXI

Woodville56 wrote: »

So phi3, are you still thinking of offering in the region of €115k ? Would you be tempted to start at €100k, given the apparent lack of interest in the property and see where it goes from there ?

I'd be afraid they'd think twas ridiculous if I went any lower!

Duketrixie

Do you really like this property? Are there any back up plans? Don't be afraid in giving an offer.
Give it a go and start from there.

Idbatterim

link Op? None of us can give you an honest accurate assessment without it...

Scortho

Bambi wrote: »

i threw an offer in on a house of about 80% of the asking, offer was a bit more then what houses in that estate had gone for over the last year. sellers looked at me like i had two heads, they had loads of interest, wouldnt let it go that cheap blah blah

two months later the property is still up on daft....

Go back and offer 75%. Even just to hear the eas reaction. :pac:

mari2222

I would offer 90,000, and be prepared to walk away. there were far too many apartments built relative to people's preference for houses over apartments (in Ireland). This means there will be a plentiful supply of apartments for the next 20 years. 90,000 for 2 bedroom place is approx 180,000 for 4 bed place..........what are 4-beds making in your area? bearing in mind a house will have a garden/more space outside. Is there a parking place? How much are the annual charges? Do you need a mortgage and can you get one/how much will the financing cost you? Do you actually need to buy or is this just an idea?

Take your time. It is a buyer's market and will stay that way for another 10 years.

salacious crumb

mari2222 wrote: »

Take your time. It is a buyer's market and will stay that way for another 10 years.

Where was your advice 10 years ago when I needed it?

Dyr

Scortho wrote: »

Go back and offer 75%. Even just to hear the eas reaction. :pac:

It wasnt even an EA I got that spiel from, I went straight to the sellers with the offer

RubyXI

Made the offer on Aug 26th. The phoned me Aug 30th to say the owner was still thinking about it. I have heard nothing else since. Should I chase the Estate Agent? I would have thought it was his job to chase me... Or is it normal to wait this long without word?

D3PO

if you chase then you reveal your hand. Leave it be. Look for other properties if they come back to you your in a great position if they don't then cest la vie

RubyXI

D3PO wrote: »

if you chase then you reveal your hand. Leave it be. Look for other properties if they come back to you your in a great position if they don't then cest la vie

That's what I'm thinking, just worried they lost my number or something.

Pawwed Rig

Alternatively you could call back and inform them that your offer will expire at the end of the month as there is another property you are interested in. If you haven't received acceptance before then your offer is withdrawn.

Frosty McSnowballs

Offer whatever you think is right. Don't be shy about lowballing.

I got 185k off my house 2 years ago by negotiating.

Give it a shot.

percy212

Apartments are hard to sell. You got the right advice above. If you are the only person interested you wont be treated as a 'messer' no matter what you offer. Telling the EA your offer is time limited as you are looking at something else is excellent advice.

RubyXI

Bemused by a call from the Estate Agent.
They rang to say my offer was a bit low. They said if I offered around €130k they would be delighted to do a deal with me. I asked if they had any other offers. They haven't. So basically, they're asking me to bid against myself. That sounds a bit crazy to me!