First Time Buying (outside Dublin)

smokeyjoe123

Hi Folks,

Could do with some advice and views on my situation.

The House: 3 bed detached in a small village down the country. Asking price 140k. It has been up for sale for close to 2 years now, and has dropped by 20k in that time. Needs a bit of work to bring it up to standard (~10k).

Me: First time buyer. Cash.

The situation: Made 2 viewings of the house, could see the potential with it. Honestly I think it's not too bad of a price, taking into consideration the work that need to be done. Made an offer to EA of 105k. Calls back next day and said they need 140-135, said I'll go to 110k. Gets back a few days later, said they need 130k to pay off the bank. Went to 120k, same story, need 130k, went to 127k, now waiting to hear back from EA.

So, have I really f***ed up here and went in too strong? I was of the opinion that it has been up so long, they would take anything. Looks like they are holding out so they can pay of the bank, or has the EA played me like a fool?

As a guide, some other 4 bed properties (way less work to be done) in the area have gone for around 140k-150k. There is a decent supply of houses in the area, but very few sales (zero this year so far).

I know it's only worth what I'm willing to pay for it but I don't even know what I want to pay for it anymore!

Bepolite

If they need X to pay off the bank and that's a genuine issuer then they may simply not sell. Walk away and buy down the road if it's a buyers market.

lau1247

Go with what you are willing to pay and what it is worth to you. As you said there is decent supply around that area so if it is too much hassle, just walk away