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Making an Offer

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  • 11-02-2015 1:19pm
    #1
    BusinessGrinds
    Registered Users Posts: 16 ✭


    I am currently looking at older terraced houses in an area I like they are liveable at the moment but would need a lot of work to modernise (30K at an estimate). There are 3 in the area and the asking prices range from 90-110 all similar and would require the same amount of work to be done. The last prices on the property price register range from 65K (very same as ones currently on for sale) to 76K for larger end of terrace with much larger garden/extension potential. Its hard to tell how long they have been on the market as I notice they get removed for few days then put back up again to remove history. Would offering 63K be reasonable even though it is potentially 47K below asking?


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,712 Mod ✭✭✭✭Henry Ford III


    Low balling might get you a bargain, but could equally annoy a seller.

    Talk to the seller/agent and tell them you are potentially interested, depending on the price.

    From there you'll get an idea of whether to progress, or not.


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    #3
    BusinessGrinds
    Registered Users Posts: 16 ✭BusinessGrinds


    I am not really trying to get a bargain as such as I would not pay more than 68K for the house as I do not think they are worth it and going by property price register they are selling for what I think they are worth and also that there is 3 identical ones for sale but the asking price seem to be well over these prices so I am wondering would they even consider my offer well below asking even though it is similar to what they are achieving on the market


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    #4
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    The agent will usually reveal to a certain extent what the vendor is thinking. Poke about to find out more information about who they are and why they're selling. If it's an executor sale or a firesale, they want it done with quickly and are more likely to accept a lower offer.

    If it's a family home and they're selling to trade up then they will want to maximise what they can get for it. If they're older people trading down, they likely have no mortgage and are more flexible in what they will accept*

    This is a business transaction, not a playdate. To hell with whether you'll annoy the seller. Make the offer, all they can do is reject it. If you don't think it's worth more, then say that.

    *That said, anecdotally there are a lot of older people completely disconnected from reality who saw their house "valued" at €700k in 2006 and weren't ready to move then, but now that they are, believe they should be able to get €500k for their 3-bed semi-D in need of renovation.


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    #5
    BusinessGrinds
    Registered Users Posts: 16 ✭BusinessGrinds


    I am not really trying to get a bargain as such as I would not pay more than 68K for the house as I do not think they are worth it and going by property price register they are selling for what I think they are worth and also that there is 3 identical ones for sale so not a supply issue. The asking price just seem to be well over the actual sold for prices so I am wondering would they even consider my offer well below asking even though it is similar to what they are achieving on the market


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    #6
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    BusinessGrinds wrote: »
    I am not really trying to get a bargain as such as I would not pay more than 68K for the house as I do not think they are worth it and going by property price register they are selling for what I think they are worth and also that there is 3 identical ones for sale so not a supply issue. The asking price just seem to be well over the actual sold for prices so I am wondering would they even consider my offer well below asking even though it is similar to what they are achieving on the market
    So tell the agent, "I don't think it's worth more than €68k, so that's what I'm offering".

    The worse thing that can happen is that they reject your offer. I've told a number of agents that I thought a property was overpriced, and they usually agree.


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    #7
    BusinessGrinds
    Registered Users Posts: 16 ✭BusinessGrinds


    Well it is going to be another few months or so as I am in the process of just having the 10% and making the official application but the broker has given me what the banks have confirmed I will get so I am technically just starting to keep an eye on them now as to them getting taken down and put back up. They all seem to be older houses where there was older people living e.g. chair lifts on the stairs, seats in showers but the houses are currently empty so I would take it as being nursing home/died and the family are now selling.


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