Selling a distressed house in Dublin

https://www.boards.ie/discussion/comment/119460127#Comment_119460127

So set a reserve, put it on the market and stop all the dithering.

9320

https://www.boards.ie/discussion/comment/119460127#Comment_119460127

So you're trying to time the market - that's worked out well for so many people in the past. As stated previously you can only control what offers you accept.

At present it's nearly impossible to get builders to carry out substantial renovations - I would think anyone buying your property would be looking at 250k to do it up and that's if they can get a builder. Plus they'll still have, presumably, another property to live in and the cost of rent/mortgage there whilst waiting for a 9 month job to be completed. So every decision you make is massively lowering the potential market of buyers ie must be over 600k, must have another 250k to spend on refurb, must have access to another property to live in whilst refurb is completed.

So your position is essentially not to sell, leaving a property as a dump and annoying your neighbours.

9320

Home prices equal 2007 peak for first time in June (rte.ie)

Reached peak of 2007 so selling now, for what you can get, makes sense to me. A lot of those who tried to time the market in 2007 ended up selling for a lot less in 2008/9/10 - I bought in 2010.

But I'm weird, I'd rather 400k in my pocket now rather than an uncertain potential 500/600k that could end up being 200k in 2024 plus having the potential of substantial levies being introduced for unused property.

tinytobe

https://www.boards.ie/discussion/comment/119462899#Comment_119462899

I'd also take the 400 k now rather than wait. I'd say the Dublin market, is at a point where you might say, sell as long as you can. The market is unlikely to go further than in 2007, there just isn't any economic justification for that.

Also Canada's housing market is going down and it's expected to be a the biggest correction in the last 50 years.

Bubbles simply do burst at some point. Whether it's economic recession, or interest rates going up or banks in crisis, doesn't matter.

spaceHopper

You say you don't need the money so why are you worrying about it. Sell it take what you can get and move on.

If you want an easy sale, get it cleared out. Get a survey done so that buyers see exactly what could be wrong with it, any closing bid is final it won't be revised when their own survey comes back.

You might not get 600k it could be less the pool of buyers is smaller. Realistically its a cash buyer or somebody selling their own house and is mortgage free. If you put it on now people will view it in daylight, if you wait till September you are looking at limited viewing times, and viewing in poor light that affects peoples perception of it and will affect the price

xeresod

And because you inherited it prior to 31 August, your CAT is due by 31 October, so why are you willing to sit on it indefinitely until you get the price you want?

Viscount Aggro

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Ray Palmer

https://www.boards.ie/discussion/comment/119462899#Comment_119462899

Where are you coming with €200k? Peak match to 2007 still means the house is cheaper now than then due to inflation rates alone. If you think the market will crash by 2 thirds I am assuming you have a bomb shelter you plan to live in. You would be worrying about food and water if a crash like that happens not house prices

Ray Palmer

OP

At least reconnect the water and electricity and get a proper full survey done. Know where you stand because any surprises found by the seller causes major hassle and delays. You would also be surprised at how much you can do cheaply to bring a house up to at least indicate it is habitable. Second hand kitchen and a few hours of piping could really help a lot in a sale.

Viscount Aggro

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