What to offer for a relative's house that is worth around 250k?

icescreamqueen

I thought I'd be better off starting a new thread rather than adding to the other one. Basically, I'm interested in buying a house in 2010 but I'm in a more unusual situation than most people in that I've been living in my deceased Grannies' house for the last six months and I'm really interested in buying the house. It's an ideal house for me as it's close to my work, friends and family and is the perfect size for a single person. I have been looking at houses of similiar size and condition that have sold in the area and I know that several have sold for around the 250k mark. So using the 250k mark as a guide, how much do you think I could offer for the house? I need to talk to my uncle about it (who has been left in charge of the will) and I need to consider that the final selling price has to be divided by 7 (as my Granny has 7 children). I want to offer lower than the 250k mark but do not want to seem like I'm taking complete advantage of the situation either.

stereo_steve

You don't offer anything for the house. Put the house up for sale and you will just have to match the top bidder. Should be as simple as that. Just make sure your not involved in any of the sales process. Don't talk to interested buyers etc.

/Steve

kmick

Why not do it all through as solicitor and dont tell anyone you are bidding for it. That way you cant be accused of interfering as long as you dont get involved in any conversations etc. 10% below asking price is about right these days so offer 210 and go to 225?

Freddie59

kmick wrote: »

Why not do it all through as solicitor and dont tell anyone you are bidding for it. That way you cant be accused of interfering as long as you dont get involved in any conversations etc. 10% below asking price is about right these days so offer 210 and go to 225?

That depends. If the house was reduced to well below the other ones in the area, then 10% would be reasonable. As it is, I'd offer around €180k. Tops. You might be better off not getting involved though. Dealing with relations could be traumatic, especially if they have an artificially high price in mind.

If it wasn't relations, how much would you offer?

And have a look at this site to give you an indicator:

www.irishhousehunter.com

Also try

www.thepropertypin.com

www.irishpropertywatch.com

icescreamqueen

Thanks for all your replies. I think I'm in a tricky enough situation. I just don't know whether to talk to my uncle and let him know I'm interested in buying or wait to see what someone else is prepared to pay for it. In reality, I wouldn't want to take out a massive mortgage but I can't see prices coming down much more in that area.

ch2008

Ask your uncle how much he wants for it. Problems his then.

Massive Muscles

Unless you have a strong attachment to the house then I would avoid. You will probably have to pay a premium on the house compared to others just to keep family happy. You can't really get cut throat in your bargaining like some other house in the area.

oil painting

Hi OP,

I have been in a similar position in the last year, i think you should put your cards on the table, ask yourself what can you afford and do you even qualify for the mortgage, find out this first, just say you only qualified for 200k then go back to your uncle with exactly what you can afford and say this is an offer from you. He might think its a great idea and you can follow through and if he doesnt then it will be put on the market and he will see if there are any takers that way. But you should always maintain what you can afford and dont go any higher IMO, if there are no takers then you will have always showed what you can afford and they cant accuse you of anything.

iguana

icescreamqueen wrote: »

and is the perfect size for a single person.

Do you plan on being a single person forever? If you do then fine but if not this house could become an albatross to your future.

icescreamqueen

oil painting wrote: »

Hi OP,

I have been in a similar position in the last year, i think you should put your cards on the table, ask yourself what can you afford and do you even qualify for the mortgage, find out this first, just say you only qualified for 200k then go back to your uncle with exactly what you can afford and say this is an offer from you. He might think its a great idea and you can follow through and if he doesnt then it will be put on the market and he will see if there are any takers that way. But you should always maintain what you can afford and dont go any higher IMO, if there are no takers then you will have always showed what you can afford and they cant accuse you of anything.

Thanks for the very sensible advice. I'm in the process of getting mortgage approval. So, hopefully I'll know within the next month so I'll take that and the deposit I've saved into account when putting a realistic offer on the table.

icescreamqueen

iguana wrote: »

Do you plan on being a single person forever? If you do then fine but if not this house could become an albatross to your future.

At the minute, yeah the way I feel I will be single forever. I meant it's not a box or a mansion, it's just the right size. Also, I have to remember that at one stage 10 people called this house a home!