What to offer on builder's finish?

birdie31

hello...just looking for advice on above subject...looking at 3 bed semi in cork city..builders finish..kitchen in..bathroom in..garden lawned...and fireplace in...city location..few houses in development unsold for 3yrs...rest occupied...just unsure what to go in with as my first offer???asking price 195k...approx 1000sq/ft

testicle

50 grand.

If you don't feel embarrassed by how low your offer is, it's not low enough.

birdie31

seriously....50k?????

Ste.phen

As a first offer, why not? They almost certainly won't accept it, but it's a good place to start

If it's a builders finish it's going to cost some serious money to bring it up to 'moving in' stage, and unless there's something very special about the place, any discount they offer from their intended 'full price after fully fitted' price won't actually come close to the costs to you in bringing it up to that standard, nor does it take into account the hassle involved.

(short answer: if you don't get a BIG discount on the 'fully fitted' price, you're probably better off just buying a fully fitted house)

birdie31

offered just under 123k...EA said no way!!!this house is sitting there 3yrs and builders and EA still being greedy...tut tut

JamBur

Any link to the details of the house? would be easier to give an estimate then

birdie31

http://www.myhome.ie/residential/brochure/6-ashmount-mews-silversprings-cork/321800

this is not exact house but in same development with similar finish

pooch90

No way I'd go over 150K (final offer) for a mid-terraced, essentially un-finished house. If the developer has had it there vacant for 3 years he should be biting your hand off. what exactly did EA say? Did they even go to the developer with the offer or just flat out say no?

birdie31

that link is to similar houses in estate...one im looking at is end of terrace..but same house essentially...EA said a flat out no yesterday after i put in my offer...so i told him that was my offer and thats what the house was worth to me...so he said he would put it to developer...whether he does or not i dont know or will he wait to see am i willing to increase...

chicken fingers

Tell them that they are living with the fairies.
"Builders Finish" is a cliche from the tiger years, call a spade a spade and call it an unfinished (or half finished) house.

Anyways you offered what is probably a fair starting offer at todays market.
But these prices will certainly drop more as the forclosures start.
Dont worry, sit tight, tell them when they are ready to wake up, they have a buyer at that price and to call you when they wake up.

But be nice about it!
And remember, these guys most likely made some mistakes and spent more than that on the property and think that they can get away without taking a loss.

JamBur

I'd agree with the other posters, price is too high...... I'd be offering up to 145 at the max. I know the area, its nice, but there are serious access issues during the winter months

dory

JamBur wrote: »

I'd agree with the other posters, price is too high...... I'd be offering up to 145 at the max. I know the area, its nice, but there are serious access issues during the winter months

You think it's a nice area? I grew up only a few hundred metres from that house - there are some nice areas sure but in general it's a rough spot. And it's Mayfield, it's right next to Mayfield GAA. Silversprings is its adopted name, but that does not up its value. You were being generous with €124k.

And as was said above - it's an absolute nightmare in winter. My uncle was house bound for a week this year because he was afraid to drive in it.

JamBur

dory wrote: »

You think it's a nice area? I grew up only a few hundred metres from that house - there are some nice areas sure but in general it's a rough spot. And it's Mayfield, it's right next to Mayfield GAA. Silversprings is its adopted name, but that does not up its value. You were being generous with €124k.

And as was said above - it's an absolute nightmare in winter. My uncle was house bound for a week this year because he was afraid to drive in it.

Its below Silverheights, its relatively quiet there.....and Silverheights\Lotamore is a bit more settled now. When you take locatio & price into account, its not bad at all. I know kids go bush drinking up around the GAA pitches, but its a bit away from them. My biggest concern would be the winter access on the steep hills

birdie31

thank you for all replies guys...i actually rented in another part of this estate for over two years..moved out about 3yrs ago...never had any problems in it at all...found it quiet tbh....am in a position to buy right now and the location is again perfect for me for many reasons...am prepared to play it cool with the EA/Developer as i am first time buyer and want value for money...

djmcr

Play it cool, power is in your hands. A friend of mine put in an offer in a house a year ago and EA almost hunted them out of the office only for them to ring back six months later asking them if the offer was still on the table. They got a quiet unpolite answer from him

mrmitty

50K, and if you pay a penny more you will regret it within the year.

blah

I think this is the first time I've heard the expression "Builder's finish". It sounds like one of these 2006 terms up there with "renting is dead money".


As a prospective buyer I would just consider a house like that to be "unfinished".

If I went into a restaurant and they served me a plate with raw vegetables and a half cooked steak and told me it was "chef's finish", I wouldn't paying full price .

birdie31

EA never got back to me today...he probably didnt even pass on the offer in the first place

Damie

Tell them the next bid is 90k, then 80 and so on.....

birdie31

i gave this EA a specific date to get back to me about this offer and he hasnt bothered yet even though its gone well past it...should i just sit tight and not contact him or what???

testicle

birdie31 wrote: »

i gave this EA a specific date to get back to me about this offer and he hasnt bothered yet even though its gone well past it...should i just sit tight and not contact him or what???

Contact him if you like, but with a 10% lower offer, also with a time limit.

birdie31

i actually feel like withdrawing the offer completely...its annoying me a lot the way he is behaving..clearly he isnt taking me seriously as a buyer or else he is just sulking because of my offer...either way its just plain rude...they clearly dont want or need my money...and are happy for this house to be sitting there another 3yrs

tanyabond

He probably wants to play games, he knows he's been longer at selling houses than you at buying... and it is rude since you gave him a deadline. Just call him and say you will be contacting the developers directly with your offer price and also that you will mention the way their EA is treating a potential customer.