Making an offer...

quinnie123ie

Hi,

Hope this can be answered by somebody who has been in the situation or has a good knowlegde of the area.

I am thinking of making an offer on a house, the property is about 190k, how much should i make the offer for below the asking price without p155ing off the estate agent and seller alike?

I was thinking of offering 160k - 165k...

Thanks
Quinnie

Diddler1977

Personally I'd start with an offer of about 120 if I was prepared to pay about 160.

If you go in at 160, you will end up paying 170.

Where is the house? What are other houses in the area going for?

I would find the cheapest house in the area, take 20% off their asking price and put that offer in.

PS> forget about annoying the sellers - they are not your friend and neither is the Estate Agent - this is business.

Snakeblood

quinnie123ie wrote: »

Hi,

Hope this can be answered by somebody who has been in the situation or has a good knowlegde of the area.

I am thinking of making an offer on a house, the property is about 190k, how much should i make the offer for below the asking price without p155ing off the estate agent and seller alike?

I was thinking of offering 160k - 165k...

Thanks
Quinnie

Make an embarassingly low offer. I'd go for 130, myself (without any other information). I wouldn't care about the EA's feelings, he should be caring about cash.

The price you offer is the least you expect to pay, so make it low.

john hanrahan

if you have everything in place ie money, mortgage you could make a low offer, but state that you are ready to buy and can complete quickly

a good offer would be 130/ 135 give yourself some room.

if you have everything in place they have to take you seriously because they dont see buyers with money everyday

best of luck

Diddler1977

Snakeblood wrote: »

Make an embarassingly low offer. I'd go for 130, myself (without any other information). I wouldn't care about the EA's feelings, he should be caring about cash.

The price you offer is the least you expect to pay, so make it low.

OP, please post some info. about the area, the condition of the house, etc.

We may advise offering 100 or lower when we hear some of these details.

quinnie123ie

Thanks for all your replies

There are a number of houses in Moreen, Sandyford, Dublin 18 i am looking at... was speaking to a guy today and he said they are going for 150-160k depending on condition.

Snakeblood

quinnie123ie wrote: »

There are a number of houses in Moreen, Sandyford, Dublin 18 i am looking at... was speaking to a guy today and he said they are going for 150-160k depending on condition.

Moreen is a former council estate, I think and is not pleasant. I passed through there a few times. I think you'll get a better house for the same soon. I'd go less than a hundred if I was set on living there.

johndaman66

I do feel its a sort of question that cannot be answered adequately with the basic information provided or lack thereoff (and no offence intended OP). We are unaware of the location and type of house, floor area, BER rating, if the house needs work to bring it up to standard etc etc.

For example in my own immediate area there are many houses asking between 180k and 220k. Some are small pokey run down shacks, for want of a better word, that may need 40k or more spent on them to bring them up to a someway decent standard. Even at that its probably unlikely you will get a high energy rating without carrying out some serious work such as replacing windows and doors etc. There is no doubt in my mind that the vendor would or at least should entertain lower offers if they are serious about selling.

Then there are spacious modern newly built family homes asking in or around the same money. For example I seen, a spacious newly built 5 bedroom concrete dormer with the asking price dropped from 360k to 195k recently. It has a high C energy rating, solar heating and biocycle. To be fair it is a lot of house for the money. Theres not a hope in hell you would build for the same and thats totally ignoring the price of the site (I do appreciate that this is perhaps a moot point as houses were being sold for multiples of what they were built for in the not too distant past). I think its a hell of a lot less likely the vendor would be willing to accept substancially less in this case, everything else being equal.

Also, to be quite honest I'd do my best to snap out of the mindset of being fearful of insulting the Agent. Believe me enough of them guys have pulled fast ones over the years and he is only selling the house on behalf of somebody anyway. If he sells for a good few grand less its unlikely his commission will take a serious hit...It may be more in his interest to shift property at whatever it clears at. You are making a massive commitment and I'm guessing you will be paying for the property over many years to come. Try and do whats best for you and don't let something as small and insignificant as a fear of insulting the agent get in the way of that. Having said all that do conduct your business with him in a corteous and professional manner.

Edit: OP has since made us aware of location

quinnie123ie

Thanks everyone for the advice, i am going to arrange some viewing and make a few offers, F*** the EA's feelings, you are right, thanks again...

ShadowHearth

Low offers are not as easy as you think. I already encoutered a situation where I offered low, and EA didn't even bothered to say it to seller. I know as I cough him on it.

quinnie123ie

you make a good point, how did you catch him out???

ShadowHearth

quinnie123ie wrote: »

you make a good point, how did you catch him out???

I gave an offer, but I was still dealing with same estate on other properties, then I asked him again about my offer and he was like: what offer? Oh that... Well bank wont be interested in it, it's way to low...

Few EA I met are prety sound on prices. They will say: it's listed for 150k, but offer of 110k will take it.

jackal

Make sure you have researched the area well. Contact the Gardai in the local area to get an idea of the levels of anti social behaviour, break-in's etc as you would anywhere... but... especially here.