What to offer

user37

Hi, i'm interested in buying a house thats up for sale for €145k.
i havent viewed the house yet but its in the area i'm looking in.
What would an acceptable first offer on a house with this price range be? Would 100k be cheeky or is it more likely to be sold at around 130k

thanks

pemtca

I viewed a house a couple of weeks ago that was on for €140,000, and I was told there was an offer of €110,000 on it, which would not be accepted by the vendor.

Ritchi

You can always have a second offer of more. But you're not going to offer less as a second offer.

Imagine you offered a high amount as your first offer and they accept straight away, you'll be almost guaranteed that you could have got it for a few grand less.

Obviously, I haven't seen the property and have no idea what it's worth, but offer the 100k and see what is said. You don't lose anything from having a bid turned down.

Ms Tootsie

Having just bought a house this is an area we did a lot of research on first. You can almost bet a house will be advertised for 10% more than it is worth / the vendor is hoping to get for it. Instantly that means your vendor is probably looking at something around the 130k mark. That is being optimistic. I would go a full 20% under than again and perhaps offer 105-110 (along with your snag list). You will more than likely get a counter request from the vendor then, take a look at that and put in your second offer (again lower than the vendors counter). This could go back and forth for a while but you should find a middle ground.

It all depends on seeing the house and judging what you would deem a good price for it.

We ended up settling on more 20% less than the asking price with our vendor with a snag list of everything we wanted 'tidied up' to boot.

EDIT: also when putting in a first offer don't just offer 100k on the button - that is a dead give away that you have more money to play with and are just offering low to get a bargain. Make it look like you have done your sums and this is a figure you can afford, something like 101,350.

Best advice I can give is take your time, at the end of the day when you see the place you will have a better idea of what you deem it to be worth. Just dont rush into anything, these things can take months.

the_syco

user37 wrote: »

i havent viewed the house yet

When viewing the house, have the super bored look. If the EA sees an "OMG I WANT THIS HOUSE NOW" look on your face, they'll probably introduce a phantom bidder.

Mr. Loverman

user37 wrote: »

Hi, i'm interested in buying a house thats up for sale for €145k.
i havent viewed the house yet but its in the area i'm looking in.
What would an acceptable first offer on a house with this price range be? Would 100k be cheeky or is it more likely to be sold at around 130k

thanks

This is impossible to answer, as we know absolutely nothing about the house you want to buy.

Maybe it is a 5 bedroom house in Kildare.
Maybe it is an ex-council house in Tallaght.

We have no idea what it's worth or what it's likely to sll for.

Is it possible to post the daft advert/whatever for the house you want to buy? We can then take a guess at it's current, medium term and long term value.

socky97

Ive the same dilemma myself, i'm interested in buying a house thats up for sale in Ennis Co Clare for €180000k. Recently dropped in price during August from €200000k
The house has been on the market since OCT 2011
Its in a good area and in good condition

What would be an acceptable first offer on this house?
I was thinking 145000k

http://www.daft.ie/searchsale.daft?id=621902

Many Thanks Everyone

mel.b

socky97 wrote: »

Ive the same dilemma myself, i'm interested in buying a house thats up for sale in Ennis Co Clare for €180000k. Recently dropped in price during August from €200000k
The house has been on the market since OCT 2011
Its in a good area and in good condition

What would be an acceptable first offer on this house?
I was thinking 145000k

http://www.daft.ie/searchsale.daft?id=621902

Many Thanks Everyone

Funny, i've been following the houses in Ennis quite closely and knew exactly which one you were talking about before clicking the link. To me, the fact that they took so long to drop the price indicates that they are not desperate and will hold out for something close to asking. Not sure what it would go for though. If you can maybe hold out till the price database comes out. There were a couple of detached houses in gort na mblath that went sale agreed recently (althugh pretty small backyards) and another in Elm Woods that went SA very quickly, although was more expensive than this one. Might give you a guide.

markas

kaza2710 wrote: »

EDIT: also when putting in a first offer don't just offer 100k on the button - that is a dead give away that you have more money to play with and are just offering low to get a bargain. Make it look like you have done your sums and this is a figure you can afford, something like 101,350.

Or better yet do your sums.. and then make an offer.

the_syco

markas wrote: »

Or better yet do your sums.. and then make an offer.

What he means is that instead of underbidding at a price where it's obvious that you can afford more, underbid with a price that looks like it's all you can afford to trick the seller into thinking that you can't increase your offer.

Ms Tootsie

the_syco wrote: »

What he means is that instead of underbidding at a price where it's obvious that you can afford more, underbid with a price that looks like it's all you can afford to trick the seller into thinking that you can't increase your offer.

That's exactly what I meant. Make your under bid look like that is the upper offer of what you can bid.

markas

kaza2710 wrote: »

That's exactly what I meant. Make your under bid look like that is the upper offer of what you can bid.

Oh never mind, I would be very bad buyer. I have an aversion to playing primitive tricks.. just waste of time.

the_syco

markas wrote: »

Oh never mind, I would be very bad buyer. I have an aversion to playing primitive tricks.. just waste of time.

Usually I'd agree with you, but after years of primitive tricks by the EA's (phantom bidders, for example), the chance of knocking €50,000 off the price of a house is now open season.

mel.b

socky97 wrote: »

Ive the same dilemma myself, i'm interested in buying a house thats up for sale in Ennis Co Clare for €180000k. Recently dropped in price during August from €200000k
The house has been on the market since OCT 2011
Its in a good area and in good condition

What would be an acceptable first offer on this house?
I was thinking 145000k

http://www.daft.ie/searchsale.daft?id=621902

Many Thanks Everyone

Just noticed this place has gone sale agreed. Was it you if so, congratulations!

flintash

Probably not . Some one else offered 175k

mel.b

flintash wrote: »

Probably not . Some one else offered 175k

Congrats then