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Making an offer on a house

  • 11-09-2012 8:08pm
    #1
    messinkiapina
    Registered Users, Registered Users 2 Posts: 2,167 ✭✭✭


    I have 120k in cash that I'm hoping to buy a house with.

    The approach I've decided on is to look at a number of houses asking in the 150-160k bracket and see if I can get anyone to accept my 120k. Is that a reasonable strategy?

    I'm pretty interested in one place that's advertised as 155k, it's been on the market about a month and there are no offers as yet. I'd like to make an offer but am not sure whether I should just explain to the auctioneer that 120k is my entire budget and offer that. Or offer something less but run the risk of not being taken seriously for offering very far below the asking?

    Thanks for any advice.


Comments

  • #2
    sparrowcar
    Registered Users, Registered Users 2 Posts: 2,912 ✭✭✭sparrowcar


    IMO,

    If €120k is all you have then get a statement or proof and bring it with you to show the EA that your not bluffing. In fairness if your looking at anything in the €155k range that you got for €120k you'd be delighted.

    Showing the EA that you're not a waffler, €120k all in, no further offers, take it or leave it and move on.

    I obviously wouldn't suggest showing your hand in this way to the EA if the houses were €130k-145k as you "could" get it below the €120k.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    It really depends on the property- and whether the owners are being realistic with their asking prices or not. A lot of owners have accepted the new reality- and stopped chasing the market from a distance. If people are genuine about selling now- most of them price accordingly. A 40k discount on a 160k property- is very steep- and unless the property has been on the market for a considerable amount of time- or you can see that it is overvalued in comparison to other property in the area in question- you're probably wasting your time with this approach.

    There isn't enough information here to be honest to say you're wasting your time or not- the rather unhelpful response is- 'It depends.......'

    Give it a shot- the only thing you have to loose is your own time.


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