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Bank Sales

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  • 09-07-2014 9:52pm
    #1
    maynooth_rules
    Registered Users Posts: 1,502 ✭✭✭


    Hi folks, hope you can help me out with the situation me and the fiancee are in. We are very interested in a house that is being sold by a bank.
    How does that make it different from an estate agent selling it?
    is there anything we should be careful with?
    Finally, regarding offer. is the valuation a bank puts on the house. Is that really as low as they would sell it. The price of the house we are interested in is good value. But we are thinking of offering 85% of the asking price? Good idea or not?

    Thanking you


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    #2
    johndaman66
    Registered Users Posts: 4,095 ✭✭✭johndaman66


    Out of curiosity where was the house advertised? It was my understanding that these bank owned houses were still generally sold by Estate Agents on behalf of the bank.

    You could go in with an offer of 85% of the asking price but on the face of it if the house is priced well in its current market then there will most likely be strong interest in it..Like almost everything else if priced right it will sell. I don't think anyone will be able to answer your question well without further details and asking price of the house in question as its a bit like how long is a piece of string sort question


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    #3
    TheDriver
    Registered Users Posts: 12,426 ✭✭✭✭TheDriver


    also note the decision is probably taken by a committee who meet once a month and not an owner who decides overnight. So you could be waiting quite a while for decisions.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,280 Mod ✭✭✭✭The_Conductor


    As a general rule of thumb- the valuation put on the property tends to be a minimum acceptable price. More often than not (depending on the area), the actual sale price of the property could be 20-30-40% above this price. If interest level is low- and you are the only bidder- you may get it at this price. If you toss in a low-ball offer- it can take 6-8 weeks (at this time of the year) before the offer is even considered- during which time, it could be trumped by anyone at all.

    It all depends on where the property is- and how long property tends to remain on the market in the area- if its a location where property is moving- forget about tossing in a lowball offer- its a waste of your time.


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