If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Derelict House - Expression of Interest

adriaaaan · 2018-02-12 23:16:35

Hi to you all I am a really long time lurker, but I am looking now for some advice from you seasoned property veterans. I am looking for an investment property in Dublin that requires renovation. I have capital and I can tackle renovations myself, assume I dont need to be talked out of the decision to doer-upper. I spotted…

Options

Comments

Options
#32 15-02-2018 8:25am
davo10

Closed Accounts Posts: 6,926 ✭✭✭

Join Date: May 2007

Posts: 6890

Op. Every situation with different owners is unique, some might not appreciate a knock on the door, some might, only one way to find out. If you are speculating on property, you are better off knowing quickly so that you can move on to other projects if the response is negative.

You have a couple of problems though. Firstly, the owner will know that in that location, the property is valuable and most likely would achieve a higher price if placed on the market. You will not get it cheap so you will have to make a really good offer. Secondly, if the owner doesn't need to sell, the offer has to be one they "cant refuse", again that means a higher offer. Thirdly, if it was inherited, apart from the tax associated with the inheritance, the current owner didn't pay a lot for a valuable asset so can possibly afford to let it sit there for years, with the price appreciating, so probably no incentive to sell unless a good offer comes in.

From my own experience, I have door knocked site owners twice and been door knocked myself once. One site owner was very pleasant, a bachelor, he brought me in for tea, thanked me for calling but said he was leaving site to his only nephew. The second was a lit taken aback by the door knock but he said he'd think about it. I am now living in a house on that site, there was a bit of haggling but I knew I was going to have to pay the going rate plus a little more to stop the site going to market. I paid it, everyone happy. Now, the site remained idle for a few years after I bought it, I got planning and then built it myself over a couple of years. During that time a guy came to my place of business and make a very good offer for the site, quite a bit more than I paid because it now had planning. If I was a speculator I probably would have accepted it but as the house was for my own family, I thanked him and explained the situation.

In my view, grown ups don't get upset by expressions of interest, so go see the owner. if I had the property on the market with an EA and someone door knocked me, I'd tell them to go away and talk to the EA, that is what I am paying them for.

Op, don't go in expecting to get a bargain, that just won't fly in the current property market. What you are looking for is to buy the property now, before it is advertised for sale. That means you are going to have to make a very appealing offer. Good luck.

0