How much should I offer for a property I really want?

Branoic

Hi,

Myself and the missus viewed this 2 bed apartment at the weekend - tis in lovely condition and suits our needs perfectly. We've decided to go for it.

The asking price is 230K. We've decided that I'll phone the estate agent today and try to make an offer and get a price agreed. I've never done anything like this before though so I haven't got a clue what to do.

I was thinking of maybe starting off by offering 220K? Does anyone have any advice or suggestions on haggling with estate agents for a price? We've decided we're willing to pay up to 240K for the property, but obviously we don't want them to know that and we'd prefer to pay less.

Any help?

TheBigLebowski

Why have you decided to go up to 240? Are you basing that on the asking price of 230? What you need to do is disregard the asking price as if you never heard it and then decide how much you really think the apartment is worth. A lot of estate agents will put a low asking price but will have no intention of selling at that price and, on the other hand, others will overprice properties. So what I'm saying is the asking price is usually bollox. If you think 230 is a fair price, I'd offer 220. If it's been on the market a while with not much interest and the vendor needs to sell, you might get lucky. If there's a lot of interest, it'll obviously go up. Do plenty of research into the prices of other apts in the area to make sure you're getting value for money.

Borzoi

TheBigLebowski wrote:

If there's a lot of interest, it'll obviously go up. Do plenty of research into the prices of other apts in the area to make sure you're getting value for money.

BigL makes a lot of good points there.

My own experience has been that the advertised price in private treaty sales is typically 10% under what the vendor wants, to get people through the door

MorningStar

It really depends on who is selling this apartment and how old it is.

If this a new build the prices tend to be correct with little or no haggle room.

If is has already been lived in and you are the second buyer the asking price will be generally 10% lower than the true asking price but may be as much as 20% especially at the lower end for FTB.

At the lower end of the market it is very rare to have them sell lower than the asking price.
I would say to offer so much below the asking price may do you more damage than good. If you must do it only go €5k below but I doubt you will get it. The place is much more likely to go for more than the asking price and I would guess they plan to get €245-250k. THat is assuming it is second hand and with one of the bigger estate agents. The smaller estate agents tend to be pretty fair with their prices.

Branoic

Hey - thanks for the advice guys. We offered 222k and they settled for 226k. Yay!

liam1204

hi branoic, thinking of buying an apartment but have not found one that i have been iimpressed with for the same sort of money you offerd.
would you mind telling me the name of the complex you were taken with? ta

Branoic

hey - not really a complex. A couple of apartments in an old renovated convent building in Wicklow

liam1204

sounds well nice