Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
14-12-2019, 23:30   #46
lfen
Registered User
 
Join Date: Nov 2010
Posts: 171
Hi, wondering if anyone went ahead and offered less than asking and could share how they got on? New development with about 10 houses left, which have been on sale now 5 months. Work on another phase due to start in the next couple of months.
lfen is offline  
Advertisement
15-12-2019, 10:43   #47
duffman13
Registered User
 
duffman13's Avatar
 
Join Date: Apr 2009
Posts: 7,117
I made an offer about 3 months back on a small development which was overpriced in my opinion. The developers agent laughed, houses were listed at 485k and I offered 445k. Granted it's a considerable money difference but I'm not a first time buyer and it felt overpriced to me so I just walked away. Got a phone call Friday, 5 of the 8 units still available and asking price is 465 but if I'm in a position to move quickly there could be wiggle room.

So I'm sure there is a possibility however it really depends on the development and the interest in it. Offer What you would be willing to pay to live there for the next 30 or 40 years. I wasn't interested in the price drop as it still wasn't where I wanted to go pricewise so I left it there.
duffman13 is offline  
(2) thanks from:
14-03-2020, 00:01   #48
paddy1892
Registered User
 
Join Date: Jun 2011
Posts: 2
Interested in the last house in a development, it's the show-house. Think it was put on the market the back end of 2019. The actual development was originally released in 2018.

Reckon I bid the asking price or go slightly lower? Just wary in case another person came in with the asking price whilst they considered ours...
paddy1892 is offline  
14-03-2020, 00:30   #49
lfen
Registered User
 
Join Date: Nov 2010
Posts: 171
Quote:
Originally Posted by paddy1892 View Post
Interested in the last house in a development, it's the show-house. Think it was put on the market the back end of 2019. The actual development was originally released in 2018.

Reckon I bid the asking price or go slightly lower? Just wary in case another person came in with the asking price whilst they considered ours...
The show house is generally more expensive than the other houses. We were told to add €35k in the estate we are looking to buy in.

No real harm going in lower though. I’m sure the EA would let you know if someone came in with a higher bid to give you the opportunity to go higher.
lfen is offline  
14-03-2020, 00:33   #50
paddy1892
Registered User
 
Join Date: Jun 2011
Posts: 2
Quote:
Originally Posted by lfen View Post
The show house is generally more expensive than the other houses. We were told to add €35k in the estate we are looking to buy in.

No real harm going in lower though. I’m sure the EA would let you know if someone came in with a higher bid to give you the opportunity to go higher.
Thanks, yeah it's a good bit higher. Around €45k. It's well kitted out though.
paddy1892 is offline  
Advertisement
14-03-2020, 07:35   #51
PukkaStukka
Registered User
 
PukkaStukka's Avatar
 
Join Date: Jul 2014
Posts: 1,747
Quote:
Originally Posted by paddy1892 View Post
Interested in the last house in a development, it's the show-house. Think it was put on the market the back end of 2019. The actual development was originally released in 2018.

Reckon I bid the asking price or go slightly lower? Just wary in case another person came in with the asking price whilst they considered ours...
The fact that it's the last house and hasn't sold by now speaks for itself. There's either no demand or its overpriced
PukkaStukka is offline  
23-05-2020, 13:41   #52
Wellboy36
Registered User
 
Wellboy36's Avatar
 
Join Date: May 2020
Posts: 2
Does anyone think the Covid situation will give scope to negotiate the price in a new development?

I've reserved a house in a new development (paid booking deposit but haven't signed contract, etc) which was one of 8 released back in February. 6 of the 8 were reserved at the time but only 4 appear to be reserved now so they seem to be having trouble finding buyers.

Would it be worth trying to renegotiate now or is it even possible to do so?
Wellboy36 is offline  
23-05-2020, 14:09   #53
The_Conductor
Moderator
 
The_Conductor's Avatar
 
Join Date: May 2002
Posts: 28,719
Quote:
Originally Posted by Wellboy36 View Post
6 of the 8 were reserved at the time but only 4 appear to be reserved now so they seem to be having trouble finding buyers.
The issue is that a lot of prospective buyers are having their mortgage approvals withdrawn. Anyone claiming the Covid payment- is automatically excluded and getting yanked. Its been highlighted as an issue in the media several times in the last 10 days- with all of the pillar banks guilty of yanking approvals-in-principal and some lenders ringing up borrowers to check to see if contracts have been signed (and in some cases, even when contracts have been signed, still yanking mortgage approvals if they haven't been drawn down).

A Covid payment in the house = automatic exclusion from the mortgage approval process- regardless of what stage your mortgage approval is at (up to draw down obviously).
The_Conductor is offline  
23-05-2020, 14:18   #54
Sunrise_Sunset
Registered User
 
Sunrise_Sunset's Avatar
 
Join Date: Jan 2019
Posts: 619
Quote:
Originally Posted by The_Conductor View Post
The issue is that a lot of prospective buyers are having their mortgage approvals withdrawn. Anyone claiming the Covid payment- is automatically excluded and getting yanked. Its been highlighted as an issue in the media several times in the last 10 days- with all of the pillar banks guilty of yanking approvals-in-principal and some lenders ringing up borrowers to check to see if contracts have been signed (and in some cases, even when contracts have been signed, still yanking mortgage approvals if they haven't been drawn down).

A Covid payment in the house = automatic exclusion from the mortgage approval process- regardless of what stage your mortgage approval is at (up to draw down obviously).
I also think that some buyers are willingly pulling out of sales. I know of a couple who put a booking deposit on a new house, they are both teachers with safe incomes, and they are thinking of pulling out because they feel that house prices will drop and in a few months time they could get more bang for their buck. But will the banks be lending in a few months time?! Probably not.
Sunrise_Sunset is offline  
Advertisement
23-05-2020, 16:18   #55
The_Conductor
Moderator
 
The_Conductor's Avatar
 
Join Date: May 2002
Posts: 28,719
Quote:
Originally Posted by Sunrise_Sunset View Post
But will the banks be lending in a few months time?! Probably not.
Its highly likely that the main lenders will be forced to severely curtail lending in the short to medium term- and may very well introduce onerous criteria on prospective borrowers, which make it difficult for all but the very safest of borrowers, and even then, they could very well cut lending multiples and/or do away with exemptions.

We are in unprecedented times.
The_Conductor is offline  
(2) thanks from:
24-05-2020, 13:57   #56
justme112
Registered User
 
Join Date: Aug 2013
Posts: 27
Quote:
Originally Posted by Sunrise_Sunset View Post
I also think that some buyers are willingly pulling out of sales. I know of a couple who put a booking deposit on a new house, they are both teachers with safe incomes, and they are thinking of pulling out because they feel that house prices will drop and in a few months time they could get more bang for their buck. But will the banks be lending in a few months time?! Probably not.
Going through the same thought process now however we've signed contracts. House build has not begun and we're beginning to query what options we have. Expecting to see some of the previously reserved houses become available again. All speculation of course but our concern is prices will drop and we end up paying above new asking.
justme112 is offline  
24-05-2020, 14:10   #57
Wellboy36
Registered User
 
Wellboy36's Avatar
 
Join Date: May 2020
Posts: 2
Quote:
Originally Posted by The_Conductor View Post
Its highly likely that the main lenders will be forced to severely curtail lending in the short to medium term- and may very well introduce onerous criteria on prospective borrowers, which make it difficult for all but the very safest of borrowers, and even then, they could very well cut lending multiples and/or do away with exemptions.

We are in unprecedented times.
Unprecedented times indeed and there seems to be an inevitability of how much house prices which fall by as opposed to if they'll fall.

And when this happens, will developers start dropping prices when they can't sell properties already advertised when the banks tighten up and credit is less readily available.
Wellboy36 is offline  
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet