Well you are never going to know what goes on between the seller and their EA I presume? There's no easy answer here - if you really want the house then €400K will secure it. €385K won't right now. It's your call on whether or not you want to risk missing out or how much haggling and risk you are willing to engage in.
If it's just come on the market it's unlikely to move on price any time soon. And the fact that they got an offer so early will encourage the vendor.
If I were you I'd wait it out. I know you've you heart set on this house but I'm sure more will become available. Check back in 3-4 months time, if it still hasn't shifted (which most house aren't at the mo) try again.
Of course, if you have to move, and you have to have this particular house, then you might have to just pay close to asking.
Have (m)any similar properties in the area sold at €385K-€400K?
The EA won't be advising them to take the offer considering the short time it has been on the market and the time of year we are in. It was a strong offer to lead with, so I would be prepared to sit tight for a month or two if you are hoping to get a below asking sale price.
It's not a rip-off. The vendor has an asking price. You offered less than it. You are now into haggling or brinkmanship. There is nothing underhand involved.
I looked at a similar scenario recently where we would release equity from the current house to buy a new house, and then rent the current house and go interest only on the remortgage.
The reason we decided against it is that we were informed that you can't deduct the interest as an allowable expense from the rent for tax purposes. The revenue states this allowance is only for "Interest paid on monies borrowed for the purchase, improvement or repair of certain properties." When you re-mortgage, you're not doing any of these.
I know the OP didn't ask about this, but I'd be interested in people's views on this. Is the interpretation above correct?
Thanks.
The Problem is this , I havent a clue how to handle Estate Agents , we have seen a house we are really interested in , its in Lusk , the asking price is 400k , i dont think it is worth that , we put in a bid for 385k and it was refused .
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