Advice re making an offer for a site?

O

oneillk

Guest
Hi All,

Just wondering if anyone has any advice or experience with purchasing a site.

I'm looking at an half acre site in Cork for €200K(unrestrcited planning). Been on the market for 3 weeks and no offer. No signpost or signage has been erected at the site, so I dont know if that's significant. There is a ton of rock on the site that needs to be broken and removed that will cost me approx €20K, I have been informed.

Looking at previous posts, asking price minus 10% seems to be the recommended 1st offer. Is the correct?

With the market so slow at the moment, is it advisable to put a time limit on the offer to put an additional piece of pressure on the seller or could this backfire? Any advice would be greatly appreciated.

My house sale is agreed and is due to go through(100% certain) by the mid-July.

Thanks in advance,
oneillk
 
See what type of stone you have there, chances are that you could actually get the stone broke and sold off, that could even out the cost of excavation.

Not sure about pressure to be honest, I negotited our site for over 1 hour with the farmer, I put no pressure as I did not want to give the sign of desperation.
 
I also bought a ½ acre site in Cork (Midleton) recently. Does the site have planning? If not has a planning application previously been submitted and refused? All this will have a bearing on the site price. Even though it’s in an unrestricted area doesn’t mean that planning will automatically.
 
I agree with August: regardless of whether the area is unrestricted in terms of planning permission or not it's fairly standard to apply for your PP during a 'sale agreed' phase, i.e. you agree to purchase subject to receipt of the necessary permissions. If you don't succeed in your application then you are not left with a site that hasn't got the development potential you thought it would.
 
Thanks for the advice to date. The offer will be subject to planning. The unrestrcited planning only gets me around the A3 zoning requirements.

The main query I have is, has anyone used or heard of someone using a time limit on an offer to increase pressure and did it work/not work?

Thanks again...
 
I'm about to negotiate a site - the asking is €200k. Should i make the first bid, or should i just push for the asking price to be lowered?


Negotiations are not my forte so any basic advice would be helpful.
 
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