Bid on apartment 20k below asking price - how to proceed.

R

rmelly

Guest
I put an offer on an apartment this morning for 20k below asking price. I rang back this evening, the 'Negotiator' has says the client is considering the offer but they really want the asking price (he actually said an amount that was 5k more than the asking price).

The apartment in question has been listed 3 times now on myhome.ie (twice before with previous estate agent) and asking price has dropped a total of 40k since early this year.

It has been at current price (with the new agent) for 2 weeks. There have been no other offers with current agent. One other slight twist - the seller is a group of executors...

My preference would be to pay no more than 10K under the asking price, if possible less...(strangely enough).

Any thoughts on how I should proceed? I'm pretty interested in the apartment, but this is the first offer I've made so please excuse my ignorance/naeivity...
 
Hold firm now.

More than likely they will accept your offer eventually but first they will try to get you to increase.

Show no interest or inclination in raising your offer and try to conceal your
buying fever.

There are zillions of apartments for sale and almost no buyers so use it to your best advantage

Good luck
 
leave it for a couple more days and then ring back the estate agent and put a 1 week deadline on the offer.

Also, if you are not in a chain, highlight the fact that you are ready to move and if it is not their apartment....you have other options.

Good Luck !
 
Sorry to steal your post rmelly, I am in a same situation but I actually don't even believe that the EA took the offer to the vender.
People here seem to be in favour of bidding even 10% below the asking price and then just wait. What if you hit a wall like? Vendor won't drop the price, won't even come up with counter offer, what then? Wait, wait and wait? How long. What's the next step?
 
If the vendor doesn't take - move on to another appartment. As a previous poster said there are loads on offer. The other option is to just wait, as I guess the same, if not a similar appartment will be on for the price you wish to pay in the following months. Property prices in general are only going one way at the monent and it's not up ! The buyer has the upper hand at the moment, use it.
 
On the afternoon show yesterday their financial expert guy was saying that even some one bed apartments that were dropping by 2.2 % or some percentage like that were effectively dropping by €22,000 so I'd be in no rush to pay even the asking price minus €20,000.

As everyone else is saying here no rush it obviously isnt in huge demand though I am not suggesting its a bad buy or anything obviously but you could well get it for a lot less than the asking price.
 

That would mean the one bed apartments were valued at €1,000,000 so or am I picking that up wrong?
 
same advice. Have a look at many places and you will find a seller who is serious about selling now as sales are about to slow down until the new year. Avoid sellers who are in no rush to sell, all they're doing is wasting buyers time and creating an oversupply leading to panic in those needing to sell.
 
I made a bid on a house a good bit below the asking price, same situation, the agent insisted the vendors (probate sale) wanted the asking price. I increased my bid by €1,000 to give a little way but give the impression i wasn't willing to back down altogether. It worked and they accepted the offer! i suppose i'd say to you to give a little if you're getting a good deal in the first place but don't be too soft!
 
follow up: I got a voice mail yesterday evening from the estate agent saying he had since gotten an offer for 5 K more.
 
OK so the Estate agent is right on track as I warned you. This is the part where the estate agent will try to squeeze more out of you..............
 
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