House on market for 9 months-should i under offer?

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Lan

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I've viewed a house thats on the market for 9 months and really want it. its really old and needing complete renovation and I guess its someones inheritance as its unoccupied. its asking €399k - I have no clue what to bid. obviously the less I pay the more I can use to renovate but as I still have to sell my own place I am not exactly in the best bargaining position. Any suggestions on how to go about this?
 
I would probably advise to under-offer. It really only depends on 1 thing: how quickly does the seller need to get the property sold.
If they are in no real hurry, they might hold out for the asking price by just leaving the house on the market.

If they are in a big rush to go sale agreed, then I'd offer 10% off any AMV. The worst thing they can do is say 'no'.
 
you state asking price is 399K. Not AMV?
If the place hasnt moved, whats to lose by offering 350k?
you may be surprised
 
Have you thought about the chance that your own house might take 9 months to sell as well?!?
 
Lan said:
I've viewed a house thats on the market for 9 months and really want it. its really old and needing complete renovation and I guess its someones inheritance as its unoccupied. its asking €399k - I have no clue what to bid. obviously the less I pay the more I can use to renovate but as I still have to sell my own place I am not exactly in the best bargaining position. Any suggestions on how to go about this?
Click to expand...
Are you aware of the [broken link removed]? If you bid €381,000 you'll have to pay 6% stamp duty (€22680) rather than 7.5% stamp duty (€30,000) if you bid at the asking price of €399,000.
 
By all means offer under the asking price but if it's been on the market for 9 months at that price and hasn't sold its more than likely because the seller doesn't really need to sell. They will sell if they get what they are asking or very close to it but otherwise must either be happy to wait for the price they want or don't really want to sell at all. If they really wanted to sell they would have dropped their asking price.
 
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