how to make next offer on property

C

cm2

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Dear All
Would appreciate all advice. We have made an offer on a house in Dublin. We believe the property asking price to be overstated by min of €200,000 (comparing it to recent sales and other properties presently on view locally). We have offered €200,000 under asking price. This offer has been declined - the property is on the market for 2 months and no other offers have been forthcoming. Our offer has been refused, as vendor is "not interested in our offer" - any advice on how we should proceed would be gratefully received. Should we ask auctioneer what the vendor is looking for, should we ask to be kept updated on other offers and just sit tight and wait to see what happens next (this suits us fine). Any other suggestions/advice gratefully received.
Thanks
CM
 
Personally, I'd wait and see.

The "not interested in our offer" response is a bit strong indicating you are not even in the ball-park; a "hoping for more" or "expecting higher offers" or even "lower offer than expected" responses are code encouraging some small degree of movement upwards.

Remember the auctioneer is working for and paid by the vendor - s/he may want to appear to be your best pal but their job is to get as much for the property as possible. Don't look to them for value for money advice.
 
Cmu,

I would hold off and wait and see but I would let the agent know that you want to be contacted if the house is under offer.

Priscilla.
 
Cm2, I am not surprised they rejected your offer, 200k is quite a lot off the asking price! If I really wanted this house, I would wait for the vendor to reduce the price independently.
 
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The agent will contact you regardless now that you have made an offer. What are you willing to pay for the property?
 
How much have u discounted on a property if its <=20% makes sense, if its 50% it will never be accepted, unless seller is desperate.
 
CM2, You seem to have done your research but maybe there is something extra about the house that would lead the vendor to want more than the average for the area? If you ask the auctioneer what the vendor 'has in mind' maybe you can see if you can reach it? Otherwise, offer your best offer only and sit back and wait and see. Slim
 
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