Making an offer on Apartment

[jzd]

Hi All,

I have seen an apartment i would like to make an offer on. It suits my needs/requirement. Its a large apt in the midlands (where im lucky enough to have a permanent job). The apartment has dropped significantly in price since being built, its now for sale at 45% of peak ASKING price.Guide price now is 100k

The apt is now owned by the bank, i would like to make an offer but would like advice to where to start the bidding, i would be willing to purchase at 80k max?

Do i make an offer of 60k or is that too cheeky?

Thanks for all your help, i know there are a lot of similiar threads and i have read through them. I posted this as most are about houses as opposed to apartments which have been hit hardest

many thanks

 

[ontour]

For an apartment in the midlands, no offer is too cheeky. These would be some of the most difficult properties to sell. Have a look at the Allsopp auctions to see if there is anything that would give you an idea of what similar properties have been achieving at auction.

Buying in to an apartment needs to be approached even more carefully if the bank has taken it over. Is the development complete? What is the state of the finances of the management company? Are there lots of other empty units and is the management fee being paid on these?