Whats my next move on offer for purchasing site?

C

Cabaiste

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So here's my story.

Approx 2 years ago we offerered 100k on a site for sale asking 120k. Offer wasn't even considered.

Site came back on the market in June advertised as POA. My wife and I felt that if we could get it for 50k that we would be interested. I enquired and was was told by the agent that he was asking for 90k, would probably settle for 70k and refused an offer of 50k. I said it was too rich for my blood and left it.

2 weeks later site was listed with another agent. I enquired, and was told that he was asking for 90k but that probably 60k would be a more realistic price in todays market. We made an offer of 35k. Agent came back to me and said that the vendor "was not impressed by my offer" and that the lowest he would go would be 50k.

So as I already said, initially we would be happy if we got it for 50k, but obviously I dont want to jump from 35k to 50 in one fell swoop.

What do you think I should counter offer?
 
offer 40k and say that offer lasts until close of business in two days time. they will sell
 
Given the original peak 120K asking price, and the development land prices falls in general are in the 60% region , it would appear as a rule of thumb that around 40K is a reasonable offer.
 
Firstly

1. Has this site got planning permission, request a copy from the estate agent.
2. Is there any conditions on the planning..like local needs, etc.
3. Pass a copy of it to your solicitor to scan over it, just to be sure.
4. Get your mortgage approved ..as estate agents love to hear that.
4. Then offer 37,000 ...why would you jump in 5,000.remember this is your money .jump in 1000...then slow it down to 500s ( they think then you are near your budget. ( dont tell them your budget )

Good Luck
 
Just with regard to the last poster, in my county which is Carlow - You have to fullfill a few conditions yourself first before you gain planning.

First you have to have a need to build - not own another house.
secondly you have to be from the area i.e. within 5 mile radius.

If this site does have full planning, the council are not always in favour of transferring this i.e there could be an occupancy clause. I know for a fact that some of the banks will not lend if this site is a greenfield site but maybe willing to lend if there is planning on the site and depending on personal circumstances.

Best of luck

Angela59
 
angela59 said:
First you have to have a need to build - not own another house.
secondly you have to be from the area i.e. within 5 mile radius.


Angela59
Click to expand...

The first part of this is not correct, you can own another home just not nearby to where you are looking for permission. You would not have to sell a house in Navan to get planning in Carlow. If you already own a house in Carlow that would be an issue alright.
 
What part of the country is the site in question by the way?
 
If the OP owned a house in a different county it doesn't come in to question, if on the other hand the OP owned a house within the county of carlow - you would have to comply with the housing need.


angela59
 
The site is in Co Limerick. It is being sold with FPP however there is an occupancy clause which would have to be transerred.

We have no interest in building the house that Planning has been granted for so we will be applying again with our own plans. THerefore the offer we made was subject to planning.

We do not own any other property and we are renting in the area. My wife's home place is just about 2 miles away but I am not from the area.

We have a friend who used to work in the planning office in Limerick Co Co and she said that we would have a very good chance of getting plannning based on the above.
 
Hi Cabaiste,

The fact that there is full planning on the site - there is a precent set there - so a house can be built on the site. You can have your own drawing done up and submit them - its just proving to the planners that you have a need to live in that area and that they are willing to transfer the occupancy clause some county councils are ok while others will not let the occupancy clause be transferred. Good luck

Angela59
 
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