ᐅ House Purchase – Price Negotiable… Please Share Your Opinions
Created on: 19 Oct 2014 00:53
S
schnieHello,
we are currently in the process of buying a single-family house...
Purchase price (set by the seller together with the savings bank’s real estate division): 329,000 euros.
Fortunately, we found out about the house through other channels and are therefore saving the roughly 3% commission.
We were the first interested parties and said we would buy it if the price could possibly be negotiated. He agreed... so now the negotiation begins.
He now says there are other interested buyers, but he is still open to negotiation.
What do you think is the smartest way to proceed?
I would prefer to offer 300,000 euros (about 325,000 USD), even if that might be unrealistic.
But maybe a compromise somewhere in the middle is possible.
Or do you think that would be too cheeky?
No independent appraisal is available; only the savings bank evaluated the property and set this price.
I look forward to your opinions...
we are currently in the process of buying a single-family house...
Purchase price (set by the seller together with the savings bank’s real estate division): 329,000 euros.
Fortunately, we found out about the house through other channels and are therefore saving the roughly 3% commission.
We were the first interested parties and said we would buy it if the price could possibly be negotiated. He agreed... so now the negotiation begins.
He now says there are other interested buyers, but he is still open to negotiation.
What do you think is the smartest way to proceed?
I would prefer to offer 300,000 euros (about 325,000 USD), even if that might be unrealistic.
But maybe a compromise somewhere in the middle is possible.
Or do you think that would be too cheeky?
No independent appraisal is available; only the savings bank evaluated the property and set this price.
I look forward to your opinions...
C
chaosandi19 Oct 2014 07:23You want to spend €300,000 or more without having the whole thing inspected?
You would probably take a used car for 5% of that price to a safety inspection...
But that wasn’t even the question.
Offer whatever you want. Preferably very low. The seller will give you an appropriate response.
Negotiations are meant to bridge the gap.
You would probably take a used car for 5% of that price to a safety inspection...
But that wasn’t even the question.
Offer whatever you want. Preferably very low. The seller will give you an appropriate response.
Negotiations are meant to bridge the gap.
It really depends a lot on the location. If it’s a good area and the house is a secondary priority, then maybe more so than the other way around. We have also occasionally tried buying used homes – one house was initially listed for 229,000 euros and then sold for 170,000 euros, another was offered at 215,000 euros and sold for 200,000 euros. Keep an eye on the market and observe how long houses stay listed. Of course, there are always some top deals... it’s hard to say what you have on hand. There are definitely some problematic years…
If you offer 10% less, that is completely fine and probably already factored in. For agent-led sales, this is a normal starting point. What’s important is that you know what the house is worth to YOU and whether any renovation is needed (expert assessments don’t cost that much).
On the other hand, the seller’s willingness to negotiate naturally depends on the level of other buyer interest.
We had a case where our offer was too low for the seller, we waited for six months, and then the seller approached us on their own.
DaveS
On the other hand, the seller’s willingness to negotiate naturally depends on the level of other buyer interest.
We had a case where our offer was too low for the seller, we waited for six months, and then the seller approached us on their own.
DaveS