Am I mad?

We went sale agreed on a gaff 2 months ago for 290K 3 bed semi needing the whole works other than knocking. Got it surveyed, builders, sparks, plumbers around and approached banks for few quid for upgrading. Banks given us hell about lending 30k to upgrade and want 25% upfront and will only lend money after the work is completed and signed of by engineer!

We approached vendor with reduced offer given the following:
-This house is going at 265 euro per sq foot and other prop are asking for 215 euro per square foot in the area.
-Surveyor quantified at least 50K to update the house for total revamp.
-Banks not willing to lend extra money for upgrade at current asking price but will do a reduced price of 270K.
-Vendors delayed in requesting title deeds from Bank and put a further delay on it which Pissed us off given we are ready to rock and roll and they are fecking around.

  • Property falling by at least 2% per month given latest Prop price data base from DAFT etc.

We have requested a reduced offer of 270K and are waiting around 2 weeks now for answer from the EA! Getting Annoyed and feel like pulling out altogether now as there is hundreds of houses for sale at that asking price and lower in the area that needs as much if not less work.

What do ye reckon? Hang in there or bite de bullet?
Crackin up!

Mr T

You are knowingly overpaying, by some 20% for the area, on a house that needs the works. Why?

For what it’s worth we went through something broadly similar in the early part of this year. Had my solicitor put the revised offer in writing to the vendor’s solicitor with a deadline. The deadline came and went with no response so we walked and got a much better deal down the road three months later.

Quick calculation says the house you are looking at is an 1100sqft semi.
You want to pay 290 plus 50 doing it up when there is one down the road for 235.

You now want to reduce your offer to 270 plus 50

85k is 36% on top of the 235
Assume the. 235 house could be got at 20% under asking, 188
You are now paying an extra 70% for this house.((320-188)/188)

Are you off your rocker?

Must have given the wrong figures. There is other gaffs asking 325K 1400 sq feet so thats 215 Euro per square foot. there are several other properties asking similiar in the area. Dont have our hearts totally on this gaff but have spent a lot of time money energy engaging Surveyors, sparks, plumbers etc… A gaff is a gaff! Just trying to get the best outcome for the chlann et al! Another sprog on de way Xmas hopefully so under a spot of pressure but as other posters have mentioned getting a bigger rental may be a better option going forward!

Cheers for the help and face slapping advice to shake us up a bit! MrT

Don’t think a few months is gonna make that much difference given unrealistic vendors out there unless you know something the rest of us are not aware of! Best advice is to get our sol to contact theirs with a time related offer in writing! Cheers for the info. P. S. I don’t know of any other way of trying to value prop other than per sq foot that makes sense to me. Please educate me to the alternatives?

Great way of putting it. People generally don’t want to hear it though, they just want to jump through the next hoop asap… buying a house.

“People were always getting ready for tomorrow.
I didnt believe in that.
Tomorrow wasnt getting ready for them.
It didnt even know they were there.”

— Cormac McCarthy.