Ballyphehane, Cork City.

One of our relatives died leaving without a will. So he had a house listed at selling price for 180K as other houses in that area were listed for 180-200K in top condition as compared to this one ( not in top condition). It would require lot of renovations. We were offered at 140K. I told the relatives that it’s a buyer’s market and the property prices continue to fall in the next coming months.

We were wondering as the main question: should we take up this offer now or patiently sit out for a while re any other higher bids which might come up??

First of all, I am not a professional in this field, so this is only a personal opinion.

How long has the house been on the market?
How quickly are the other houses selling, if at all?

Depending on your answers to the questions above, if other houses are in better condition, and asking €180 plus, I’d say you should seriously consider the offer.
Alternatively, try to negotiate him up, but that leaves you open to the risk that other houses in the locality will drop their prices, and your house will no longer seem such good value.

Only you know your own circumstances, but the general feeling on this site is that prices will continue to fall.

The house was on the market for a year as they have dropped their offer last week. It was sentimental value to the family as it was built in 1930’s. Family had lived there since 1930’s as our deceased relative was the sole occupier. So we had to clean up the whole place as some of our relatives was opposed to the sale. But now they had to allow it to go ahead. So now we are considering doing renovating since the offer was dropped and may give it back to a relative in need.