What is a sensible offer?

[Beryl]

I know this is a bit like how long is a piece of string but we have no idea what constitutes a reasonable starting point or an insulting offer in France as we have only previously bought land.

3 bedroomed house not fully renovated but potential,but IMHO it still needs quite a bit of electrical/ plumbing and interior work to make it nice. On the plus side it has a fantastic sea view (but the house is on the edge of a main road ) lots and lots of land (non building) .

On the market for just over €200 K and would obviously like to get it as cheaply as possible.

So what would be a good opening figure please?

 

[Iceni]

How much are you prepared to pay for this house ? Suggest that you offer 10% below this amount. Don't worry about insulting a seller - you are unlikely to meet again if he says "non".

John

not

[Gastines]

Always worth finding out how long the house has been on the market,usually a guide to an over priced property. As it is partially renovated,why the change of plan,UK sellers? it is always a big help if you have the cash to hand, if you have I would try and test the water with a low offer and point out that you are in a position to complete as soon as the Notaire can do the paperwork.You can always up the offer but a bit difficult to lower it. Always pays to visit the Mairie to see what is going on in the neighbourhood, plus if you get the cadastre numbers off the seller,it is worth checking that you are getting what you think you are.Bonne Chance.

Regards. B&B St.Malo.    ourinns.org

[Beryl]

I like it a lot but I think they are cashing in on the view, and why not?

I am just thinking aloud here - Ok it has 4 acres of woods and non building land, a house that is just about habitable but a great sea view.

20 per cent less sound ok,

I will meet him again as he lives in the commune

 

[Miki]

[quote user="beryl"]

I like it a lot but I think they are cashing in on the view, and why not?

I am just thinking aloud here - Ok it has 4 acres of woods and non

building land, a house that is just about habitable but a great sea

view.

20 per cent less sound ok,

I will meet him again as he lives in the commune

[/quote]

Looked at one this morning,  €195,000 the agent rang me up and

said this one was now at the very interesting price of €160,000. The

owners had moved out for the chaps new job, 350 km's away and as they

had not sold by the time his new contract was starting, they had no

other choice but to leave the house and rent in the new area.

The house was not suitable but that is just one of many reasons for

people lowering the prices. Prices here rose quickly and it is my

opinion that, in our immediate region, some are now somewhat overpriced

and there is room for a lower offer, often around 20% in some cases but

each house merits an offer different from the next. My advice is to

talk with the agent but if no agent, try a little apero with the owner

and winkle out a favourable deal, best way by far and try not talk

business before the aperos start to kick in. anyway, it is rude to talk

business too early !!

[Froggy Lou]

Use your internet and chack all estate agents, looking for the same property - we saw a house two weeks ago - 176k (on the market for 8 mths and originally 200k), then after a 2nd viewing (and also knowing that the vendor had already signed a compromis) the price came down to 169k, so we were going to offer 160k & hopefully get to 165k BUT after checking for other propterties and seeing the same one listed with other agencies, at different prices - the lowest being 160k we went back to our agent and said we'd make an offer but based on the lowest price we'd seen - 155k - of course she wasn't pleased but of course understood we didn't want to pay more than necessary, anyway, we made an offer and agreed at 157k.    From what our agent told us, lots of people put their houses on the market and are prepared to negotiate so I would suggest you do that.   As ever it all depends on if you really want the property - if you do then obviously you have to be sensible, if not then you can afford to make lower offers to start with.   Are there any similar properties you can compare with?  Remember you have to live in the house not the view!

[Will]

It all depends on how the house was valued. Because of the mini-boom a year or two back, a lot of sellers have over-optimistic ideas of what their houses are worth. Some agents go along with this - encourage it even - while others try to value houses to sell, rather than stick around for months, and won't market over-priced properties. See if you can find out what the agent in this case is like. Do be careful about just comparing different asking prices, make sure you know exactly what each includes. Remember too that valuation, in France even more than in England, is not an exact science.

Also remember that if you offer less than the asking price the seller is free to accept higher offers until all parties have signed the compromis, so it might not be worth risking losing your dream house for the sake of saving a couple of thousand euros.

If you have serious enough doubts to have to ask on a forum, then it may well not be the house for you. It's a buyer's market at present so there is bound to be something even better round the corner if you do decide not to go ahead.

[Beryl]

Thanks for all the advice.

[quote user="Will "]

Also remember that if you offer less than the asking price the seller is free to accept higher offers until all parties have signed the compromis, so it might not be worth risking losing your dream house for the sake of saving a couple of thousand euros.

If you have serious enough doubts to have to ask on a forum, then it may well not be the house for you. It's a buyer's market at present so there is bound to be something even better round the corner if you do decide not to go ahead.

[/quote]

It's certainly not our dream house in the sense that we must have it whatever the cost.  The reason for asking here, is that its nice to bounce ideas off people and get other opinions, but mainly because in my opinion the house is really overpriced given the state of the house - yes they survive in it, but I couldn't.[+o(]

I think the view and possibly the amount of land has really over inflated the price. If we do decide to make an offer it will be much lower.  Probably lower than the 20 per cent figure that was suggested, so the owners may well be mortally offended by our offer  but it may help the French realise that not all the English are prepared to throw their money around.[:D]

In my mind a house is only worth what someone is prepared to pay for it, and in our case it's probably not as much as they want. 

 

[Lizfjr]

Mine had been on the market for a year. Needed work doing but basically sound and liveable. 1 acre of land in Burgundy too.

On for 105 000, I offered 80 000 and paid 85 000 in the end. (Two years ago)

[KathyC]

[quote user="beryl"]

 

 

I think the view and possibly the amount of land has really over inflated the price.

 

[/quote]

 

I have no idea if this house is overvalued or not, but I think that your logic is flawed. You can't simply make a statement like this; there is a value attached to land and a premium to be paid for a view. Of course it would be cheaper without a sea view or with less land, but you can't separate things like that. This house has a view and land and, therefore, is valued higher. (I hope that makes sense, it does to me.) Don't forget, you can always upgrade a house to your liking but you can't alter the view or (normally) add more land.

[Catalpa]

I'm not sure about this "risk of offending the owner" with a low offer. You might, I suppose, offend a British owner who may have over-inflated expectations of price and also the quality and desirability of his DIY! but I think French people perhaps more than British expect to negotiate (or plain haggle) over price. Six years ago we offered a third less than the asking price for our house and the offer was accepted with no further negotiation; a few weeks ago we put in an offer for a stable and some land for 20% less than the asking price and that was accepted too.

Offer what you think it is worth to you. You could always back up the low offer with a statement of what you believe needs to be done to the house... but I don't think I'd bother. 

[Beryl]

[quote user="KathyC"][quote user="beryl"]

 

 

I think the view and possibly the amount of land has really over inflated the price.

 

[/quote]

 

I have no idea if this house is overvalued or not, but I think that your logic is flawed. You can't simply make a statement like this; there is a value attached to land and a premium to be paid for a view. Of course it would be cheaper without a sea view or with less land, but you can't separate things like that. This house has a view and land and, therefore, is valued higher. (I hope that makes sense, it does to me.) Don't forget, you can always upgrade a house to your liking but you can't alter the view or (normally) add more land.

[/quote]

I agree a house with a good view is better than facing a run down block of flats. But land prices for this type of terrain is not that dear where I am and the house IMHO is little more than a hovel.The view is great but they are selling the house ( as well as the view) but I think there needs to be a balance between how much you spend on a view and how much for the house and on this occasion, I don't think the balance is quite right.

We will sit and wait and watch a while.If it is sold in the mean time c'est la vie [:)]

[powerdesal]

200+K for a hovel ? I must be living in the ultimate pig sty at that rate, sea view or not.

Regards

[Beryl]

Didn't mean to offend any one, especially those in the process of doing up their properties.

[Miki]

This will ease the pressure Beryl.

I saw a place that was just about built (in parpaings) lots of exterior rendering to do, no floor screeding done, half

the electrics still to do, no heating in, windows half in, some walls up, none filled or jointed, ground

outisde like a bomb had landed and on and on. Lots of work to do, to

make it in to a three bedroom one bathroom, two garage (integral) 

and all for the giveaway price of  €325,000.(And it is sold)

In its favour, it stood on the banks of the River.

[Beryl]

Exactly,

The buyer was obviously happy to pay this but to me and I am assuming you, it seems a bit steep.

 

 

[P]

Beryl something is only worth what someone is prepared to pay for it.

My next door neighbours (UK) have had their property on the market for 20 months. They lost the property that they were originally interestd in buying long ago.

They have finally sold (still to exchange) at less than they originally marketed it at. They have had plenty of viewings but only now has someone decided that it is for them (over a year ago they turned down an offer only a little below what they have now accepted). Shows that if you wait long enough someone will come along.

Paintings always amaze me. Its quite a nice painting - value a couple of thousand, but wait a minut, this is the long lost (name of artist) its worth millions. Surely, its still the same painting. 

[Feuillant]

Hello

A French chap we know round here (near Toulouse) put his barn plus about 3000m2 up for sale with planning permission for a dwelling - either a new build or restore the barn.  Lovely position and great views, too.

I saw it in the local estate agents for 95000 euros, but he was also advertising it privately and was completely happy with a price of 55000.  He said to me that the agents were just trying it on!

It just goes to show!