asking price of property

[Katieb]

We are interested in purchasing a property near to us which is on sale with the Notaire- is it acceptable to put an offer in on the house (approx 5k less than the asking price) as is the norm in the UK. This house has very recently been put on the market so perhaps an offer would not be acceptable. We are just wondering what the normal proceedure is in France.

Any feedback would be gratefully received, thank you.

[Dick Smith]

Our agent simply phoned up the vendor, who agreed on the spot. I think the amount was £3-4000.

[0The Plan ManAll the best,<br><br>StewartddMMyyyy0Falseen-USAll the best,<br><br>StewartTrue]

Generally the French will ask more than is the norm in the UK - usually around 10% of the asking price. It is very difficult to value property in France as there are so many variables versus the majority of Blighty where one particular house on a street is so alike next-doors. One key variable is how much is will cost to renovate to the sort of standard you seek (if at all) - so the maths goes: what would you pay for it 'done' minus the cost of works. Probably difficult to estimate!!

Unfortunately, Brits have a reputation for paying over the odds, and so it may be that the vendor will hold out for you to up the price. Try and play it cool if you can.

As an aside, when we bought we put it what we thought was an insultingly low offer, only to have it accepted a few days later. As things progressed, the vendor (the daughter and heir of the original occupier) asked if we would be prepared to buy it complete with junk if she dropped the price 2k lower still. We graciously accepted and so inherited a few gems and a lot of firewood!

Best of luck.

Stewart

www.maisonplan.com

www.gite-les-roches.com

[james419]

We found our house after visiting many others and as Dick says there is no way of comparing them - in the UK there were 3 others on the same estate so easy to get a suitable guide - we made an offer that the sale price should include all fees - agency and notaire - this was put to the vendor who agreed - signed the compromis the following day and took us out for lunch! Nice chap - stills buys us a beer when we meet at village events

James

[Val_2]

If you really really want the house then offer a lower amount that you think fit to start with, and if it is then refused,you offer more - what have you got to lose if you have asking price anyway in your bank account. I would also check the property and see if anything major needs doing and point this out which could also secure a lower price especially if the drainage system is not on the mains and is old and obsolete or the roof needs re-doing to offset a lower offer.

[Will]

One thing worth bearing in mind is that an offer at the asking price will virtually secure the sale - make a lower offer in a competitive situation and you may find you have lost out for the sake of a couple of thousand euros in a 100,000€-plus transaction.

That was very true a short while back, but as it is currently a buyers' market you are more likely to have a sensible offer accepted. Nevertheless, good houses, priced to sell, are still selling reasonably, so do be prepared to go to the asking price if there appears to be a lot of genuine interest (as opposed to agents' invented interest).

There are, too, many grossly overpriced houses around which didn't sell at the vendor's expectation when the market was buoyant and so stand no chance now. These sellers will know they are trying it on and need to consider offers; when an asking price is sensible then very low offers can often offend and sellers are more likely to stick out for their price.

It's your decision - it's what the house is worth to you that counts.

[Lizzie15]

I agree with Will.One house we bought 8 years ago and we only paid about 70% of the asking price (it turned out that we were lucky as one sale had fallen through at the last minute and the vendors were desperate).Another house we bought 2 years ago at the full asking price cos we knew it was worth every euro and if we didn't get in quickly ,someone else would (it turned out there was indeed another interested party).If the house is worth the money to you,then go for it!

 

[alnmike]

We were the first people to view our house, a week after it went on the market. We offered 5% less and the vendor agreed on 2.5% less. both happy - he keeps in touch and supplies wonderful moonshine calvedos still. As above - it's what it's worth to you!