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 Making an offer

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Equinus
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PostSubject: Making an offer   Thu Jan 24, 2013 2:00 pm

This might be one for those who have purchased a property in the last twelve months, though all thoughts would be appreciated.

Because of the downturn in the market in the last few years, and the fact that a lot of the houses have been on the market for some time, we are wondering what sort of percentage of the asking price we should offer. I know (to our cost!) that people are making silly offers and having them accepted here in UK, as any buyer is a good buyer. But in BG, what would you think if, say, the house had been on the market for 12, 24, 36 months or longer? If empty there will have been quite some deterioration I imagine.

In most things, we are inclined to pay what things are worth to us, but thinking of the future, the more we can save the better. That does not mean we want something for nothing. We are looking (and will be viewing) mostly south of VT which I believe is more expensive than some areas, but the countryside appeals to us, and we would rather pay more to live where we want than a larger renovated house with more mod cons than we need in an area we are not 100% with. (Am I making any sense?)

I know we are jumping the gun a bit, as usual, as we haven't even been out there yet, but are planning to drive around as many hours as we can manage when we come out to make sure we are looking in the right area. as usual, we want to know as much as we can.

Over to you lovely people. g

Mr and Mrs Eq

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Chris
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PostSubject: Re: Making an offer   Thu Jan 24, 2013 3:53 pm

[You must be registered and logged in to see this link.] wrote:
we are inclined to pay what things are worth to us

That's the key! Only offer what 'you' would really pay for that property, location, etc.

If you think it's wildly overpriced, but still interested, then whack in an offer (no matter how stupid, I would say knocking 30% off the price these days is not being greedy ... it's a buyer's market). If the seller wants to play ball, then there is a negotiation on the table to discuss and you can both move the goals until an acceptable figure has emerged.

If it's a flat 'No', then move on, as you would be paying over the odds and you will find another seller with another similar property who is prepared to discuss.
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itchyfeet
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PostSubject: Re: Making an offer   Thu Jan 24, 2013 5:43 pm

[You must be registered and logged in to see this link.] wrote:
Because of the downturn in the market in the last few years, and the fact that a lot of the houses have been on the market for some time, we are wondering what sort of percentage of the asking price we should offer. g
Mr and Mrs Eq

I understand your position with purchasing and what reduction you should attempt in achieving the saving of hard earned cash, but I don't believe it is something that you can rationalise. If you see the perfect property, with all the boxes ticked it would be diffifcult to walk away leaving a low offer. If you see one that only ticks a few boxes, then you would have no worries in giving a low offer and walking away from it. You really need to look at as many properties that you can cope with, then you will quickly know whether a property has been over priced and also know when a property is good value at the price set by the owner. Good luck with your searching.

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tonyb60
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PostSubject: Re: Making an offer   Thu Jan 24, 2013 5:51 pm

At the end of the day you get what you pay for. Just be sensible

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oldun
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 9:21 am

Mmmmm - This is quite a tricky one. Some folk may have put their property on the market already pricing it taking into account the downturn in sales. It would then be unfair to offer too much less. Only looking at lots of similar properties on the internet and checking prices will you get a reasonable price to offer. Some will be high and some low which could also mean either that one is priced too high or one has problems which have been taken into account or one seller is being realistic of the market. Without viewing of course, its impossible to say which of these options is true.
Just as an example: Our first house which we sold eventually after 2 years to a Bulgarian, we dropped from the original price of 45,000 euros to a discounted 36,000euros and finally let it go complete with furniture for 31,000euros. Then we had the agents fee to pay out of that. However, it was a cash sale and we wanted to move to our new house. We didn't lose but broke even because we had bought in 2004 and renovated when prices were lower than today and we had had 8 years of living out of it.
When we were going to leave Bulgaria, our present home was valued at 36,000euros mostly due to its age and the fact that there was still some work to be done on our upstairs 'museum''. After some months we discounted to 34,000euros because we wanted to relocate quicker. This price would mean we would lose a lot of money on the renovation because we had only lived in it for a shortish time although we bought in 2008. This means that we had taken into account the present market. Both houses would have been a good choice and price for the buyer in a good location. Thankfully, we changed our minds about leaving our beautiful village and lovely Bulgarians and decided to stay.
I give this as just an example of how difficult it is to set a price. It is really up to you if you fall in love with a property to be prepared to make a reasonable offer but also be prepared to negotiate. Always try to find out why the owner is wanting to sell their beautiful property which means checking out the village and area and maybe dropping into the village shop or bar to have a chat or stop someone who looks like a village Brit to see what they have to say. Good luck.
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Rakiaplease
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 11:07 am

It is a buyers market. I suggest you offer what you think a property is worth. If a seller is asking 20K the chances are they will accept 15K. If not move on to the next one.

I suggest you travel to BG and see the country and different area's for yourself. If you have not visited before it is going to be a culture shock I can promise you. Why not rent for 12 months and explore the country that way ? This would allow you to make different contacts and could save you money in the long run.

There is nothing wrong with going though an agent but make sure you take independent legal advice. Also try the Imot / Imoti sites. Google them and do your own research. You will find Bulgarian sellers advertise on these sites so no middle men to pay.

Please visit the country before you make a decision.

One other thing. Don't be put off by the doom and gloom expat rubbish you will read on the internet and some of the other forums. Take your time and make your own mind up.

Good luck.
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oldun
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 12:38 pm

It maybe a buyers market but when you fall in love with a village and house base the offer on what you can afford (but why look at properties well out of your price range hoping for a bargain!) We offered 2,000euros below the asking price of our present property which was probably more than it was really worth but I fell in love. I already loved the village and I am no good at bartering besides how do any of us know how the market is going to go in the future? Basically, if you are buying for a home to actually live in give a reasonable offer. If its for investment you take your chances and maybe walk away. I was once told ''if you want something badly enough then you have to pay for it'' and I believe this is true. Why insult an owner just because you want to tell someone you got a bargain? Then again, I'm not a business woman. Over the years I have lost some and won some purely because of the markets and not because I was clever or stupid. I have always bought what I loved and paid what I could afford. We would all like a property which ticked all the boxes but at the end of the day we end up with what we can afford. One thing is for sure, whatever you buy in Bulgaria will be much cheaper than in Britain or pretty much anywhere else in Europe.
I would suggest that an offer of 2,000euros less than the asking price for any property you love would be fair. s
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Rakiaplease
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 12:59 pm

I think Oldun is quite right to talk about the difference of buying a property as an investment, as opposed to buying it as a home. A set figure of 2000 euro though surely depends on the property cost ? If you are paying 5000 lev the seller is hardly likely to accept it - If you are buying a front line villa on the coast for 200K you would expect a much higher reduction.
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Daisy
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 1:05 pm

But wouldn't you also say that when buying a property sometimes you will pay over the odds if it's what you want? ie Its only worth what you are prepared to pay. s
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Rakiaplease
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 1:16 pm

Quote :
But wouldn't you also say that when buying a property sometimes you will pay over the odds if it's what you want? ie Its only worth what you are prepared to pay

Of course ! One man's meat is another man's poison...
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oldun
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 1:59 pm

If its what you want and can afford to pay and the price is not inflated after initial interest, then whether someone says you have paid too much is irrelevant. Of course, the 2,000euro would only apply to a property for a liveable home in the region of say, 40,000euros. Otherwise it would be on a pro rata basis.
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Rakiaplease
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 4:17 pm

Quote :
Of course, the 2,000euro would only apply to a property for a liveable home in the region of say, 40,000euros

I know it depends on where you buy but 40,000 euro is a lot to pay. 15K will buy a 'turn key' property in BG. Cheaper still is buying and renovating yourself.

Sofia and the coast are going to cost more. Inland you would be able to move into a property for 10K no worries. I have friends in Bulgaria who bought a plot of land and put a new build on it. 20K all in and it is the same as a new house in the UK.
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justbazz1
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PostSubject: Re: Making an offer   Fri Jan 25, 2013 5:39 pm

I did have an answer to your very correct post Rakia, but it seems it was too long for the allowable maximum.
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oldun
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PostSubject: Re: Making an offer   Sat Jan 26, 2013 10:33 am

Not in our area Rakia and I am not disputing what you say. Maybe you are an agent. Of course there are cheaper properties but I am answering the OP and I think he is looking for somewhere a little more comfortable, in a nice area and with land. What I post is always just my personal opinion and trying to be helpful. If a property ticks all, or most of the boxes then I believe that 2,000euros below asking price is fair. If there are some major problems then offer less but then is it the right property when there is so much around?
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Rakiaplease
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PostSubject: Re: Making an offer   Sat Jan 26, 2013 11:18 am

Of course it depends very much on the area you are in. Front line coast comes with a premium, as do parts of Sofia. Despite this you can still buy very cheaply in stunning parts of Bulgaria. Let me give you an example. It is still possible to buy a run down house in the Rhodope Mountains for under well under 10K. Let's say a ball park figure if 15K spent on bringing it up to western standards and bingo..you have a property in a stunning location for under 30K.

There are other stunning areas in Bulgaria where you could do the same for much less. I have a friend who has opened a large hotel and restaurant in Bulgaria. Great village and the hotel has outbuildings used for guest accomation etc. I would hazard a guess that 70 / 80,000 covered the lot.
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