Madrid serviced apartment: open 9% below asking or hold back?

B

BrightStone

First-time buyer
Established
We have only one night to make a decision, which is making the price feel more urgent than the underlying risks. The Madrid serviced apartment is listed at €791,200, has been on the market for 85 days and will need some updating.

We are thinking of offering €719,992, or 9% less, backed by financing evidence and flexibility over completion. There are similar listings nearby, but too little completed-sale information for us to feel confident about value. Would a short explanation based on condition and limited comparable evidence be enough, or should we first ask why the seller wants an answer so quickly?

Price is no longer my only concern. I do not want to create unnecessary deposit exposure by weakening inspection or appraisal-related financing terms. Our next step may be to ask whether another offer exists and what completion timing the seller actually wants.
 
A 9% opening reduction is not inherently insulting if it is presented as a supported offer rather than a verdict on the property. Keep the explanation short: updating costs, limited evidence from completed comparables, and your ability to demonstrate financing and accommodate timing.

I would not waive inspection or leave appraisal-related financing risk undefined just to look “clean.” Before paying any deposit, have the wording and consequences checked for Madrid, especially the circumstances in which the money could be lost.
 
What does “serviced” include here, and have you seen the recurring charges and any rental or occupancy conditions? Those can matter more to yield than a modest difference in purchase price.

Also, who set the one-night deadline—the seller, the agent, or your own schedule? If the seller imposed it, ask whether they already have another offer. That answer may tell you more about their motivation than the 85 days online.
 
I’d be careful about treating 85 days as proof that the seller will accept a large reduction. The listing could have been paused, reserved or simply aimed at a narrow buyer pool. Without completed comparables, 9% is still partly a negotiating position rather than a valuation.

That said, the offer itself is reasonable to test. I would avoid demanding both the full discount and estimated repair credits at the outset unless the defects are already documented. Offer the price, retain inspection protection, and use newly discovered issues for a later discussion.
 
I agree that days listed do not establish value, but they do justify asking why it remains unsold. Tonight I’d send a concise written offer with financing proof, flexible completion, an explicit response time, and clearly stated inspection and financing conditions. Separately request the servicing costs, rental terms and any available completed-sale evidence.

If the appraisal comes in low, decide now whether your maximum cash contribution is zero or a fixed amount; don’t leave an unlimited gap. And if there is pressure to expose the deposit before those terms are clear, letting the deadline pass may be cheaper than winning the apartment.
 
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