Offering 2% below asking on a small multifamily in Cairo — sensible or too aggressive?

L

lookTheRiver

Homeowner
Established
I’m considering a small multifamily in Cairo listed at EGP 21,120,000. It has been available for 115 days, needs updating, and one previous deal collapsed, although the seller apparently isn’t desperate. Asking-price comparables are close, but I cannot verify enough completed sales to judge the real clearing price.

Would an opening offer 2% below asking—EGP 20,697,600—with clean financing and a flexible completion date be sensible? I want to explain it without criticising the property. I’m also reluctant to waive inspection or expose the deposit if financing or valuation becomes a problem. How would others structure the offer and response deadline?
 
Two percent below is not an antagonistic opening after 115 days. Keep the rationale short: current condition, uncertainty around completed comparables, and the certainty offered by your financing and flexible timing. Include financing proof if available and give a clear but reasonable expiry rather than an artificial same-day deadline. I would retain inspection and financing protection; those matter more than winning a relatively small discount.
 
Also, clarify why the earlier deal collapsed before deciding what “clean” should mean. Was it financing, appraisal, inspection findings, or simply the buyer withdrawing? That answer could reveal where the seller wants reassurance—and where you should be especially cautious. For a multifamily, I would want the inspection position understood before discussing repair credits rather than waiving protection and trying to renegotiate later.
 
That distinction helps. I’ll keep the offer factual rather than presenting a long argument about value, provide evidence of financing, and ask what caused the failed deal. I’m leaning toward a defined response period with flexibility on completion, while retaining financing, appraisal and inspection protections. If updating costs become clearer during inspection, I can then decide whether to request a credit instead of reducing the opening further.
 
I agree on the protections, but I would not automatically make an appraisal contingency unlimited. Decide in advance whether you can cover any gap and cap that exposure in the offer if appropriate. The same applies to the deposit: spell out when it becomes non-refundable and what happens if a protected condition fails. Exact enforceability and customary wording depend on the Cairo transaction documents, so have the clauses checked locally before signing.
 
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