Cautiously getting back into the property search

Made_Without

So having had a disasterous start; falling in love with a place, having offer accepted and then after securing mortgage, survey and getting solicitor to conduct surveys in record time - everything fell through

I've finally found a place which hasnt sent my heart racing, but perhaps a little flutter. I'm planning to put in an offer tomorrow

the property is on the market for £299,999 and was originally bought by the owner in 2007 for £210,000. Its a 2 bed, 1 bath flat first floor flat which has been recently redecorated. the kitchen is small but new appliance, new bathroom suite, freshly painted (well all renovations done over the last 18 months). But there is no fitted wardrobes within the bedrooms - they would be totally bare.

Would it be offensive to offer 249,999?

Mouseprice puts the range between £170,460 to £208,340 with the free valuation estimate at £189,400 - I've read on here already to take these with a pinch of salt.

My only other concern is that the EA knows I can afford more (the property that fell through - my offer was over the asking price of this one) is this going to put me at disadvantage.

I don't want to insult anyone but equally I don't want to pay over the odds so to speak.


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lynzpower

Hey where abouts is this, it seems really expensive! Im in london, i take it you are too?

Doozergirl

Why on earth would a property be worth nearly 50% more after 2 years of, at best(!), stagnation?

Was it bought under-valu (sometimes people get lucky!) or has it had massive improvements (More than just kitchens and bathrooms)

Is £299,950 anywhere near realistic compared to other properties?

Made_Without

lynzpower wrote: »

Hey where abouts is this, it seems really expensive! Im in london, i take it you are too?

I knew I left out something vital ;-)
It's in Pinner - about 10-15mins from tube stn.

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Jowo_2

While there's always room for negotiation, higher in some areas than others for the usual market conditions, I doubt a vendor will be best impressed with an offer around 20% under the asking price.

Nothing to stop you from putting it in, particularly if the property has been on the market for a long time with few viewers.

Made_Without

Doozergirl wrote: »

Why on earth would a property be worth nearly 50% more after 2 years of, at best(!), stagnation?

Was it bought under value or has it had massive improvements? (More than just kitchens and bathrooms) Is £299,950 anywhere near realistic compared to other properties?

Well a place directly opposite is on market for 269,950 and another one on the road 250,000 - I'll be honest neither are as attractive - and I would imagine people would offer less for these than the asking price.

I do think - well actually know, the EA seems to inflate the asking price but I just feel in an embarrassing situation going so low on the offers

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Made_Without

Jowo wrote: »

While there's always room for negotiation, higher in some areas than others for the usual market conditions, I doubt a vendor will be best impressed with an offer around 20% under the asking price.

Nothing to stop you from putting it in, particularly if the property has been on the market for a long time with few viewers.

Well, equally isn't it a bit cheeky to ask for £89,999 than what it was bought for 18 months ago - considering current climate?

Its only been on the market a few days

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Doozergirl

It's not so much asking prices as selling prices that you need to look at. I've lived in a village where hardly anyone ever sells because they all think their houses are worth more than everyone elses and base their asking prices on anything but the real world.

Some people will inflate their asking prices expecting to be knocked down. Inflating an asking price that much is a bit unlikley. I suspect their expectations are high as well - they are trying to be well clear of the SDLT threshold.

Likelyhood of having the offer accepted? Low.

Worth trying? Yes.

Jowo_2

Chocolate*fish wrote: »

Well, equally isn't it a bit cheeky to ask for £89,999 than what it was bought for 18 months ago - considering current climate?

Its only been on the market a few days

C*F

No, nothing cheeky about it. Indeed they might just think you are the cheeky one but only the EAs response when you offer the same price as a property in the same street that needs substantial work to bring it up to their standard. My house shows up 80k less than its valuation a few years ago because my ex-partner transferred it to me at less than market price.

If they get little in the way of viewers, then they'll realise they are out of line with the market.

Perhaps are thinking that there are two identical properties for sale in the street at around 10% and 20% than their advertised price but need a lot of work doing to them and are more suitable for a flutter. Perhaps they think that a bargain hunter is better off buying the 250 or 270k property and spending 10 or 20k doing it up over a few months.

Made_Without

Jowo wrote: »

No, nothing cheeky about it. Indeed they might just think you are the cheeky one but only the EAs response when you offer the same price as a property in the same street that needs substantial work to bring it up to their standard. My house shows up 80k less than its valuation a few years ago because my ex-partner transferred it to me at less than market price.

If they get little in the way of viewers, then they'll realise they are out of line with the market.

Perhaps are thinking that there are two identical properties for sale in the street at around 10% and 20% than their advertised price but need a lot of work doing to them and are more suitable for a flutter. Perhaps they think that a bargain hunter is better off buying the 250 or 270k property and spending 10 or 20k doing it up over a few months.

Thanks for another perspective; I dont know enough about transferring at a lower than market rate to comment, but I can only guess that there must be some benefit for the receiving party when this occurs. Just to clarify neither of the other properties I mention - one literally across the road, need substantial work - rather that I personally perceive this one as being more attractive - pure preference on aesthetics. As you point out, I can always make the other properties look how I like - paying less upfront.

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Fire_Fox

What are the land registry sold prices like in the area? Are you really willing to risk paying thousands over the odds just not to appear cheeky??