Advice Needed.

maninthestreet

saddo wrote: »

She also went on the say that their had been no other interest in this house and she thought our offer was very very fair in this falling market, and we are in a good position as we are cash buyers and are not in a chain.

They have no other offers, so they either sell it to you at your offer price or put it back on the market and hope they get £179K.

instaunt

BitterAndTwisted wrote: »

but if you wanted to be really mean you could consider putting in a new offer for less than £175K. This "might" encourage the vendor to be a tad more realistic in their expectations

We tried that ... didn't work. They responded by asking for more than their original requirements.

Getting people's backs up is never good. Offended people are always unreasonable, sometimes to the point of self-destruction.

Chances are they think they can mess you about as you don't have a set date you need to exchange on (no chain) so they want to drag it out for a while to see if there are any better offers. You need to get them to think the offer is time-limited. You could always research other houses with the same Estate Agent and fake-visit them seeming really interested. The story would get back to the sellers that you seem to be moving on.

titanium_2

saddo wrote: »

Well just to update you all we emailed the estate agent last night
"Just wanted to check in. Does the guy at ********** want to sell and move on? Has he had many viewings? Has anyone offered asking price? What has the feedback been like? We feel that our offer of ?175k-is really respectable when crudely based on the asking price of ?179,950- Since the start of the “Credit crunch” Have that row of two bed roomed houses, on that side of the street sold for more than that? Most people are saying how "grateful" they would be for a cash offer, so near to asking price. Can you put our offer in again as it is doable to complete by Xmas if everyone pulls together, in the new year when we look at houses again, before Gordon Brown takes his cut. "
I recieved a reply from them saying
"
I have spoken to the owner’s father to re submit your offer but his daughter and son in law are now abroad and so we won’t be able to get an answer from them until they are back, which is about 10 days away.

I completely understand where you are coming from and we too are frustrated but for now there’s nothing more that can happen until they get back! Annoying I know!

As soon as I have had a response from them I will let you know, however, it will mean that stamp duty is definitely going to have to be paid, would you still want to offer the ?175,000 knowing you will have the additional ?1750 to pay too. "

So i called them back to see where we stood and to ask if i offer £173.250 would they be interested. The reply was "NO They want asking price only and with VAT and stamp duty that would make the amount you have to pay £181-182."
I have told the estate agent that we cannot afford to pay more, so £175 is still on the table for the time being but will keep looking for other properties.

Getting Fed up with all this now..

Hope everyone is having better luck than us.

Definitely don't offer more unless you have the money AND absolutely must have that house.

thriftyamy

DVardysShadow wrote: »

I'm more or less with Bitter and Twisted on this. I would tell agent offer is valid for 7 more days after which it is reduced to 170.

It strikes me that Agent does not want to lose saddo as buyer

imo this is good advice, she's being unrealistic if she expects the full asking price, or is trying her luck based on your readiness to offer what you'd been told she'd accept

it's hard when you love a house though!

ps. isn't the threshold 175 where it goes up to 1% right now anyway? i assumed you have to offer under that to qualify for 0% until xmas?

poppysarah

thriftyamy wrote: »

imo this is good advice, she's being unrealistic if she expects the full asking price, or is trying her luck based on your readiness to offer what you'd been told she'd accept

Some people believe the EA estimate of the value of their home is as good as a cheque.

thriftyamy

some people are silly!

am i understanding the stamp duty holiday correctly?

saddo

thriftyamy wrote: »

some people are silly!

am i understanding the stamp duty holiday correctly?

Residential land or property SDLT rates and thresholds

Up to £175,000 (until 31 December 2009 ) Zero
Over £175,000 to £250,000 1%
Over £250,000 to £500,000 3%
Over £500,000 4%

thriftyamy

so if we're trying to sell a property at £105000, a potential buyer has an incentive to progress quickly?

OR does this mean it's probably too late for anyone to benefit from the holiday?

PasturesNew

thriftyamy wrote: »

so if we're trying to sell a property at £105000, a potential buyer has an incentive to progress quickly?

OR does this mean it's probably too late for anyone to benefit from the holiday?

It makes no difference because your house is under the £125k threshold.

Previously, somebody buying a house over £125k would have had to pay stamp duty, but no stamp duty if a house was under £125k. Yours is under £125k so it won't matter to you at all.

namratasnv

Hi,

I will let this know to my friend as, according to me I think he is under that price and it proves to be good for him as, I will first simply ask him about this, let see how it works.

Thanks!
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