would you offer the asking price?

Made_Without

@Apollo3 I've read about that on here before where people pay for fixtures and fittings on top of the sale price, but I'm not even sure what type of things are included in that - I mean if there are integrated kitchen appliances and wardrobes, surely as they are integrated, they cannot be considered as an extra.

What kind of items could be considered for such an offer?

C*F

Purpletopaz

Hi,

We offered 150,000 on property which had been on a week at 158,000, I felt that 10% was too low and offer, they came back with 155,500, To get the mortgage rate I wanted I could only go to 153,000 so told the EA that was my final offer, we would walk away, i said we were in good position Blah ( nothing to sell, we are renting ) They came back to us after a tense 3/4 of an hour and accepted.

I was really shocked, but the fact was they told us that EAs were not even talking to them about property, and said there was no point even letting them view them till they had an offer on theirs, They had seen one they liked. so we gambled abit that they wanted a quick sale. hopefully the survey comes back all clear! As it turns out they have offered on a property too now, so expecting to move in about 6-7 weeks!

I wish you luck!

property.advert

If you are talking about offers near the stamp duty thresholds, then the vendors will understand. They must have thought out their plan before deciding on a price. They are probably pitching over the tax rise amount and are already resigned to accepting an offer £1 or so less than the rate increase level. If not, they are stupid and so is their EA.

Chocolate Fish - If you have so much cash to throw away then please let me do your negotiations. This is real life, not funny monopoly money. Try to visualise how long it takes you to earn, after tax, the amounts you are seemingly willing to give back to the vendor in a higher price offer. How many hours would you have to work for that amount ?

Be tough, get someone to negotiate on your behalf if you don't want to.

Made_Without

@purpletopaz - congratulations! Hope it's smooth-sailing here onwards, great way to start the new year!

@property.advert I'm sorry if I gave the impression that I had money to burn and offer whatever amount - far from it in fact! Hence coming on here asking for advice on how to go forward.

Equally, having had looked for a while, you get to a point where you don't want to lose out again. And if adding to the offer price means you have to budget less for other things, then that's the point where I am right now.

From other people's responses here, its clear there is no hard and fast answer - many saying if they priced it at x then they know they will get offers just under the threshold. Whilst, others who have thought the same and have lost out!

---

On mouseprice £236,130? is the estimate, whilst £212,517 to £259,743? given as the range.

I do think its worth more than the estimate (at least to me).
So advice if I offer 249999 and presume other parties have too is there a way I can +2k for fixtures and fittings, and remain under sdt but be more appealing. (I'm a ftb, mortgage in place so in a good position on that front).

If such an offer is rejected, how do I up it, say to around the higher end of the estimate range quickly enough?

The EA has asked that I email through an offer stating position etc.

Thanks for the replies and comments, all really good food for thought.

C*F

Made_Without

Just early Sunday morning musing @property.advert's comment; wouldn't it be great if real life was like location, location, location and you could get Kirsty or Phil to put offers in for you!

RobertoMoir

Chocolate*fish wrote: »

I would hate to lose the place but with people on this forum talking about 15-20% off asking prices...going it at under 10% seems reasonable.

Keep in mind that talk of 15 or 20% off prices in general doesn't mean much for one individual property. The big reductions are mainly explained by people who need to sell quickly or who didn't originally value their property with the recession in mind and who end up coming to their senses and accepting a realistic offer when they don't get any other nibbles. It doesn't mean that everyone everywhere is knocking vast amounts off property prices regardless of circumstances.

If the sellers of the property you're interested in have valued their property reasonably well, and there is a lot of interest in it, then you won't see a lot off the price.

At the end of the day:
Do you want that particular property enough to offer whatever it takes to get it (within reason of course!)?

How much pressure are the sellers under to sell? If they don't get offers they like can they sit there until they do, or are they emigrating or need to move to the other end of the country to take up a new job or something.

How much do they need to sell for in order to make a sale financially viable? If they need to get a certain price in order to pay off their investment in this house and move to their next one then you won't get them below that price, whatever that price is.

Made_Without

@Robertomoir oh I agree and I wasn't proposing suggesting 20% off this one; I've come across the overpriced unrealistic ones and I don't put this one in that category.

But obviously I'm no expert and there lies the problem.

I've looked at properties on the road that sold this year- all have sold for a lot less.
Before anyone points out, yes they may have been smaller and in bad condition with sellers desperatre to sell.

Mouseprice estimate £236,130 again I think is too low

Offering 7.5 less% to save on sdt is tempting but

- its new on market
- vendor has moved -not desperate to sell

I do want the property equally I don't to go into negative equity. Immediately

C*F

kinglewis

I do think its worth more than the estimate (at least to me).
So advice if I offer 249999 and presume other parties have too is there a way I can +2k for fixtures and fittings, and remain under sdt but be more appealing. (I'm a ftb, mortgage in place so in a good position on that front).

If such an offer is rejected, how do I up it, say to around the higher end of the estimate range quickly enough?

I think you are doing the right thing going in at that price.

You can guarantee the agent will come back asking you to up your offer (especially if someone else offers). Thats where it gets really tough.. do you stand firm or just offer the asking and get the house!!

It's not easy but I kind of agree with you that why end up with a poor quality house (by messing about trying to save a few thousand) just because you want a bargain!!

Also bear in mind you may be lucky and property might get down valued by the surveyor..(if you are worried about paying too much) in which case you have a perfect re-negotiating tool!

In terms of adding amounts for fixtures and fittings.. best to talk to a solicitor about this.. they will have their own limits. It's a lot stricter than it used to be as they often ask for receipts to show that the f&f are actually worth as much as you are saying. In other words the amount added on must be seen as reasonable.

farmerboy

Chocolate*fish wrote: »

@Robertomoir oh I agree and I wasn't proposing suggesting 20% off this one; I've come across the overpriced unrealistic ones and I don't put this one in that category.

But obviously I'm no expert and there lies the problem.

I've looked at properties on the road that sold this year- all have sold for a lot less.
Before anyone points out, yes they may have been smaller and in bad condition with sellers desperatre to sell.

Mouseprice estimate £236,130 again I think is too low

Offering 7.5 less% to save on sdt is tempting but

- its new on market
- vendor has moved -not desperate to sell

I do want the property equally I don't to go into negative equity. Immediately

C*F

Has the vendor said this?

We're in a similar situation to your vendor, i.e. have moved into an inherited property and putting ours on the market, we're hoping to have ours on the market by the end of Jan and could do with it shifting pretty quick, mainly because of the mortgage payments, bills for 2 houses, and renovations needed to the inherited house.

What I'm trying to say is just because they have moved doesn't necesarly mean they don't need a quick sale. They'll have a figure in mind what they want and will have priced the asking price accordingly, I know we are:D

Made_Without

@farmerboy yes, that's what they said good point, I'm really not sure what the full extent of their circumstances are.

I'm a bit stumped on my idea of offering for fittings; was reading up about it on the HMRC website and seems just like a whole load of hassle http://www.hmrc.gov.uk/MANUALS/sdltmanual/SDLTM04010.htm

Right time to scribe the email - wish me luck!

C*F