would you offer the asking price?

RobertoMoir

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

Well who says the seller isn't desperate to sell. The seller or their agents? They would say that wouldn't they? I hope you haven't said you're desperate to buy that particular property! That's a big asset to have just sitting there and a lot of capital to have tied up. They might not be climbing walls over the sale but unless they're very rich indeed they probably would like something to happen reasonably quickly.

The question I ask is why you disagree with the mouseprice valuation? Those sites are imprecise, sure, but if its based on hard data about the area and your valuation is based on "I really like the property and besides look at the selling price" then you might want to adjust your aim. It might be too low as it can't account for specifics of that one house but are you a little high? Which would leave the owners even higher of course, but a seller will always over-value a bit, they're the ones trying to make a profit after all.

I'd offer whatever you think is a good price, but don't let your heart rule your head. There will always be other equally nice properties.

goldengirl28

i worry about mouseprice.............as its got my house listed as a 2 bed terrace and its a 3 bed semi

also the house i'm looking to buy is listed as a 4 bed detatched and its actually a five bed.

I know there may be inpresice ,...............so i'm using as a pinch of salt guideline.

RobertoMoir

goldengirl28 wrote: »

i worry about mouseprice.............as its got my house listed as a 2 bed terrace and its a 3 bed semi

also the house i'm looking to buy is listed as a 4 bed detatched and its actually a five bed.

I know there may be inpresice ,...............so i'm using as a pinch of salt guideline.

They currently list my house's value based on what I paid for it in 2008. What's the problem with that you may well ask... well I already inherited a 50% share in the property and was buying the other 50% from the rest of my family, therefore not exactly paying the full value of the property.

[Deleted User]

I think if you very much like a house it's a bit risky offering below asking price. If the type of house you want is ten-a-penny, then fine. But if you like it a lot you need to consider the possibility that others will too. How much is the house worth to you?

I'm in Scotland where we have the 'offers over' system. We weren't really planning on moving but we saw our dream home and just instantly knew that we had to have it. It's in an area where properties are selling very slowly and where house prices have always been low - it's not a 'desireable area'.

Yet we feel that this house is special - 1/3 acre garden backing onto open countryside and an absolutely stunning 4 bedroom bungalow. It's rare to find something like this.

It was advertised at offers over £175k but the home report valuation put it at £200k (a rediculously low price in my opinion!!!). We were prepared to go well over the valuation price to secure this house. And we were cash buyers.

We phoned up the EA and told her we were VERY interested. She told us that the sellers were aware that property was selling very slowly in the area and that they weren't greedy - they'd accept £187k. Wow!!!

We went to view and the couple were lovely. They'd made a lovely job of developing the house and we had no desire to rip them off because they were unlucky enough to need to move at a time the market was slow. We told them we desparately wanted the house and asked what price would secure it. They said £190 and it was all done and dusted a couple of days later.

But we would have paid £250 for it.

Their house had only been on the market a couple of days so there is no way of knowing if there would have been competition had they held out a bit.

Just something to think about for those selling. If your house has something about it that might make it 'unique' or 'highly desireable' to someone else then don't be too frightened by the slow market. You can still get way over the asking price on some properties.

We're about to put our old house on the market. I'm not sure how to play that. The only thing 'special' about it is that the area is desirable - but I don't know how desireable as stuff doesn't come up for sale much. But I guess we'll just give it three or four weeks to see if there's more than one person interested (in which case we get a bidding war and perhaps a very good price) - if not I'll take the first offer that's close to valuation.

moneysavermum_2

Id offer 10k off then if they refuse keep lowering your money off . If you could settle on 5k lower that would be good but may have to start lower to work up to 5k if you understand what i mean. Haggle for best deal. Tell them you want it could they negotiate the price for a quick sale

Made_Without

Thanks everyone with all your comments and questions - real food for thought.
I'll provide an update on how this pans out

C*F

Doozergirl

You can offer a straight £250,000. It sounds better than £249,999 and the threshold is for sales over £250,000 (so you pay 3% at £250,000.01 and over)

I wouldn't even bat an eyelid at mouseprice or anyone here that thinks they can tell you how much they have 'lost' in % terms on their house.

At the moment, everyone seems to expect a discount and are putting in lower offers. In almost any market you would be crazy not to offer at £250,000 to start with to save that Stamp Duty though it sounds like they have priced the house 'realisitcally' for their own expenditure (whether that tallies with the actual market, I can't say!)

Made_Without

Quick update for all of you who made time to provide me your thoughts, comments and feedback.

1st offer rejected (I went in over SDT threshold) as when summing up area and the recent trends there, I felt that was too low.

EA came back saying based on time on market and the interest they couldnt accept. Would I meet them half way... which I felt comfortable doing.

So 2nd offer. Accepted


No Celebration yet as this is the third time, and twice before I've had ... lets call them glitches with sellers being elusive about info or changing their mind as thing proceeded.

Thanks once again
C*F

RobertoMoir

Chocolate*fish wrote: »

Quick update for all of you who made time to provide me your thoughts, comments and feedback.

1st offer rejected (I went in over SDT threshold) as when summing up area and the recent trends there, I felt that was too low.

EA came back saying based on time on market and the interest they couldnt accept. Would I meet them half way... which I felt comfortable doing.

So 2nd offer. Accepted


No Celebration yet as this is the third time, and twice before I've had ... lets call them glitches with sellers being elusive about info or changing their mind as thing proceeded.

Thanks once again
C*F

Not sure whether to say "fingers crossed" or "congratulations" after the trouble you have had before, but either way its nice to hear its moving in the direction you wanted.

kinglewis

Congratulations!! Glad you've found the house of your dreams.. and got some off the asking price!

Best of luck with the completion!