2 houses OTM for the same price a few doors away...

Manchester_Lucy

Right so we've now had second viewings on both properties, taken lots of pictures and notes and had a meeting with our mortgage broker last night.

We've decided to got with our first choice and put in an offer this morning. I was originally going to go in with £120,000 (OTM for £130,000) but now I think that they just won't take me seriously even though I know they wouldn't accept it. Now I'm thinking to start at £123,000 and then increase to £125,000 (stamp duty level).

We are FTB so in a position to move quickly but ideally don't want to go over £125,000 level without good reason.

I've heard that you can go over the threshold if the extra is for fixtures and fittings but can the fixtures and fittings still come out of your mortgage money or does this have to be separate?

As you can probably tell, I'm very nervous this morning!! :eek:

Jamz

I would start with about 115 offer and go from there....

Manchester_Lucy

I'd get laughed out of townif I went in that low!

These properties for this price come up once in a blue moon. The last one which was in far worse condition went within a week. Granted I don't know exactly how much it went for but I can imagine that it wasn't for less than 95% of the asking price.

I don't want to lose this property as it would be perfect for us but I'm not going to go above what I consider as reasonable so in that respect we are prepared to walk away.

seven-day-weekend

Good luck, I hope your offer is accepted - I wouldn't go over the stamp duty threshold either.

real1314

Manchester_Lucy wrote:

I'd get laughed out of townif I went in that low!

These properties for this price come up once in a blue moon. The last one which was in far worse condition went within a week. Granted I don't know exactly how much it went for but I can imagine that it wasn't for less than 95% of the asking price.

I don't want to lose this property as it would be perfect for us but I'm not going to go above what I consider as reasonable so in that respect we are prepared to walk away.

Find out from Ourproperty.co.uk

And remember that the first offer is just a tester. The Agents will tell you that you're way out and suggest you upping it before they put it to the buyer.
On the market £85k, first offer £80.5k - Accepted. Would've started lower if I'd known!!
Start below £125k, deffo no higher than £120k.

Manchester_Lucy

Well we've already done it all today.

Started at £123,00, the EA asked me why so low etc. so I stood firm.

It was rejected, the EA said that they were looking for 126/127,000 so I said I'd think about it and 'maybe' speak to him again. Within 5 minutes he was back on after speaking to the vendor and said that if we offered £125,000 then it would be ours. I let him sweat for an hour then called with that offer.

Prices in this price range in this area do not stick around long so I knew there wasn't much scope for a 10% reduction or anything and £125,000 is the price that we were aiming for so we're happy.

This particular property didn't show up on ourproperty.co.uk but a lot of the properties on this road were purchased by council tenents so it's hard to judge what the actual market value would be after the discounts that they paid.

Lighteater

Well Done That Lady!!

:beer: