is this taking the pi$$ - house offer

white_noise

we like a house that has been on the market for over a year, its £289k, our max budget is £250k (plus stamp duty threshold), now much of a pi$$ take would it be to put in a offer of 245k?
the house does need a fair amount of work done, e.g new windows and some roof work but i don't know if that has already been acounted for in the current price.
its quiet difficult to guage what the houses around are selling for on nethouseprices.com as each is quiet individual.
WN

little_miss_muppet_face

I would go for it with that offer, what have you got to lose ! I would be asking myself why it was still on the market after a year.. unless your area is selling quite slowly..
Make sure if they do accept you get the best survey you can afford, if is still needs a survey that is, i know in scotland the seller now has to do a HIP report which means the buyer no longer needs a survey as the report contains everything you need to know. maybe it is the same all over the country...;o)

LilacPixie

try and see. Fact is thats your limit so its really either that or nothing. it reality its about 15% under asking price which TBH after a year is not bad.

I'm selling just now but in scotland so we as sellers get the mortgage valuation done before marketing y a surveyor and we are quite willing to accept 10% under that, everyone is offering low and thats our acceptable level and we have been on market a lot less than your prospective sellers.

Dave101t

you need to take the cost of repairs, essential work off the asking price (plus a little extra) so go for it.
no one can afford higher value properties (took my mum 2 years to sell her house) so they will either take it, or you can look elsewhere, no house is worth the asking price.

Yorkshiredad

They will be very aware of the stamp duty issue, they may even have priced it there hoping for an offer of 249999 (if you can stretch to that it might have a bit more chance). Like others said, absolutely no harm in trying, most people would rather have any offer than none.

I bought a property once at about 12.5% under the asking price and it was immaculate, so it's not unheard of.

firstaspect

Nothing to lose if you put in the offer. All they can say is no.

tyllwyd

I would say that they have priced far enough over the stamp duty threshold that they are obviously hoping for more.

Having said that, there is nothing stopping you from making the offer, then they can make their own decision whether or not to accept.

white_noise

thanks for the replys, i was concerned that the offer would not be taken seriously, there has been a 10k reduction in the price but that wasn't recent. very interesting that i should take the repairs off the price, e.g there are a lot of windows!
we could just get up to the £249.999 limit, i think that what could be putting off people is its near a fairly busy road so the noise from that, but with double glazed windows this would make an improvement of about 4 dB, for internal space and the garden to the rear is big enough that road noise isn't that much of a problem.
we have a second viewing tommorow with my dad that knows a fair bit about houses so he should be able to shed light on what works need doing and we will get a good survey done. I have access to noise equipment so i would quite like to do an acoustic survey myself to see what happens to the noise level at night, when should i say i want to do this? in the offer, e.g subject to building and acoustic survey.
The problem is that the EA that showed us round last time was a bit crap and didn't phone me after a couple of days as part of a follow up, lets hope that he phones this time as the game is on and i am not going to phone EA's
WN

white_noise

tyllwyd wrote: »

I would say that they have priced far enough over the stamp duty threshold that they are obviously hoping for more.

i see your point, but at 289k the 'standard' offer at 90% goes in at 260k, assuming that the house is fine how it is, but (a big but) there is some work that needs to be done to the property, lets say thats this is 10k (there are a lot of old windows plus it needs modernising in places), then that does bring down the 90% offer to 251k, which is just the wrong of stamp duty.
even if our max budget was 260k and that was there lowest offer we wouldn't buy it as we would effectivily be 'wasting' 5k of the extra 10k due to stamp duty (1% -> 3%)
this is assuming that 90% is a standard starting offer and will be happy to be corrected on that matter, btw we have no chain and are ready to move whenever we find the right house for the right price.
WN

xyellowx

white noise- my house is on the market if you offered me 15% less i wouldnt be offended id just say no thanks
if you asked me if you could come around one night to do a acoustic survey with your noise equipment i would be quite blunt in telling you where to go
good luck

white_noise

xyellowx wrote: »

if you asked me if you could come around one night to do a acoustic survey with your noise equipment i would be quite blunt in telling you where to go

he he, i don't think that i explained that very well, the acoustic survey would be unattended, e.g a box outside the property padlocked and set up during the day and collected the day after. so i wouldn't be at the property during the night which i think that you are took by it.
i have been instructed by a EA to do this in the past at one of his properties on behalf of the buyers, and reported the noise levels and the implications of them to the prospective buyers.
WN