house priced at 280k will it go for over 250k?

halflost

hshen wrote: »

I am looking at a property with AP of 267k and I'm FTB.
So it's a 7.5k hit as soon as I go over 250k...

Ah well end of the day both parties need to be happy.
No use me whining about stamp duty when vendor has a figure just above 250 in mind.
It does make it hard for someone like me to justify the extra cost though...

Well there is no point going over and spending the 7.5k more like 8-9k when you do the 10% deposit thing or more). You may as well break it at 300k if you can, because the difference is only around 3k more than the 270 house due to the deposit restrictions. At 260 its just not worth it at all to break that limit.

I reckon anything up to 290 is fair game for stamp duty and trying to get it for exactly 250k. Because the price above 250 isnt high enough to really justify the extra money.

riverboat2001

The house next door is a bit bigger, but in worse condition (according to EA who sold it last year----same EA selling this one)
I upped my offer to 247K, but EA says they have recieved an offer of 265k, but this is based on the buyers daughter getting into a certain school!

Obviously, i can't compete with that, i really do only have 250k (have 25k gifted deposit) But it will mean that even if the buyer doesn't come through, the seller will believe he can get 266k for it. So i think i will have no chance.

Strangely though, it doesn't say "under offer" on RM

Bit gutted really, as i really like the place.

betsie

I offered £250k yesterday on a house up for £280k. Got turned down with no counter offer. It has been on the market for over 6 mths. Ea reckoned it was on for £299k at the start (according to property snake it has stayed at £280k) and he turned down an offer close to that - I think she was lying also said he had had an offer in the £260k's. More fool him for not biting their hands off the. I think it will still be sitting there in January - hopefully house price news in the press will continue to say prices are going down and he might have second thoughts. Something else will come up if not.
If a seller wants to hold out for their asking price they can and will. My solicitor said one house he was dealing with took 10 years to sell because the vendor wouldn't budge on price (the market eventually caught up with them).

riverboat2001

The Seller in my case has to be out by April, he is having something built and he said it will be ready in April, so i'm guessing he'll need the money by then.