How much to offer on £175,000?

Thunderbird_2

Dear all.

Just a quick one, a house I am interested in is on the mraket for £175,000. When viewed with the estate agent, he said the vendor might/would? accept £150,000. A house 3 doors away was sold for £105,000 2 years ago.

How much do you think I should offer? I am thinking of £125,000 or less!

Many thanks

CloudCuckooLand

Well, £125k is stamp duty threshold, if that is applicable to you.

But 28% off looks pretty ambitious on paper.

"3 doors away" might be less relevant if its semi vs terrace, 3-bed vs 2-bed...

Post the link.

maninthestreet

Assuming the house 3 doors away is identical and was in the same condition as the property you are interested in, then I would offer less than £105,000.

Jackinbox99

There surely must be some big difference between the 105k house and this one if its 175k.

2 years ago was the peak of the market. Nearly 2 years ago to the day, the house identical to mine, next door sold for 20k MORE than mine is under offer for now. Which means based on that, if your 105k house is the same as the 175k house then it should only be worth about 80k now.

If the house is up for 175k it means the seller is probably looking for about 170k. You can try lower offers if you want, they may or may not get accepted. Ive just had to accept an offer for 10% less than what my lowest price was going to be the house im selling. But, with not many buyers out there atm it was a choice of wait, or take the lower offer.

BadgerFace_2

These are all utterly uneducated guesses. Surely you wouldn't actually listen to someone on here who says offer 80k, when they have no idea what, where or how big the property is. If you genuinely don't know, why not get it valued first...it will also help show the vendor you are serious, which will help negotiations.

whatyadoinsucka

have you looked on righmove or similiar websites to look at previous selling prices on the street, in particular this house and any identical sized houses (i guess you have).
If the house sold for £105k was in the same condition and size, i think this seller is a 'chancer', make an offer what you feel is reasonable.
do you want to live there, is it a good neighbourhood, good local schools, convenient for transport / food / supermarkets / parks.

A house is a home not an investment

evoke

Offer what you think you can get away with and are prepared to pay. Given what you've stated, i'd offer £155K and up it to £160K max if required. Offering £125K on a property listed at £175K isn't going to get you very far.

However, the most important questions are these: do you actually want to buy the property? If so, how badly do you want it and how much are you prepared to pay.

It sounds like you're not really that keen on the property but just want to chance your arm with a ridiculously low offer. In fact, the offer you contemplated in your first post is lower than the seller would get if he dumped his property to one of those dodgy we-buy-your-house-for-cash companies!

nomoneytoday

This thread is funny.

House price is set by EA and seller, so responses go from half to double

paul1964_2

Thunderbird wrote: »

Just a quick one, a house I am interested in is on the mraket for £175,000. When viewed with the estate agent, he said the vendor might/would? accept £150,000.

So the vendor hopes to achieve £150k (I suspect the property will be worth less than this) but has added another £25k so that you will think you are getting a bargain.

I would steer of time wasters like this.

Xiderpunk

There are some people out there who speculatively sell their homes, I know such a couple. They move every couple of years and nearly always have their house on the market for a price they would be prepared to sell it for. Their mindset is very much 'we don't have to move, we like living here but if someone comes along willing to pay the price we want then we would move'. Is that wrong? Or is that just good sense.

I worked with a guy who purposely paid way over the market value for a house; they saw the house by chance and loved the location and the look of it so knocked on the door and asked if they would be prepared to sell it to them (it was not on the market). After some negotiation they happily purchased it.

The point is market value is relevant in investment terms but not in personal terms. A house is worth exactly what YOU are prepared to pay for it, not a penny less or more.

Hailstorm

There is a huge difference between £175K and £105K. One of them is an oddball. Make sure you really are comparing like for like. It could be that when the other property sold for £105K it needed a substantial amount of work and wasn't habitable.

What is the asking price of other similar properties in the area? If £105K is the correct price then I would expect similar properties to have asking prices somewhere in the region of £90-100K. Do they? What did other properties in the street last sell for?

Do some more research so you can put the two prices in context. One should soon start standing out as very strange indeed.