What would be reasonable?

suzmis84

Hi All,

My partner and I are in the process of buying our first house together and have seen one we both like. The house has been on the market for 8 weeks and is vacant, hence we have been told the owners are keen to sell and invite offers. The house is on sale for £525K and I have already mentioned that I would only want to stay south of the £500K stamp duty barrier, for which the agent said is reasonable.

We are due to have another viewing on Saturday, after which I may put in an offer. As far as I'm aware, there are no other parties in a position to give an offer as yet, although there is interest.

Given we are FTBs, I would like to know your opinions on what you would say is a reasonable first offer. I dont want to go too low such that they don't take me seriously, however I am in a strong position and know there is flexibility. Does somewhere around £480K sound reasonable? Any advice is appreciated.

Thanks.

BitterAndTwisted

Offer what the property is worth to you. If you think it's worth £480k then offer that. Then, at least you could raise your offer slightly but make it absolutely crystal-clear that once you've got to the £500k that will be your final offer.

These vendors must know that no buyer is likely to offer over the stamp-duty threshold unless the true market-value of the house is substantially over that already.

suzmis84

Its tough, because I am not sure how much it is worth as the road is full of different houses. I know the owners bought it in 2006 for £400K, and hence I need to know there is some value in it for me. I just don't want to submit an offer, for them to accept and continue allowing other potential buyers to bid.

BitterAndTwisted

Until the moment you exchange contracts the vendors are at liberty to allow viewings and/or consider other offers.