Making a Realistic Offer on a Property

peakstar

Hi Everyone
i'm just about to embark on the quest to buy my first property in london. As i'm a first time buyer i definately want to come in at under the £250k mark so as to avoid stamp duty.
I've seen quite a few places on right move at the £269,950 level or even £279,950 - now i'm just wondering it at these prices it's worth me viewing them? Being that i have a big deposit and can definately get a mortgage sorted on the rest I'm thinking i'm in a strong position, also i'm ready to go on it.
I know it's hard to say but what do people think about a realistic offer for something on at £270k/£280k - i'm thinking that they may well expect to get offers of under £250k - or is that unrealistic for london?

Also - should i tell the estate agents that my max budget is £250k or keep that under my hat?

Any advise greatly welcome as I don't want to waste my time looking at things that are unrealistic...

Thanks!
:money:

BitterAndTwisted

It might be worth viewing them if they've been on the market at those prices for some time.

G_M

peakstar wrote: »

Hi Everyone
i'm just about to embark on the quest to buy my first property in london. As i'm a first time buyer i definately want to come in at under the £250k mark so as to avoid stamp duty.makes sense
I've seen quite a few places on right move at the £269,950 level or even £279,950 - now i'm just wondering it at these prices it's worth me viewing them? Being that i have a big deposit and can definately get a mortgage sorted on the rest I'm thinking i'm in a strong position, also i'm ready to go on it. anyone who views them will want to reduce the price below the stamp duty threshold so the vendors will have trouble
I know it's hard to say but what do people think about a realistic offer for something on at £270k/£280k - i'm thinking that they may well expect to get offers of under £250k - or is that unrealistic for london?try, and see!

Also - should i tell the estate agents that my max budget is £250k or keep that under my hat?under hat. The EA works for the seller, not you. And usually gets a % commisssion. Either way, his job is to get the price up. The more he knows of your finaces the easier for him to manipulate you.... upwards. However you WILL need to convince him you are serious buyer with cash and/or mortgage available..

Any advise greatly welcome as I don't want to waste my time looking at things that are unrealistic...

Thanks!
:money:

.........................................

Jazzie99

BitterAndTwisted wrote: »

It might be worth viewing them if they've been on the market at those prices for some time.

Agree with above. My property in London has been on the market for 5 weeks and is on at £280k. I wouldnt accept £250k or less just to save a first time from paying stamp duty. However, if it doesnt sell in the next 18 months I might have to reconsider !!

There's no harm in telling an EA your maximum budget - they will soon realise what it is when you dont budge from the £250k mark.

Are you looking in any particular area?