opnions on offers on this house

VICSH

Thank you all for your input, I will definately let you know what the outcome is. It is nice to know I am not a bit mental to even think about it.

ValHaller

Tancred wrote: »

If you budget is the stamp duty limit, why on earth are you looking at properties priced at £285k? I can't see a seller dropping £35k. Maybe if it was priced at £260-265k, but not that high.

The stamp duty limit has put a fairly substantial ditch in the market between £250000 and £275000. People pricing at £265000 will be bracing themselves to be taken below £250000. And if OP was saying that there were no houses at £260000, we would be suggesting looking up to £285000.

VICSH

HI all

Just a quick update, we veiwed the house again and this morning I put an offer in for £242,500 as the house does need some work and the average price in the area is £250k, the estate agents have come back and vendors have rejected it but teh Estate agent has said they would accept 260k?
So what do you think my next move should be, i am thinking about leaving it to tomorrow/ wednesday and go back with 247500 or should I go in at 250k?
Advice appreciated, although we could go up to 260k I jsut dont feel the house is worth that after looknig closely at it a second time round so 250 would be our maximium.

chickaroonee

Offer 247 and then 250 max.

DaftyDuck

I'd offer £245,000, as that'd indicate you are not going over the stamp duty threshold... and you probably shouldn't. If it was the one next door that sold for £249,999 3 months ago, they should realise theirs would only just... just ... go over the duty threshold, and since they are keen to move (and get that other property), you should take some advantage of this favourable position you are in.

I'm guessing you should end up around the £249k value... bun NOT over the threshold. It will cost you money for nothing, from what you've said.

Edit.
Hah! I'm a meaner meanie than chickaroonee

VICSH

Ha ha thank you both I think I will go with a middle figure of 246,500 then, would making that offer today seem to keen, or should I hold out until tomorrow in your opinion?

DaftyDuck

VICSH wrote: »

Ha ha thank you both I think I will go with a middle figure of 246,500 then, would making that offer today seem to keen, or should I hold out until tomorrow in your opinion?

To be precise, I'd offer £246,495. (I'd personally stick with my earlier figure, which would have been an equally precise £244,495). Not rounded.... never rounded!

Can't really see an advantage to waiting in the circumstances. Impress you will progress smoothly and swiftly, thus enabling them to get the house of their choice.

chickaroonee

Agree I'd go back now

Fire_Fox

VICSH wrote: »

HI all

Just a quick update, we veiwed the house again and this morning I put an offer in for £242,500 as the house does need some work and the average price in the area is £250k, the estate agents have come back and vendors have rejected it but teh Estate agent has said they would accept 260k?
So what do you think my next move should be, i am thinking about leaving it to tomorrow/ wednesday and go back with 247500 or should I go in at 250k?
Advice appreciated, although we could go up to 260k I jsut dont feel the house is worth that after looknig closely at it a second time round so 250 would be our maximium.

What do you mean the average price, for sale? If so that is irrelevant, many houses are optimistically overpriced in this market. Stick to what you know it is worth from land registry sold prices. Are prices in that village really back up at 2007 level?

I wouldn't have offered as high as £242K as a first offer if you don't intend to go over £250K. Also just offer round numbers, part of a thousand is silly you can't say it's worth than and not the full number. And hold out a couple of days, they will be on tenterhooks. Be sure to point out your strong position, are you hassling your FTB weekly via the solicitor and estate agent?