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£250k offer on £270k house?

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Comments

  • retepetsir
    retepetsir Posts: 1,238 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Nothing that's new-build but generally around here decent sized 3-bedroom houses are £240-£250k. I will take a look :)

    The Great Declutter Challenge - £876 :)
  • Tancred
    Tancred Posts: 1,424 Forumite
    DRP wrote: »
    Pricing at 270k is asking for offers of 250 - unless this is a 'priced to sell' property where similar properties go for 290, for example (which doesn't sound like the case)

    Not true. Pricing at £270k is asking for £260k offers, not £250k ones. A £20k drop is unlikely to be acceptable to the seller, unless he is desperate.
  • Tancred
    Tancred Posts: 1,424 Forumite
    retepetsir wrote: »
    Thanks for the reply, that's interesting. I was of split opinion and did think that houses up for 270/275 were at that price to avoid the stamp duty gutter between 250-265.

    I may well look at 250k then :)

    Are you just 'chancing it' or do you really want the property?
  • retepetsir
    retepetsir Posts: 1,238 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It is pretty much exactly what we are looking for and in the perfect location for both the railway station (for my London commute) and for my partner to be able to walk to work. So the later. However 250k is our maximum, we couldn't stretch to anything over this taking into account maternity leave and the rest.

    The Great Declutter Challenge - £876 :)
  • Tancred
    Tancred Posts: 1,424 Forumite
    retepetsir wrote: »
    It is pretty much exactly what we are looking for and in the perfect location for both the railway station (for my London commute) and for my partner to be able to walk to work. So the later.

    OK. Is the house having a lot of viewings etc? If there is a lot of competition you may miss out by making a £250k offer. I suppose you could always chance it and then raise the offer if rejected.
  • retepetsir
    retepetsir Posts: 1,238 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It was literally only listed a few hours ago so I have no idea. I've phoned the EA to ask for a viewing.

    The Great Declutter Challenge - £876 :)
  • DevilsAdvocate1
    DevilsAdvocate1 Posts: 1,912 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    retepetsir wrote: »
    It was literally only listed a few hours ago so I have no idea. I've phoned the EA to ask for a viewing.


    If its only been listed a couple of hours then I would be surprised if the vendors would accept such a big drop. If it was me, I would wait to see if anyone came along who would offer closer to the asking price. They may not even have found somewhere to move to yet.

    If the property had been on the market a while then I think you would have much more room for negotiation. The other thing, is what did they pay for it 12 months ago? If they paid close to the £270 mark then £250 would represent a big loss, so again they may not be in a position to accept.
  • DRP
    DRP Posts: 4,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 26 March 2013 at 4:26PM
    Tancred wrote: »
    Not true. Pricing at £270k is asking for £260k offers, not £250k ones. A £20k drop is unlikely to be acceptable to the seller, unless he is desperate.

    You seem very sure :D

    In my experience it is true.

    And I reckon the distribution of selling prices around the 250k threshold suggests it too.
  • UsernameAlreadyExists
    UsernameAlreadyExists Posts: 1,194 Forumite
    Tancred wrote: »
    Not true. Pricing at £270k is asking for £260k offers, not £250k ones. A £20k drop is unlikely to be acceptable to the seller, unless he is desperate.

    LOL :D No comment.

    Offering 10% under seems fairly commonplace with a view to being rejected and haggled back up again. 10% of 270K is a whopping 27K - taking it down to a mere 243K, so haggling back up to 250K seems perfectly plausible to me.

    Of course this depends entirely on the house, and how it compares to things around it and on the market at the same time, blah blah.
  • retepetsir
    retepetsir Posts: 1,238 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    DRP wrote: »
    You seem very sure :D

    In my experience it is true.

    And I reckon the distribution of selling prices around the 250k threshold suggests it too.

    Have you got any recommended websites where I can look at that info? i.e. selling price vs. listed. :T

    The Great Declutter Challenge - £876 :)
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