£250k offer on £270k house?

bclark

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 can ask but you aren't going to get.

Tancred

DRP wrote: »

You seem very sure

In my experience it is true.

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

It depends on the property, the area, the particular local market etc.

Tancred

UsernameAlreadyExists wrote: »

LOL 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.

As I said before it depends on various factors. If there is a lot of interest in the property and the local market is 'hot' then the property may well get offers above the threshold. There is nothing wrong in the OP making a £250k offer - I would probably do the same - but there is no guarantee that the vendor will accept.

Danni-R

I'd be surprised if he holds out for £260 due to the SD threshold.

If you offer £250 you might find he would like to charge you £10k for the furnishings.

He cant be that daft to think that it being so close to the £250 limit people wont want to try it.

Even going above the £250 by £7k would increase it by much more.

hamster2013

I offered £310 on a £345 property, classic -10%ish percentage
we agreed on £320k, so that was a £25k reduction, so 8%ish reduction
at the end we didnt buy it after negociating lol, but it was a good learning experience

if that property just came on the market, wait a while, look at other properties, and put in offers on those (with different estate agents, you dont want to be blacklisted by the one marketing this property)
it will teach you how the EA's play games and try to bring the price as high as possible
you will get the typical: Oh another party just appeared out of thin air and have put an offer slightly higher than your's - they will not tell you how much, but will use that to bring the price up.
obvioulsy play their game to see what buffer you have before them accepting an offer, then magically just like the way the other party appeared, you decide to disappear and say no longer interested.
I did this a few times in area's i was not interested just to get an idea of how to haggle with EA's
obviously, it meant I lost the first property we liked because i offered something that was considered, but there actually was really another party which paid asking price LOL

you win some, you lose some : but until you try, you will not get anything

Tancred

Danni-R wrote: »

I'd be surprised if he holds out for £260 due to the SD threshold.

If you offer £250 you might find he would like to charge you £10k for the furnishings.

He cant be that daft to think that it being so close to the £250 limit people wont want to try it.

Even going above the £250 by £7k would increase it by much more.

If the vendor needs a specific price to be achieved to enable his move, then he'll hold out.

Strapped

Does this help? http://www.primelocation.com/house-prices/lindfield/hanbury-lane/

retepetsir

Strapped wrote: »

Does this help? http://www.primelocation.com/house-prices/lindfield/hanbury-lane/

Haha. Not really as it's difficult to tell which specification of house they were, but yes these are the newer ones. It used to be a bad area (may still be) but the old 1960's council houses were knocked down for the new development.

Lots of them at £250k but there's one shown for £268k 'new build' which may be the same layout as this one advertised for £270k, although obviously new at the time. Interesting.

Hmmmmm

Danni-R

But given that its 'typical' to offer lower than the asking price wouldnt he have priced it slightly higher than he has? With the SD level so close to his asking price he has to have a vague idea that it'll either put some people off completely *or* encourage the offers at the £250k mark....

liamfahy

My advice would be to view this property and plenty of others so that you can make a comparison. Often people fall in love with the first property they view only to change their mind or regret the purchase later. This is a buyers market so there are plenty of properties out there.