If purchase price is listed as £270K -£300 is it useless offering under £270?

Mr_Moo_2

Price guides are a marketing tactic. loved by some Agents (Wards down my way in Kent are specialists at this). Basically the Vendor is enticed by the prospect of an offer above the median and towards the upper end of the range, whilst the bottom price range figure drags in Buyers at the bottom end. Confusion and disappointment often follows.....

Usual rules apply as outlined in previous posts - do some research and offer what it's worth. Be prepared to be knocked back if you offer low and the Vendor has been seduced by the Agent's promise of a high-end offer. If it's "worth" £270k then £250 is in sight if the Vendor is willing to negotiate and is motivated to move (this is the key). Good luck

tim123456789

The property I'm buying is via Wards using their (stupid) X to Y range.

I made it perfectly clear to them that I thought the "full value" price (based uon previous sales) was the lower of their figures and they didn't disagree.

I got it at that lower price. I would have liked to have paid 2K less, but because it ticked all of my "nice to haves" I didn't argue over such a piddly amount - though had this taken me over the SD threshold I would have been less accommodating.

olympicsmummy

I just hope he's in a bit of a rush to sell given that he's commuting such a long way. Maybe he's already renting up where his new job is!

Mallotum_X

Do your own research into the area first and see if the price asked stacks up with other sales. (sale prices not asking prices).

Assuming its in the ball park then personally I would ignore the 300k part and just see it as a house on the market at £270, and then take it from there.

It may well be that its just a tactic to get the £270 rather than if they put it on at 275 they know most offers would be at £250.

moneyistooshorttomention

olympicsmummy wrote: »

I just hope he's in a bit of a rush to sell given that he's commuting such a long way. Maybe he's already renting up where his new job is!

Probably not.

Be prepared for him to tell you that he isn't renting - even if he is - and you won't be able to say "But I noticed you don't seem to be living in your house" because his first thought to himself if you do will be "She shouldn't be checking up on me like that".

olympicsmummy

On the advert on right move he says he lived in the property blah blah and says he's commuting from essex but its getting too much.

It's impossible to say what it's worth because all the other houses on the road and area are all different. Some are 2 bed, some 3 bed, some with garages, some without.... so how do I know what its really worth??

ILW

What did he pay for it?

Woodyrocks

I spoke to an agent today to register (KFH) and when asked if there were any of their properties I liked, I mentioned a couple but followed with 'I realise they are 20K out of my price range...' To which agent responded with 'for what you have in hand, I would actively suggest you look at properties in the +20K range.'

All you can do is put in a offer, at the worst it is rejected and you can then inch it up a little bit more. If you happen to be a cash buyer, all the more power to you.

HTH

Tancred

olympicsmummy wrote: »

We have seen a lovely house we like. I know we should offer what we feel it is worth but obviously we want it for the lowest possible!

If it is listed on right move as offers between £270 000 - £300 000 then would we be silly for even trying to offer say £265 000? Should we just offer £270 000 (our max we can afford is £275 000)

Thanks in advance

This depends on the 'real' market value of the house. You would need to check what similar houses in the local area have sold for in the recent period. If £300k is a reasonable target and £270k is already heavily discounted then you would find it difficult to offer £250k successfully. It all depends.