Negotiating with Estate Agent

movinghelp

So found a flat we like - was on for 295k got lowered to 275k and estate agent says vendor will take 260k. They bought it in 2009 for 205k but we do think it's worth 260k and happy to go to this price but not above.

Have a second viewing tomorrow then keen to make an offer on Friday but what at?! Family recommending 255k as they think they will reject 249,950 outright. I think it's silly not to try to avoid stamp duty if possible.

Any thoughts?

Dan-Dan

movinghelp wrote: »

So found a flat we like - was on for 295k got lowered to 275k and estate agent says vendor will take 260k. They bought it in 2009 for 205k but we do think it's work 260k and happy to go to this price but not above.

Have a second viewing tomorrow then keen to make an offer on Friday but what at?! Family recommending 255k as they think they will reject 249,950 outright. I think it's silly not to try to avoid stamp duty if possible.

Any thoughts?

Yes , what have they done during the worst finanical crisis in living memory to enhance their flat by 55k in 3 and a bit years ?

My other thought is ignore your family

dimbo61

So £260K for flat and nearly £10K in stamp duty
Offer £250K and say this is your final offer
walk away if they wont take that as you will spend years stuck at £250K stamp duty limit if you do buy.
How keen are they to move ?

olias

No vendor other than a deluded one will expect a house to sell at just over the stamp duty threshold in this market. They will be hoping for more from a gullible or desperate buyer, but I guarantee they are only expecting £250k. Don't offer more than that.

Olias

movinghelp

Well it's in North London in a very competitive area and other 2 bed properties are on at 280k and above. Very little has come on the market over the last 2-3 months and no other similar properties at this level. Agent says they want 260k otherwise will rent out.

Dan-Dan

the agent would say that wouldnt he......

Dan-Dan

have you checked remaining lease....?

movinghelp

Was sold in 2004 for 165k so in five years did go up by 40k.

movinghelp

Remaining lease is 100 years on a 125 lease from 1998.

Dan-Dan

well at lease that`s on your side..!

movinghelp

We were looking at up to 300k but obviously didn't tell agent that so it is affordable at 260k but obviously want to avoid paying another 7800 in stamp duty. Not worried about it being stuck at 250k when it comes to sell as think it will be at least 3-5 years before we choose to move on. Also in very good condition (new boiler, oven etc.) so only minor cosmetic changes needed.