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First Time Buyers - How much to offer below asking price?
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I would make an offer of £124,995 and when making the offer, make it clear that this is the absolute maximum you can offer because going any higher would make you liable for stamp duty at 1% of the sale price.
When we were buying our current house, we viewed the house and it was up for £185,000. I put in an offer of £170,000 based on the fact that it needed quite a bit of work. They rejected the offer and said they want £180,000. We sat down and estimated what it would cost us to do that 'needed' doing and went back in with an offer of £178,000 which was accepted. Consequently, the surveyor valued the house at £178,000 anyway so we were bang on.
I echo what everyone else has said. Don't be worried about offending the sellers. They will either accept the offer or decline, but at least you can then negotiate from there onwards.0
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