How much to offer?? Is 10% under normal?

chopsyash

Hi,

We've found a house we like which is currently on the market for £275,000. As this is close(ish) to the stamp duty threshold I tried to make an offer of £249,950. This is less than a 10% reduction which I'd always assumed was a reasonable starting point...however, I've just spoke to the estate agent who was very abrupt about my offer and simply palmed me off suggesting I offer something sensible and much closer to the asking price :mad:.

Does anyone have any experice of this and have a suggestion on how to tackle the estate agent??

Note, I'm not completely sure how long it's been on the market and as per most of the other thread on here there have been rumblings of other offers already made on the property.

Thanks for your help.
Ash

dontfollowme

Offer what you like - they have to put it to the vendor as far as I know.

Foxy-Stoat_3

Depends if its realistically priced in the first place. What are other similar properties being advertised at?

I dont think a reduction of £25,000 is going to be met with much enthusiasm, unless the vendors are desperate to sell, or its been on the market for a while or there are issues with it.

stator

There's no golden rule. Everyone is different. No harm in making the offer.

runawaybride

im not sure what you should offer but from the other side of things we are about to put our house up for sale for 135 which is a reasonable price and we will be telling the agent not to bother with offers less than 130 because we cant afford to sell for less. perhaps your seller is in the same position. at the end of the day they need to be able to buy another house. on saying that we dont expect to get the asking price and we will make lower than asking price offers on the houses we look at. perhaps tell the agent you dont want to mess about and what would be an acceptable offer? then when they tell you if its within budget drop slightly and say this is what we can afford. its a game of compromise. good luck.

lee111s

It all depends. When I bought my place last year it was up for £133k and I offered £117k only to be accepted! Neither me or the EA could believe it.

Turns out the couple I bought off were splitting up and just wanted a sale. Being a FTB with an AIP I obviously was in a strong position.

chopsyash

Thanks everyone...I'll try and call the estate agent tomorrow and talk it through.

rosie383

Go for it. What do you have to lose? May not get accepted but you never know. 10% is a lot to ask, but every vendor is different and you may just be lucky.

Pennywise

I'd say that they put it on at £275 in the expectation of offers of £249 due to the stamp duty hike at £250. They surely couldn't expect anyone to offer £250-£260 and then have the extra stamp duty on top? Stick with your offer.

hcb42

the market of a few years ago, I would have thought £249K would be a sensible offer

In a rising market, though, the rules change.

I am in that boat potentially, very much a rising market where I live , limited supply, and house valued around £275-285K. I would not accept £249K. 3 years ago, I might have done if I needed/wanted to sell.

tillycat123

Offer made on my house last week, 5% below asking price. Place I had my eye on that's been up for sale for months won't budge at all on the price, they want full asking price.

I did my homework and along with my offer I gave a list of work needed to be done, but still not willing to budge.

Moved on and made an offer on another property Saturday. 4% below asking price, 20 year old house still with original kitchen, bathroom, windows and boiler. I have chased the agent I don't think he's even passed my offer on! Said the woman's a nightmare to deal with and thinks the place is worth the asking price and suggested I upped the offer.

I think I will be staying put at this rate.