What to offer?

worldwide3rider

Hey all,

This is a bit of an extension from my other fixtures and fittings post but I am interested in a 2 bed flat for £128K, I have looked on house prices.co.uk and the same flat sold in August this year for £111K (if these things are accurate) It looks like they have bought it, done it up and trying to make a quick buck, but what should be my first offer if I wanna go ahead?? On my fixtures and fittings post others are saying £120 - anyone agree with this.
TA!!

[Deleted User]

I'd be supsicious at why they want to sell it so soon. The price they bought it for was a very close to the stamp duty threshold of 120K so they must have known that spending ££ on it to upgrade it wouldn't have earned them anything.

Zammo

Offer 10k over asking price to secure the deal.

jonewer

Zammo wrote: »

Offer 10k over asking price to secure the deal.

Buy three of them for your pension

geordie_joe

worldwide3rider wrote: »

Hey all,

This is a bit of an extension from my other fixtures and fittings post but I am interested in a 2 bed flat for £128K, I have looked on house prices.co.uk and the same flat sold in August this year for £111K (if these things are accurate) It looks like they have bought it, done it up and trying to make a quick buck, but what should be my first offer if I wanna go ahead?? On my fixtures and fittings post others are saying £120 - anyone agree with this.
TA!!

I would be tempted to view it and ask them what they have done since they bought it. You don't have to ask them out right, but a few well placed comments and questions should get them bragging about what they have done. If they don't brag to begin with.

"This kitchen looks new, did you fit it?" answer "Oh yes, the kitchen is only two months old"

"Nice carpet, did you buy it?" "Oh yes, it's only been down about a month."

If the owners are not there during the viewing the estate agent will be more than willing to point out the work that's been done on it.

Once you know what's been done you can have a good guess at what it cost.

shelly

Van1971 wrote: »

I'd be supsicious at why they want to sell it so soon. The price they bought it for was a very close to the stamp duty threshold of 120K so they must have known that spending ££ on it to upgrade it wouldn't have earned them anything.

Isn't the stamp duty threshold 125K?

geordie_joe

shelly wrote: »

Isn't the stamp duty threshold 125K?

I just googled "stamp duty threshold" and of the first ten results five say it is 120,000 and two say 125,000

Although the two say "it is going to be raised to 125,00"

Just reading the descriptions in the google results it seems like some people thought it would be raised to 125.000 in the last budget, but it was only raised to 120,000

shelly

geordie_joe wrote: »

I just googled "stamp duty threshold" and of the first ten results five say it is 120,000 and two say 125,000

Although the two say "it is going to be raised to 125,00"

Just reading the descriptions in the google results it seems like some people thought it would be raised to 125.000 in the last budget, but it was only raised to 120,000

Hmmmm I googled it too before saying anything and saw that it had been raised to 125K :rotfl:

I only questioned it as when we sold our house earlier this year we were surprised to get full asking of 130K. The EA told us to expect an offer of 125K because of the stamp duty

dolce_vita

geordie_joe wrote: »

Once you know what's been done you can have a good guess at what it cost.

and you can gauge how much debt they're in

A_Nice_Englishman

The 'value' now is not £111K plus money spent on improvements it's what somebody is prepared to pay for it.

worldwide3rider

thanks for all the info.

I can remember some time back when people just asked for a £1k off or something like that, but I have heard people saying start with an offer 10% below asking price and I didnt know if that was too cheeky or not?