making an offer

wlfc1

does anyone have any thoughts on what level % below the asking price is acceptable ? I am sure there are many of you who have offered well below the asking price and got some properties at a snip, I am considering making an offer of 250k and the asking price is 275k any thoughts?

Cardinal-Red

I think there's a post a few lines below this one entitled 'What Should One Offer' which covers this?

Seems to be some good advice in there which I'm going to use when I meet my potential vendor this week...

wlfc1

yep, found the thread

terrierlady

dont forget to let us all know how you get on...

wlfc1

estate agent laughed it off and I have my doubts it ever went to the vendor

Han_naH

Ok, you want to offer £250K. But what's your POSITION?

Can you buy immediately or do you need to sell?

Do you have a buyer?

Is that buyer a first time or cash buyer, or do they need to sell?

Why on earth would the seller accept a low offer from someone on the end of a great long chain?

So, low offers are perhaps the preserve of the cash buyers?

terrierlady

and so say all of us. think before you make an offer and yes estate agents do put all offers forward but they may have a higher offer on the table.

divadee

One thing to make you aware of is that over 250k the stamp duty goes up to 3% from 1% which should be taken into account when purchasing.

Tell the agent that you cant afford the stamp duty above that and to make sure the seller knows, as they may struggle to sell at that price as people are more wary of property just over the 250 mark

wlfc1

did all the hard sell, i.e. my house was sold and could prove I have the funds to proceed, didn't want to pay the stamp duty, the agent basicalyy said "they have already turned down a higher offer so they aren't going to accept your offer now baring that in mind do you want to increase your offer?" I said no

never heard anything back and I feel certain the offer never went forward.

Reaper

There used to be a loophole on stamp duty - no idea if it has been closed. Probably. People were selling the house for £1 under the stamp duty limit but then charging, say, £50,000 for fixtures and fittings.

Anyone know if this is still possible?

terrierlady

is the home now sold? if not knock the door and speak to the owner or arrange another viewing and speak to them direct, if you are totally proceedable then you need to let the owners know.
Good luck.