Offer Prices

Jay1b

Nah try £263K

John_M_Business

meanmachine wrote:

Why would anyone offer £260K and thereby incur a huge stamp duty bill?!!

... if you think that's a lot... you should see the bill over £500k !!!?!?!?

lin473

When we sold our last house,we were given valuations of between £175000 and £225000!!Naturally,we started at the higher valuation with a view to drop if necessary,and would have accepted a low offer if the purchaser was in a good position,10-12% maybe,but we would not have accepted such an offer if they had not sold their own property.It's not really worth talking figures until ready to proceed,then try your cheeky offers!We eventually accepted an offer of about 10% below asking price,but only because we had a corresponding reduction from the one we wanted to buy.Felt cheeky asking though!
With valuations so widely varying it's always worth trying an offer.

meanmachine_2

John_M_Business wrote:

... if you think that's a lot... you should see the bill over £500k !!!?!?!?

Well we know who really benefits from rising house prices - our good friends Messrs Brown and Blair.

You can be sure that, in 20 years' time half of all houses will be in the top bracket (yes, I will concede that houses rise in the longer term!!), but will they have cut stamp duty?

I wonder...

Jay1b

Anybody else got any thoughts on my original question pls? Out of 14 replies, only 1 person has actually answered it!

Thanks

Woby_Tide

welcome to MSE...;) (you're lucky to get 1 actual response:) )

Happy_saver_4

Jay1b wrote:

I know the average house sells for 94% of its original asking price.

But what would you guys and girls offer for houses priced at:

£120K
£125K
£130K

Thanks.

PS: I am a first time buyer if that makes any difference!

My reply said:

It depends what the property is worth to you !!!!!!!!!

I believe this answers your question.

meanmachine_2

Quite.

If you think a place is worth paying over the stamp duty threshhold for, then do so.

In terms of what you offer, you must also take into account the position of the seller.

If they're three weeks away from a one-way trip to Timbuktoo and they have to sell, then I'd suggest you go in with a "silly" offer. If they're merely kite-flying and holding out for what I would describe as a silly offer (in other words 100%), then you're pretty much stuffed.

Personally I'd line up 3-4 properties I liked equally and make low-ball offers on all of them. Harder in practice than theory, but good luck anyway.

Ian_W

Happy_saver wrote: It depends what the property is worth to you !!!!!!!!!

My sentiments entirely, TBH Jay it's an unrealstic question. If the price of £120k looks realistic [compared to what's sold & for sale nearby], the prop fits all my needs [location, size, space, decor etc, etc] there appears to be no need to spend anything on it I'd offer a lot closer to the asking price than if any of those factors were missing or would incur costs when I bought.

The average of 94% is just that. An average means some sold for above it [maybe even above asking price] some sold well below it. A vendor who has priced realistically for a quick sale is probably not going to accept a really low offed unless they've no choice, a vendor who knows they've priced well above may do, particularly if they've got something lined up.

Theoretical questions can only get theoretical answers - buying a house has loads of practical considerations you have to take into account before making an offer.

And Woby ... Do BEHAVE!! Stupid boy. :rolleyes:

John_M_Business

Ditto (I make that at least five replies now - most of which concur).