If a house is on for £320,000 how low would be counted as cheeky to offer?

[StrumpersPlunkett]

Was thinking of offering low enough to cover my stamp duty and solicitors fees. ?

[DisneySenior]

How long has it been on the market for?

[StrumpersPlunkett]

8weeks

[wowfudge]

And where is it?

[StrumpersPlunkett]

North birfolk

[StrumpersPlunkett]

Norfolk!

[sall74]

And how does the £320k asking price compare to recent SOLD prices of comparable properties?

[StrumpersPlunkett]

Not slot to compare in the streets around. They bouts it in 2014 for £100,000 less

[Scorbus]

Compare with local sold prices to see what is reasonable, I think Zoopla show the prices historically.

[Helenluvsrob]

On the market 8 weeks? That's nothing at all. I would think the vendor is expecting 300k at least and less IMHO would not even open negotiation , it'd be a " no", not a well we wanted X, can you come up.

[Kaisha02]

You never know unless you try. If they think it's cheeky, so what? Theyl soon get over it if you offer again.
You never fully know the circumstances, ie they could need 280k to cover the cost of their next move and anything else is a bonus. Or they may need the full amount they're asking for in order to buy their next home. They may be desperate to move and so will accept a decent first offer.
Have any other offers been made on it? Ask the estate agent as although they can't tell you what the offers were (if any) it will let you know the current situation.

[StrumpersPlunkett]

The £20,000 would pay my cost Helen
I was thinking 300,000 was cheeky

[StrumpersPlunkett]

These are most recent sold prices in the road

[sall74]

Well unless they've spent a lot on renovation/extension (at least £50k-£60k) then they're taking the piss and should be treated as deluded timewasters or kite flyers.

No where in the uk has seen house price inflation like that in the last 2 years.

[wowfudge]

Have they completely renovated the place?

[StrumpersPlunkett]

No idea but it is beautiful and needs no work at all.

[StrumpersPlunkett]

It is about £70,000 more than other houses on sale in the surrounding streets but also looks v different from them so hard to compare

[BoaConstrictor]

But how comparable are those other properties? Same plot size? Same size house? Same parking?

[CodyKing]

Ours was on for 325 we offered 290 - that's what we had - they asked for more and we said we didn't have it! It was then left to them to negotiate a bye tree deal on there move up - we got the house

Prices have not gone up in 2 years - they heat have spent a lot but it's also down the the mortgage valuation if any offer is accepted

[CodyKing]

Better!

[StrumpersPlunkett]

No parking for the others so will allow £10,000 premium for that
Better looking house
£10,000 premium
Not needing any work
£10,000
That still leaves us £40,000

[PotteringAlong]

So they paid £220k 2 years ago? Unless they've added another half a house they're trying it on. I'd offer £260k

[Kaisha02]

We bought our house in 2013, sold it late 2015 for 80k more and we did no more than repaint inside. Definitely compare properties on the street in terms of square footage, parking, bedroom sizes etc - as previous posters said a lot of that is on Zoopla.
It does sound over priced though without knowing the details.

[StrumpersPlunkett]

They actually paid £205,000

[BoaConstrictor]

Also, the price you offer should be related to what you think it's worth/how desperate they are to sell, not linked to your costs.
Of course, if your total budget for purchase price, legals, survey, stamp duty, move costs etc is £320k, then all you can offer is £320k less that but that doesn't mean a property is worth that or that it is a cheeky offer.

[StrumpersPlunkett]

That is really why I am askingBoa.
I don't want to take the piss but if I can get it in for a certain price it will be beneficial for loads of reasons too boring to go into on here 🙂