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Is this an insulting offer?

(83 Posts)
macneil Fri 31-Aug-07 18:20:20

Have fallen for a house in the north of England in a university city. It's on the market for £275,000. Last year the buyer paid £230,000. They have sanded the floorboards and decorated it beautifully, but done no structural work. The estate agent says house prices haven't gone up all that much in the last year. The thing is, we just can't afford it, especially as going over £250,000 means stamp duty of at least £7,000, over £8,000 at £275,000. They haven't had any other offers. But if we make an offer at £249,999, will they hate us so much they wouldn't take a bigger offer? The absolute most we can afford (and basically this would mean eating nothing but rice for the rest of our lives) is £260,000. Would it be smarter to say 'We've spoken to the bank and this is absolutely our top offer, we understand if you can't take it' first of all. Or do we take a risk and try the £249,999? Does anyone have any idea how the house market is going at the moment?

Beetroot Fri 31-Aug-07 18:21:44

offer 245

go up to 2499999 if they don't accept which they won't and stick to your guns - if the makret is quiet they will go for it - play a waiting game and see

littlerach Fri 31-Aug-07 18:22:42

I htink there was a report that last month prices didn't rise at all.

macneil Fri 31-Aug-07 18:23:05

245! Really, you think? I am gaping at the screen.

ledodgy Fri 31-Aug-07 18:23:27

I'd take a chance even if they are insulted it won't make them refuse a bigger offer. Is it their estate agent that's telling you houses haven't gone up that much in the last year because if so he's being very un-professional!

NAB3 Fri 31-Aug-07 18:23:43

I agree. Offer 245 and you never know. Especially if you are in a strong position. If they want to sell they aren't going to reject a higher offer, and if it is over priced no one will buy it anyway.

Go on to the Nationwide website and put in the post code. You get a price for the average price. May be useful info.

RBH Fri 31-Aug-07 18:25:04

When we were buying/selling we were told that it was common to ask 10% over what was expected so I'd say offer £248k and go up to the £249,999. They probably have had no offers because they are just the wrong side of stamp duty.

LaDiDaDi Fri 31-Aug-07 18:25:41

Is it in Newcastle perchance?

Because I don't think house prices have really gone up here over the past year though what I have noticed is that houses that were previously on at 250k (and really probably worth around 260k) so they were in the lower stamp duty band are now on at say 270k so def in the 3% s.d. if that makes sense.

Personally I wouldn't contemplate a future on rice alone and I would wait a while, unless it's already been on for ages. Then, when they get fed up I would say that 250k is your absolute max but be in a really good position to move.

ledodgy Fri 31-Aug-07 18:26:30

If it's Liverpool house prices have gone up.

macneil Fri 31-Aug-07 18:27:10

It is their estate agent - he was bizarrely honest. The other house we looked at, he pointed out the damp and said how many sales had fallen through with it. I've checked every property website, and they are asking a big rise from the prices paid more recently, but they have made it look beautiful, which is obviously why we love it. But Phil and Kirsty would tell me off for being seduced by wallpaper. Honestly hadn't even thought you were allowed to offer more than 10% less, though. Last time I bought a house it was my tiny ex-council flat in 1994.

macneil Fri 31-Aug-07 18:28:07

Am slightly too afraid to say name of city because feel sure everyone is a mumsnetter, and she definitely looked like one. It's in Yorkshire.

ledodgy Fri 31-Aug-07 18:28:39

The reason they may not have had any offers could be that their estate agent is pants. grin

Go one ask them If you don't ask, you don't get. grin

LIZS Fri 31-Aug-07 18:29:30

If they won't take 245 I doubt they'll take 249 tbh

hoxtonchick Fri 31-Aug-07 18:30:10

is it york? if so, i think prices have been fairly static there recently <probably no help at all>

NAB3 Fri 31-Aug-07 18:30:50

I knew someone who rejected 1 offer and accepted one £2000 more. Chance it!

TellusMater Fri 31-Aug-07 18:31:10

The stamp duty threshold really skews things in this price bracket. It's a bugger. At 275K I would say they are probably looking for more then 250, but it's always worth an offer...

WideWebWitch Fri 31-Aug-07 18:31:24

I would make a lower offer, say £240 and be prepared to go up a few days later. Because if you make your first offer your final one that's it. And if they accept you'll always wonder if you could have got it for less. Stamp duty's a big one too.

Look at propertysnake, it'll show you discounts in your area. Plus no-one knows what's going to happen with house prices or interest rates but I think prices will go down slightly.

WideWebWitch Fri 31-Aug-07 18:32:21

look, some areas down by 34%!

macneil Fri 31-Aug-07 18:32:37

<The reason they may not have had any offers could be that their estate agent is pants. grin >

Haha! It is York. They are making some profit - as I said, I checked what they paid, but at the same time they must be thinking 'God, we've made this place lovely, we spent loads decorating it and now we're just throwing it all away'. They have to move. I don't have to move for 3 months.

WideWebWitch Fri 31-Aug-07 18:33:02

Oh go on, tell us where, roughly!

WideWebWitch Fri 31-Aug-07 18:33:23

I juast guessed York!

WideWebWitch Fri 31-Aug-07 18:33:52

Also, look at Tesco property, it gives you a valuation (obv estimate but still)

WideWebWitch Fri 31-Aug-07 18:34:15

Tesco Property

NAB3 Fri 31-Aug-07 18:34:21

"Go on to the Nationwide website and put in the post code. You get a price for the average price. May be useful info."

That should have been an average price for a house.

WideWebWitch Fri 31-Aug-07 18:35:31

housepricecrash who think it'll all crash any minute!

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