How much to offer for house been on market over 2 years?!

[themachinist]

House hunting at present in new location. Have seen a place on at £195k plus stamp duty paid, been on at that price for over 2 years. Think is bit overpriced; apparently they had a buyer earlier this year that wasnt far off that price according to EA, but the chain fell through.

The vendor wants to move abroad but hasnt found anything, and i know she paid £58k for it ten years ago so would imagine has quite some equity in it...

Totally cheeky to start at £156k - 20% ish off. Or even more?

Max would pay is prob £175k as house needs some work doing on it.

How cheeky would you be at this point folks?

Have a look on [www.zoopla.co.uk zoopla]] to see what other similar properties went for recently in the area. Remember that the EA is working for the vendor so it could be very likely that the house did not go for near the asking price before. Good luck :)

Sorry zoopla

I suspect the problem here is the owner needs a certain amount of money to be able to go abroad and until she gets that she cant move.

The other problem is she will expect an offer at the same level as her previous offer that the chain fell through on.

This scenario is playing out in exactly this way on the house 2 doors up from us on our street. Old lady had her house on the market for several years. House needs lots of work but she needs a certain amount of money to move to Devon and give her DCs some money an dpay off some debts and give herself a nest egg. Hence she has turned down several offers. Finaly agreed 10% off last January but fell through and no offers since. She still has not dropped her asking price.

I suspect your vendor would accept 10% off now but if you wait long enough you will get 20% off. The only caution I would add is that agents are puling a stunt this year of taking a house of the market for 1 week then reintroducing it and adding 10% to the asking prce and then suggesting the owner will accept 10% under - hence the seller gets their original asking price.

Am I being stupid? But doesn't the stamp duty threshold start at 250K? So the offer to pay it on a property of 195K is meaningless!

I think the £250k threshold is for first time buyers only.

I would put in an offer - they can only say no. I doubt anyone would refuse anther offer from a buyer simply because the first offer was too low.

My PIL had their home on the market for a couple of years with no interest, in part, because the house was way over priced. They knew how much they wanted to spend on a new house and how much cash they wanted so priced their house accordingly. And then wondered why no one even came for viewings! But, i can see it from their point of view too, they know how much they needed from the sale to make it worth their while and weren't prepared to move for less.

Good luck with your offer.