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Original poster

House up for £269k - max I am prepared to pay is £249k - what would your starting offer be?

19 replies

LadyThompson · 23/02/2009 14:49

There's a little terraced cottage I want to buy, Grade II listed. I am a cash buyer and do not want to have any mortgage whatsoever, no least because I am on maternity leave and will only be going back to work part time later in the year. My absolute limit for a property is £249k but ideally I would like to pay less and certainly so with this property, as it needs a new kitchen (it doesn't have one to speak of - just a sink and a washing machine, no units or a cooker) and a new bathroom (current one is usable but grotty). Other stuff which needs to be done on it is cosmetic (complete redecoration), plus a new front door and some tarting up of the window frames. It has been on the market for 2-3 months and I understand it is a second property for the vendor so she is not in a chain and neither am I. What should my starting offer be?

OP posts:
Dropdeadfred · 23/02/2009 14:51

calculate how much the renovations would cost and take that off the asking price?

Original poster
LadyThompson · 23/02/2009 14:56

But in these straitened times I keep hearing how one should offer much less than the asking price. I am not a great brain about property, I must admit.

OP posts:
hatwoman · 23/02/2009 15:01

I think there's a website where you can look up what properties have actually sold for. whilst no 2 houses are identical you could find some similar ones to compare it to. I would agree that you could go well below the asking price. but I think (no expert) you should give yourself scope to up it. I think the psychology of it all is that if you offered £249 they may well turn it down. but if you offered something less than that, and then upped your offer to £249 you'd tand a better chance of acceptance. I think.

noddyholder · 23/02/2009 15:09

210 and then pay 225 max If you wait long enough they'll take it.We paid 220 for a house valued higher because we had cash.The agent advised them to accept

newgirl · 23/02/2009 15:12

i think it is called upmystreet and will show prices over the years in that road - if you know the postcode i think

id offer 240 and stress you are in a great position and want it to complete very quickly/taken off market

i reckon that is priced to sell at 249 so 240 is close and then see what they say

geordieminx · 23/02/2009 15:16

Whilst the vendor has it as a second property there is opbviously a reason for him to be selling it, I dont suppose he wants to be hanging onto it forever. Go in strong and firm, tell offer £220k, cash, house taken off the market. Be confident. Good luck

Original poster
LadyThompson · 23/02/2009 15:41

This is all really helpful. Thank you very much.

OP posts:
myredcardigan · 23/02/2009 15:54

I'd offer 210 as well. They can only say no and they probably will; at least at first. If the agent comes back with a no,just say, ok thanks and sit on it. Don't go in with a higher offer for at least 5days. Then if they haven't come back in that time,offer 225k.

If you sit tight,you may find the agent comes back and asks if you're interested in increasing. Be casual,say no not really, you were looking for a good price in a bad market and you think you've offered it. We did this and the agent rang back 1hour later to say the vendor was prepared to accept as it seemed we weren't for budging.

I also agree about checking sold prices on rightmove or similar. The more armed you are the better.

Good luck

lalalonglegs · 23/02/2009 16:29

But surely you only knock off 25% or thereabouts if it was peak of the market price? Maybe, just maybe, £269k is a fair price if it has only been on the market since about Christmas.

Sorrento · 23/02/2009 18:06

Hmmm if it went on at Christmas then I would get the agent around to value your house (even if it's rented) to see what sort of valuation it is.
If it's pie in the sky then you know the £269k is too, if it's realistic then £249k is probably about right.

MrsSeanBean · 23/02/2009 18:08

£200k. You can always edge upwards but not down, and you don't know how desperate the seller is to sell.

amidaiwish · 23/02/2009 18:29

put the postcode in here and see what similar properties sold for. take off 20% if last summer.

the stamp duty % jumps to 3% (i think) at £250k so no one is going to pay £269k. it is priced at £269 to sell as close to £250 as they can imo.

you are in such a good position i would go in at 220 - good advice above

Original poster
LadyThompson · 25/02/2009 10:36

I offered 215k - will let you know how it goes. Thanks for all your advice!

OP posts:
pop1973 · 25/02/2009 11:24

I think you have offered a sensible price. Go up in £10k if they don't accept it. When you make your final offer, mention that you are prepared to leave this offer on the table for 24 hours and it is your final offer and see what they will do.

It depends how much you want the house.

Original poster
LadyThompson · 25/02/2009 11:58

I think for this property anything more than £245k will get me into financial bother. So we'll see...

OP posts:
Original poster
LadyThompson · 02/03/2009 21:08

For anyone interested, they accepted £229k after various bits of toing and froing in the week. Thanks again for the help.

OP posts:
noddyholder · 02/03/2009 21:10

Just caught up with this Well done!

noddyholder · 02/03/2009 21:10

Just caught up with this Well done!

woodenchair · 03/03/2009 18:28

Congratulations, just shows if you don't ask you don't get!!

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