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Making A Low Offer

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Hi

My Wife and I are looking to buy a home with her parents as her father requires constant supervision. We have seen a suitable house which is listed at £269,995. Unfortunatley we can only afford around £250k as stamp duty, upgrades, fees will make it unafordable for us above 250k.

Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

The house had been on market for around 4 months. There are no new fixtures or fittings (i.e bathrooms or kitchen) and is a reasonable state though mainly left untouched for a while.

Any advice appreciated.

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Hi

My Wife and I are looking to buy a home with her parents as her father requires constant supervision. We have seen a suitable house which is listed at £269,995. Unfortunatley we can only afford around £250k as stamp duty, upgrades, fees will make it unafordable for us above 250k.

Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

The house had been on market for around 4 months. There are no new fixtures or fittings (i.e bathrooms or kitchen) and is a reasonable state though mainly left untouched for a while.

Any advice appreciated.

are you paying cash ?

if so, 230k max offer (start lower) :)

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Hi

My Wife and I are looking to buy a home with her parents as her father requires constant supervision. We have seen a suitable house which is listed at £269,995. Unfortunatley we can only afford around £250k as stamp duty, upgrades, fees will make it unafordable for us above 250k.

Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

The house had been on market for around 4 months. There are no new fixtures or fittings (i.e bathrooms or kitchen) and is a reasonable state though mainly left untouched for a while.

Any advice appreciated.

Offering £250k is too high for a first offer IMHO unless you think the property is already priced well below other similar properties in the area. No decent EA who knows the current market should give you any problems with any offer above £215k. Remember, if it has been on for 4 months what alternative do they really have but to negotiate with you?

If you are still worried about this, you may consider drafting a letter to the current owner or the EA asking them to seriously consider your offer and explaining the figure you arrived at (e.g. referencing your feelings about the market and any other information). People have posted drafts of such letters on this website and got feedback on them this way.

Be sure to use nethouseprices.co.uk (1) to see when the current owner bought and (2) to see what similar properties have sold for. If the current owner bought years ago then the chances are they will be much more flexible. You could even pay a small charge to the land registry and see if the current owners have MEWd. If not, again they should be more flexible on the price.

frugalista

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Hi

My Wife and I are looking to buy a home with her parents as her father requires constant supervision. We have seen a suitable house which is listed at £269,995. Unfortunatley we can only afford around £250k as stamp duty, upgrades, fees will make it unafordable for us above 250k.

Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

The house had been on market for around 4 months. There are no new fixtures or fittings (i.e bathrooms or kitchen) and is a reasonable state though mainly left untouched for a while.

Any advice appreciated.

Do your research about it, find out when and how much the current owner paid for it, for example if they bought it a couple of years ago for £150K then hit um with 190K just to get them in the mood then work upwards. If they dont budge then put in a final of 250K but i would of though that thier EA would of told them to accept 250K because of the stamp duty thresholds.

If you really like the place and the people seem genuine then come to an arangement to keep it under the 250K stamp duty threshold.

You dont want to make a fool of yourself for 250K :) I would walk through the town centre butt nakid in the freezing cold so my todger looked tiny for 250K. Its a quarter of a million pounds ya know - and you dont want to make a fool of yourself.

Needless to say if they paid 150K 3 years ago for it and you hand them a extra 100K for then using the house for 2 years then you would be making a real fool of yourself.

Start low and work upwards.... quarter of a million pounds

Edited by theChuz

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Hi

My Wife and I are looking to buy a home with her parents as her father requires constant supervision. We have seen a suitable house which is listed at £269,995. Unfortunatley we can only afford around £250k as stamp duty, upgrades, fees will make it unafordable for us above 250k.

Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

The house had been on market for around 4 months. There are no new fixtures or fittings (i.e bathrooms or kitchen) and is a reasonable state though mainly left untouched for a while.

Any advice appreciated.

You should offer only what you can afford. Tell the EA that that you can't go any higher--both because you don't think the house is worth more than that and because you don't want to spend any more than that. Your offer may not be accepted (at least, for now), but if you don't make the offer, you'll never know if it would have been accepted. And if the house stays unsold for several months, the owners might just come back to you with an acceptance.

Don't worry about appearing foolish. Who cares what the owners think?

Good luck. I admire you and your wife for taking on the care of her father. That can't be easy for you.

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We will have to sell her parents house (valued approx £140k) and will need to get a second mortgage for the rest as we plan on keeping our current house to rent. But will be needing extra money to update the Kitchen, convert the cellar and also install a second bathroom as there is currently only 1.

The current owners have been in the house for around 20 years!!

I know what your saying about me "making a fool of myself" but I am relatively new at this and usually crap when it comes to negiotating. But from the advice so far feel more comfortable at putting this offer in and maybe even lower ;)

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Hi,

The average selling price is about 93-95% of asking. There's two possibilities here. One is that they are well aware of the stamp duty threshold in which case they could have pitched it at £269 intentionally, hoping to get lucky but knowing that really most people would offer £249 (92.5%) to get under the threshold. The other is that they will refuse to take any kind of offer. But either way you'll done no harm by offering, and I don't think an EA would refuse to pass that offer on at all. I offered 87% recently - they turned it down but took it seriously.

You'll no doubt get people on here telling you to offer 20-40% under the asking price. That's a fair kneejerk reaction if your aim is to spread alarm amongst vendors and EAs, but realistically, if you actually want to buy, it is unlikely to succeed. To be fair I don't know what area you're talking about, so I have no idea if the asking price is fair (as far as anywhere is fair at this stage...). If property has been moving slowly or being reduced, an offer will have a better offer of succeeding.

One suggestion which you might consider would be to offer about £240-245K. The problem with £249 is that it gives you no room for bargaining at all. Whereas if they turn down a slightly lower offer, you can reluctantly edge up to the stamp duty threshold and then refuse to budge.

You need to be a bit brave to get a deal sometimes - the question you need to consider is if there is any common ground between what you can live with and what they can live with. If so a deal can be done, and it's just a matter of how to get there. If not, it won't happen anyway.

Good luck.

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Mate, you have to temporarily become a rhino to succeed at this task. Owner's been there for 20 years, market is falling (if you're in the south at least), it is the middle of winter, place has been on for months at a price not far above the SD threshold. It sounds to me like all the odds are in your favour to get at least 10% off asking. They are not in a good position. Are they retiring by any chance?

Another thing springs to mind: if the EA thinks you are even slightly nervous they may tell you that another prospective buyer is interested. Given the place has been on for 4 months and it is the middle of winter this is highly unlikely. This is an old trick, trying to scare you into offering more. Sometimes, if they are playing games with you, you must just walk away and find something else.

Remember: be a rhino!

Also, please keep us posted. We love all this.

frugalista

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All offers made to an EA by law must be passed on to the vendor.

If your objective is to purchase this property "on best terms to you" then consider this.

The EA works for the vendor (in an agency relationship). The EA owes a duty of care and has a fiduciary responsibility to the vendor. If you are to put an offer forward the agent is legally obligated to do due dilligence (on you). This will alow them to forward your offer in the context of your ability to proceed.

questions they will ask are:

1. Is the offer you are putting forward dependent on the sale of another property.

2. If it is, is that property sold (exchanged/completed), if not.

3. Who is marketing it ?

4. At what price ?

5. how much interest have you had ?

6. is it overpriced ?

7. If a mortgage is also required can you provide proof that you can aquire one?

If you are going to make a serious offer ensure you do it from a position of strength.

Pablo Silver or Lead.

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I personally would not offer more than 80% for any house in the current climate - and even then I think that I would still be paying too much money. I would also give a period of one week for my offer to be accepted - if not accepted then I would only make a REDUCED offer again if the seller approached me.

Remember, if your offer does not embarass you then you are offering too much!

On the other topic, speaking as someone who is going through this myself with my Mother, I think you should stop and think seriously about the level of care that you and your wife can give her Father. What I am saying is this - what affect, long-term, will it have on the health of you and your wife let alone the state of your marriage?

I have leartn the hard way that there is only so much that you can do, no matter how much you love someone, and there is a point when you have to hand that care over to others or, at the very least, get that care in on a day basis. There are an awful lot of people out there ready to help but they will not be able to do so unless you make them aware of what the situation is. Frankly, this kind of thing can kill you!

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Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

Expecting any offers on that above £249,999 sounds unreasonable to me.

How low you go is your choice but at the vendors asking price they really aren't expecting to get above £250k here. If you start low you can always make further offer(s). An EA won't consider any serious buyer with an half-decent offer a fool.

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I'm with chuz on this one.....start low and put in a caveat subject to survey.

if you are in a good bargaining position....no chain,mortgage approved etc then do it this way.

putting in subject to survey will give you the option of gazundering if the survey shows up problems or market conditions deteriorate.

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Hi

My Wife and I are looking to buy a home with her parents as her father requires constant supervision. We have seen a suitable house which is listed at £269,995. Unfortunatley we can only afford around £250k as stamp duty, upgrades, fees will make it unafordable for us above 250k.

Is putting a offer in at £249,999 unreasonable as dont want to make a fool of myself making this offer to EA.

The house had been on market for around 4 months. There are no new fixtures or fittings (i.e bathrooms or kitchen) and is a reasonable state though mainly left untouched for a while.

Any advice appreciated.

It might be an important issue to you and your family, but remember, you're just another person/family in the world.

Who cares a dime if you make an insulting offer on a property?

The worst anyone can do to you is say no.

Be bold.

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I’d start a war of attrition (just like medieval times)

1. Camp outside their property.

2. Catapult leaflets (LR) over thier wall showing them properties

in that area are selling for 20% less then they are asking for theirs.

3. Construct a battering-ram displaying this web site.

4. Get friends in full armour to offer a lot less then you would.

5. Kidnap their estate agent and offer to kill him as a token of good will.

holysale6cu.jpg

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I’d start a war of attrition (just like medieval times)

1. Camp outside their property.

2. Catapult leaflets (LR) over thier wall showing them properties

in that area are selling for 20% less then they are asking for theirs.

3. Construct a battering-ram displaying this web site.

4. Get friends in full armour to offer a lot less then you would.

5. Kidnap their estate agent and offer to kill him as a token of good will.

Burnt Before mate , you are slowly losing the plot :lol:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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