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    • topsales
    • By topsales 1st Oct 17, 9:59 PM
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    topsales
    Offers over in England?
    • #1
    • 1st Oct 17, 9:59 PM
    Offers over in England? 1st Oct 17 at 9:59 PM
    As a Scot who has emigrated to England for family reasons I am now looking for a house to buy. I am going to view one this week which is listed as offers over...Obviously this is common in Scotland and usually means that the final price will be well over the offers over price. Is this the same in England ?
Page 1
    • hazyjo
    • By hazyjo 1st Oct 17, 10:07 PM
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    hazyjo
    • #2
    • 1st Oct 17, 10:07 PM
    • #2
    • 1st Oct 17, 10:07 PM
    Depends. If it's just on the market in a highly sought after area, yep it's likely to go to offers over.

    If it's been on a while, the vendors are likely deluded. But that doesn't mean they'll take an offer. I recently offered around 1-1.5% off a bottom end offers over asking price and they refused. Several weeks later, I gave up.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Natbag
    • By Natbag 1st Oct 17, 10:15 PM
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    Natbag
    • #3
    • 1st Oct 17, 10:15 PM
    • #3
    • 1st Oct 17, 10:15 PM
    It does depend on the sellers' situation and sale history. For example, we listed our house, it sold within 2 days for the asking price. The sale fell through due to under-valuation. We re-listed it at the same price but to generate some interest we reduced it about 10 days later by £5k, but stated 'offers over'. A couple of days later we accepted an offer at the reduced price - there was no point negotiating upwards as we risked the same thing happening with the valuation (luckily it went through fine this time).
    • AnotherJoe
    • By AnotherJoe 1st Oct 17, 10:58 PM
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    AnotherJoe
    • #4
    • 1st Oct 17, 10:58 PM
    • #4
    • 1st Oct 17, 10:58 PM
    Just to be clear to the OP it does not generally have the same meaning as in Scotland where I understand that means substantially over. In many cases it's just a way if stating this is their bottom line. Often buyers will ignore it anyway. So don't go offering 20% over !
    • ProDave
    • By ProDave 1st Oct 17, 10:59 PM
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    ProDave
    • #5
    • 1st Oct 17, 10:59 PM
    • #5
    • 1st Oct 17, 10:59 PM
    Where I am in Scotland, the market is so slow, "offers over" means you will be lucky to get any offer, let alone one above the asking price, and certainly nowhere near the home report valuation price.
    • davidmcn
    • By davidmcn 1st Oct 17, 11:39 PM
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    davidmcn
    • #6
    • 1st Oct 17, 11:39 PM
    • #6
    • 1st Oct 17, 11:39 PM
    Just to be clear to the OP it does not generally have the same meaning as in Scotland where I understand that means substantially over. In many cases it's just a way if stating this is their bottom line. Often buyers will ignore it anyway. So don't go offering 20% over !
    Originally posted by AnotherJoe
    In the post-Home Reports era, the asking price in Scotland is now more usually closer to the expected selling price (since everyone can see the HR valuation upfront). There might be a few hotspots where a closing date pushes the price way up, but it's been a long time since I've seen a ridiculously low o/o price obviously pitched at attracting atttention.
    • theGrinch
    • By theGrinch 2nd Oct 17, 8:01 AM
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    theGrinch
    • #7
    • 2nd Oct 17, 8:01 AM
    • #7
    • 2nd Oct 17, 8:01 AM
    depends on the listing price versus objective market value versus interest
    "enough is a feast"...old Buddist proverb
    • Scotbot
    • By Scotbot 2nd Oct 17, 8:34 AM
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    Scotbot
    • #8
    • 2nd Oct 17, 8:34 AM
    • #8
    • 2nd Oct 17, 8:34 AM
    No. I saw a property at offers over 450 reduced from 465. Clearly over priced told the agent I thought it was worth 425. He put that forward and after a few days it was accepted. Saw another property at offers over 375 which I thought was a fair price and it went for 380

    As a rule of thumb offers over indicates the lowest amount a vendor will accept but it depends on how much interest they have. Unless you are in a hot market offer the amount i.e 375 for offers over 375 and go from there
    Last edited by Scotbot; 02-10-2017 at 9:23 AM.
    • Scotbot
    • By Scotbot 2nd Oct 17, 8:38 AM
    • 139 Posts
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    Scotbot
    • #9
    • 2nd Oct 17, 8:38 AM
    • #9
    • 2nd Oct 17, 8:38 AM
    In the post-Home Reports era, the asking price in Scotland is now more usually closer to the expected selling price (since everyone can see the HR valuation upfront). There might be a few hotspots where a closing date pushes the price way up, but it's been a long time since I've seen a ridiculously low o/o price obviously pitched at attracting atttention.
    Originally posted by davidmcn
    What a great idea I wish England adopted it. Would save a lot of angst for buyers and sellers.
    • agrinnall
    • By agrinnall 2nd Oct 17, 9:00 AM
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    agrinnall
    I was in the same situation as the OP a couple of years ago, the house I bought in England was offers over £170K and I bought it for £167,500.
    • Car1980
    • By Car1980 2nd Oct 17, 9:03 AM
    • 234 Posts
    • 113 Thanks
    Car1980
    Just ignore the phrase and offer what you think it's worth.
    • hazyjo
    • By hazyjo 2nd Oct 17, 10:08 AM
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    hazyjo
    What a great idea I wish England adopted it. Would save a lot of angst for buyers and sellers.
    Originally posted by Scotbot
    Not when there are several notes of interest in and you keep losing out on properties to higher bidders. At least we usually know quite quickly if our offer is accepted or not.


    Swings and roundabouts...
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • topsales
    • By topsales 2nd Oct 17, 10:28 AM
    • 330 Posts
    • 190 Thanks
    topsales
    Thanks everyone - it would seem that the system down here is somewhat different re offers over.
    • eddddy
    • By eddddy 2nd Oct 17, 10:32 AM
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    eddddy
    In my experience, "offers over" often means one of two things...
    1. The EA genuinely expects a bit of a bidding war (e.g. a property hotspot, or a property with development potential.)
    2. It's a compromise between the seller and EA, for example:
    Seller : "I want £200k"
    EA : "You need to reduce to a more realistic figure like £185k"
    Seller : "No"
    EA : "OK, let's put it on at 'Offers over £185k' - and maybe you'll get an offer close to £200k (and pigs might fly)"
    If it's option 2, the seller might stubbornly refuse to accept anything less than £200k, or the EA might be able to gently adjust their expectations.
    • Rambosmum
    • By Rambosmum 2nd Oct 17, 10:46 AM
    • 1,552 Posts
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    Rambosmum
    So put our house on the market for a straight 'asking price' (not offers over). Had several offers, ended up accepting one for 6% over. When that fell through, because we had by then had an offer accepted on a property based on that offer, we put it back on the market at offers over a slightly higher price, as that was the minimum we could really accept. We accepted an offer 2 days later at 9% over the original asking price, 3.5% over the new offers over price. It wasn't the only offer.


    The house we have just bought, we offered 8% above asking price - we were one of 9 offers, all asking price and above. The highest offer (not ours) was 13% above the asking price. Due to a strange twist of fate we ended up with the house anyway. The house was not on at 'offers over'.


    So it depends on your local market!
    • wantonnoodle
    • By wantonnoodle 2nd Oct 17, 4:17 PM
    • 218 Posts
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    wantonnoodle
    The house we bought was on at o/o £250k. It had originally been on at £275k, then £265k before being reduced to o/o £250k. It had been on the market since July 2016. Final reduction was early October.

    We offered £250k in the 3rd week in October, so it had been on the market a good few months and around 3 weeks since it was reduced. At first the vendor said he wanted nearer £260k, however, as there was little interest, we told the EA we would leave the offer on the table until the end of October. Surprise, surprise, the vendor came back to us a few days later (a couple of days before the end of the month) to accept our offer.

    So no, I wouldn't say that offers over means just that - more likely the vendor wants more than that, but a house is only worth what people will pay for it.
    • AdrianC
    • By AdrianC 2nd Oct 17, 4:36 PM
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    AdrianC
    What a great idea I wish England adopted it. Would save a lot of angst for buyers and sellers.
    Originally posted by Scotbot
    The main difference is that in Scotland the vendor pays for the valuation survey before marketing the property.

    In England and Wales, there was the short-lived Home Information Pack, but a valuation was about the only thing that didn't include.
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