'Offers in excess of ....'

Saver-Rob

Hi there,

We are going to view a property on Friday advertised as 'offers in excess of £145,000'.

How would you deal with an agent on this type of property? Is it possible that you may submit a lower offer and the agent has to pass it on regardless or is it likely the vendor has specifically said that they do not want any offers below £145,000 passed on to them?

Has anybody any experience in getting a property for less than the 'offers in excess of' price stated? Would the fact I am a first time buyer with no chain and able to proceed be in my favour and possibly likely to help me get it for less?

Any ideas/thoughts would be appreciated as I have no experience of the process of properties advertised in this way.

Robert_Sterling_3

They ask for offers in excess of £145,000
In times of rising house prices this might mean something.
At present if it means anything at all it means we cant hope to get more than £145,000.
It looks like a price floor
It is realy the price ceiling.
In my opinion

skap7309

TBH unless it is priced to sell i wouldnt touch 'offers over' with a bargepole. No room to manouvre.

Maybe the seller does not want to risk a low offer which in turn may means the seller does not expect to be offered anywhere near the asking price................

dwsjarcmcd

Personally I would just ignore the 'offers in excess of' part of the advert and offer what you feel it's worth. If that happens to be £130k and the vendor doesn't accept it, move on to the next property.

David

Saver-Rob

Thanks for comments. I was checking to see if offers below the asking price would be appropriate or even accepted and passed on to the vendor by the agent. I was not sure if they could specifically ask for no offers to be passed on to them below 145,000.

QTPie

dwsjarcmcd wrote: »

Personally I would just ignore the 'offers in excess of' part of the advert and offer what you feel it's worth. If that happens to be £130k and the vendor doesn't accept it, move on to the next property.

David

Think this is spot on.

Saver-Rob

Well the property is vacant but thats all we know at the moment. Hopefully we will find out a little more on Friday and get more of an idea on what we could get away with. It may well be worth 145,000 to us in the first place but I would definately be wanting to knock the price down as much as possible. If we get a good start on the ladder first time around then hopefully we will reap the rewards for the rest of our lives.

eamon

It is likely that £145K is the outstanding mortgage/loan etc on the property and that the vendor believes that it is a sellers market. If you like the property and want to offer then offer what you believe to be a realistic price for you. Bear in mind that anecdotal evidence suggests that mortgage valuations are falling and if you offer too much you may not get enough finance.

Saver-Rob

Thanks. We believe we would need approximately a £100,000 mortgage as our savings will cover a fair chunk of the price.

Thats interesting info about a possible loan or mortgage though. And as for it being a sellers market, well, good luck to them especially where we live that doesnt have a fantastic local economy at the best of times!

ad44downey

Saver-Rob wrote: »

Hi there,

We are going to view a property on Friday advertised as 'offers in excess of £145,000'.

Properties like this are probably best avoided. Either the vendor, the estate agent or perhaps both are complete and utter idiots.

Saver-Rob

In that case I hope that everybody else does take this approach - I will hopefully get a great bargain if everybody else avoids!