"Offers Over" (England, not Scotland) - anyone bought under?

sarah_elton

There's a house I want to view but I don't know if it's worth viewing.

We can't really spend more than £325k. Personally, I think this house is worth around that. It's a five bed, and two four beds sold in the street for £275k in 2006. Things seem to be selling at roughly the same level as then.

It's been on the market since January 2008. It started out at £410k and has dropped price steadily. It's been on at Offers Over £350k since June 2009. There's no historical sold price for it so I suspect the owners have had it since new (looks like an 80s build).

Has anyone had any luck securing a house marketed at offers over for less than the asking price?

I don't even know if we'd want it yet, not having viewed. I just don't want to view and fall in love with it if there's no hope at all of securing it.

Fire_Fox

We had a lower offer accepted on an 'offers over' apartment back in 2007, and reduced the offer further still in 2008 after the seller's solicitor dragged his heels. The flat was empty and we put the offer into writing detailing our strong, chain free/ finances in place position. £25K under sounds a bit unlikely tho!

sarah_elton

Yeah that's what I'm concerned about... Before June they were on at £360k then changed to offers over £350k so they're obviously expecting something like £355k. Hmmmmm. Might be back to the drawing board!

We're chain free, finances in place, on one month's notice on a periodic tenancy so we're in a good position. Just might not quite be good enough!

GDB2222

Just send in an offer! They can hardly be offended at £325k, and it puts you on the list of interested people if the vendors do drop the price further. They may even accept it, particularly as we are just coming to the dull dark days of winter, when hardly anything sells.

sarah_elton

Maybe! And come January they'll have been on the market for two years....

Guess I'll always wonder about it if we don't view it so we'd better go.

greggymagic

Definitely give it a go. . . . You have nothing to lose and it doesn't cost you anything.

Assume you haven't got it and if you do get it it's a bonus!

Good luck

jay7_2

I know of a house that was advertised as "Offers above £260k" and the asking price never changed. It eventually sold in April 2009 for £242k according to Land Registry data.

sarah_elton

7% under - close to what we're thinking... Interesting example. So few houses around here are advertised at offers over that I didn't find any precedents.

stokesley

Our house is on at 'offers over £395,000'. In fact, because it's unique and the valuations from four EAs all came in at such hugely differing levels, we've given it a punt but have our own private ideas of what we'd accept, and it's less than £395,000...

Milliewilly

I have just had a cash unconditional offer with completion in 14 days bid rejected on an offers over £210K - started and £185K and my final bid was £201K. This is a reposession in a poor state of repair so I am surprised not to get it. Apparently the winning bid was 'much' higher but they have to get a mortgage so it could still fall through as I think a valuer will be twitchy about lending too much. I am assuming the buyer hasn't got a very low LTV.

54druids

it all depends on the persons circumstances. What is the home report valuation. We have just had an offer accepted on a house o/o 350 and we offered 350 but it was rejected flat we offered 365 and it was accepted but the hip valuation was 430 and they had it previously on for 395 so we knew that 350 would be rejected.