Making an offer on a house with 'Offers In Excess Of'...

Andyboymate

hi, first time buyer here, seen a house i want, it has that stupid "offers in excess of" tag next to the price, which is 170,000. i want to make an offer today, but i want to go lower, am i going to get laughed out of the water? the house is fine, but needs some work to the windows at the back, which will cost a couple of grand, and what with the housing market the way it is and the fact i can move in anytime, am i warranted in offering less? and if so, how low is too low? ta for your help

neas

offer less.... if they dont take it they are being silly.

We are preparing a similar offer...

Andyboymate

yeah i think i'm gonna, that OIEO tag tho just gets me worried

also i dunno how low to go! i'm actually really nervous about ringing up the estate agent haha

davetrousers

Regardless of what it says, offer what you think it's worth and what you're happy to pay.

Andyboymate

ok cool, thanks. i thought it was set in stone and would be dismissed straight away

googler

In England/Wales or Scotland?

Andyboymate

england

heard this went on in scotland? might be wrong on that. probably am

neas

Which town/area do you mind me asking?

Andyboymate

neas wrote: »

Which town/area do you mind me asking?

essex, southend-ish. how about you? are we going for the same house, haha

sunshinetours

Andyboymate wrote: »

essex, southend-ish. how about you? are we going for the same house, haha

I would prepare your offer setting out why you think the price is what it is and what your position is (have you sold/deposit organise/mortgage sorted?) so it shows you are a serious buyer

However stick to your maximum and walk away if not - there will be others unless its a really unique place

PM me if you want any more advice without giving details on here as I know the area very well

EDIt - sorry just seen you are FTB so nothing to sell -so definitely go for it

Andyboymate

sunshinetours wrote: »

I would prepare your offer setting out why you think the price is what it is and what your position is (have you sold/deposit organise/mortgage sorted?) so it shows you are a serious buyer

However stick to your maximum and walk away if not - there will be others unless its a really unique place

PM me if you want any more advice without giving details on here as I know the area very well

EDIt - sorry just seen you are FTB so nothing to sell -so definitely go for it

cheers mate, yeah we got a mortgage in principle, and i've got a cut off point in my head

have made an offer anyway, undercut the price - with good grounds tho, so we'll see. i'm not holding out much hope they'll say yes, but it gets the ball rolling. don't think i'm gonna go above the asking price, might not even go that far.