Help! House is "Offers over" and we don't know what to offer!

miseywisey

Hi everyone

I'm very new both to the forum and to the whole house-buying process - my husband and I are thinking of making an offer on a place we have found that is on the market for "offers over £169500". Looking on the usual websites the last sale was in December and the house sold for £160,000...
We're not sure what sort of opening offer to make given they've listed it as "offers over". Any help would be greatly appreciated. We don't think we'd be willing to pay more than £173,000...

Thank you!

Misey

HappyMJ

What year? December just gone? Why are they selling so soon? I'd be inclined to offer less than £160k then move the offer up by a couple thousand after a week or so if declined.

miseywisey

Oh sorry, am an idiot. It was a house on the same road that sold for £160K in December...

VIGILANT22

miseywisey

What part of the UK is this property located in?

chewmylegoff

miseywisey wrote: »

Hi everyone

I'm very new both to the forum and to the whole house-buying process - my husband and I are thinking of making an offer on a place we have found that is on the market for "offers over £169500". Looking on the usual websites the last sale was in December and the house sold for £160,000...
We're not sure what sort of opening offer to make given they've listed it as "offers over". Any help would be greatly appreciated. We don't think we'd be willing to pay more than £173,000...

Thank you!

Misey

assuming you are in england & wales, 'offers over' is only an advertising gimmick. you don't have to make an offer over the price they are quoting, you can make any offer you like. obviously if you offer less than 169,500 it is likely to be rejected.

if a similar property went for £160k in december that is a decent comparator. you then need to consider what has been happening to prices in your local area, rather than national averages, since then.

When_is_the_reset?

Offers Over = Absolute Maximum Price.

It would be strange to offer more - they have told you the price they will accept.

As I have said previously, I would offer less due to them using bizarre gimmicks. Some sucker may buy it for more but then you will probably find a better house soon anyway.

azkaban420

miseywisey wrote: »

Hi everyone

I'm very new both to the forum and to the whole house-buying process - my husband and I are thinking of making an offer on a place we have found that is on the market for "offers over £169500". Looking on the usual websites the last sale was in December and the house sold for £160,000...
We're not sure what sort of opening offer to make given they've listed it as "offers over". Any help would be greatly appreciated. We don't think we'd be willing to pay more than £173,000...

Thank you!

Misey

Going on the same principle as if I were putting mine up for Offers over, I'd say the minimum they'll take is £169500, so you could come in at that or £170000, if you feel it's worth that price. If you feel they are two high, come in lower, but as others have suggested, be prepared for it to be rejected. You can however, increase your offer upwards gradually - there's no harm trying, they can only say no?

miseywisey

VIGILANT22 wrote: »

miseywisey

What part of the UK is this property located in?

It's in Bristol.

Thanks for all the suggestions, definitely giving me food for thought!

maryotuam

Yours could possibly be the only offer .In those circumstances I doubt they would reject an offer close to the price, even if it was a bit under. People play games when buying and selling so don't rush to go too high when they might be desperate for a quick sale. Find out as much as you can about them and play it cool yourself. Every grand less will save you a lot more in accumulated interest payments.

wonderpupp

My ex got his flat said offers over £75,000
he offered £69,000 got declined same day
Offered £70,500, got declined after 24 hours.
he waited a week and offered £70995 and got it.
(back in 2000 when you could buy a decent place for under £200k!!

keith969

miseywisey wrote: »

Hi everyone

I'm very new both to the forum and to the whole house-buying process - my husband and I are thinking of making an offer on a place we have found that is on the market for "offers over £169500". Looking on the usual websites the last sale was in December and the house sold for £160,000...
We're not sure what sort of opening offer to make given they've listed it as "offers over". Any help would be greatly appreciated. We don't think we'd be willing to pay more than £173,000...

Thank you!

Misey

Simples. Offer what you think it's worth - but start on the low side, as you can increase your offer but never decrease. If a similar house sold for 160K in december then why not try a similar offer - if it gets turned down ask the EA what the vendor is really looking for, then make another offer half way - and be prepared to sit it out and look at other places if they won't budge.