House with "offer in excess"

koolkid

Hi all

Sorry I know this may sound a bit silly but we've found a house we would like to look at but have been put off by the estate agents "offer in excess" on the property. I just wondered if you'd still look at such a house and then cheekily offer a little less or if it's a complete 'no go' to offer less? The house has been on the market for over a year maybe even two but we're only recently in a position to be moving! It's the only house I've come across with this requirement in recent times so a bit stumped to be honest!

Thanks

BitterAndTwisted

View it and offer what you think it is worth to you. Some sellers are living in the past or not in the real world. Being on the market for over a year with no adjustment in price could indicate that the sellers have a whopping great mortgage and won't/can't accept a lower offer.

koolkid

Thanks B&T I suppose I never really thought that may not be able to move for less which is a bit naive of me. Think we'll just bite the bullet and go look at it! What's the worse that can happen.....

BitterAndTwisted

They can turn down your offer and laugh in your face. But these are not people who you know personally or care about, so go and if you want it make your offer.

danothy

You can only offer what you can afford and should only offer what it's worth. If in response to an offer made on that basis the reply is that offers under x aren't being considered then the reply from you should be "so be it, it's not worth that". There's no sense in buying someone else's negative equity.

koolkid

Thank you- it's really helpful. It is quite off putting but the house is beautiful so might be worth being laughed at in the face! Thanks again

danothy

If they laugh in your face over an offer of what the house is actually worth then I don't think you need to worry about taking that particular mocking to heart too much.

sonastin

I've got my eye on a house that is beyond my budget at the moment but the price keeps dropping so it might come into range. The latest price change has changed it to "offers in excess of £250,000". Now, forgive me if I'm wrong, but who in their right mind is going to pay extra stamp duty just because the vendor wants a price over the stamp duty threshold! I think anyone viewing that place will disregard the "offers in excess of" instruction...

coupleuk

Do the oldest trick in the book -

Get 4 friends to go and visit over the next 4 weeks - get two to clearly tell the agents they quite like the house but simply cant afford it at that price. Then, get the other two to put in offers at £5k and £10k below yours.

It may get the sellers into believing the house is too expensive and they may end up biting your arm off when you arrive 2 weeks after they've rejected the two offers.

But, as has been said, if their mortgage is too high then there's not a lot they can do.

I know it's sneaky - but if you want the house...

Paul

mr_fishbulb

sonastin wrote: »

I've got my eye on a house that is beyond my budget at the moment but the price keeps dropping so it might come into range. The latest price change has changed it to "offers in excess of £250,000". Now, forgive me if I'm wrong, but who in their right mind is going to pay extra stamp duty just because the vendor wants a price over the stamp duty threshold! I think anyone viewing that place will disregard the "offers in excess of" instruction...

Exactly. As soon as you go to £250,001 you are paying £7500 (as opposed to £2500 on a house worth £250,000). That's £5000 difference.

My take on the reason they are priced like this is to fall into people's searches on property websites when they set £250,000 as their maximum price.

RedfordML

PPl on this forum could 'property bee' the house for you as you clearly need to know exact time on the market...

Make an offer that you feel comfortable with, maybe start at 8/9% under the OIEO and work towards 6% result!!

good luck