Offers over - in England, but what to offer?

bodmil

I'm interested in a flat but wondering if anyone with a bit of experience can help?

It's been on the market for 8 months, initially on for £220k but now with a new agent for offers over £190k. Zoopla suggests its value is £209k and it was last sold for £220k in 2007.

Obviously I want the best price, but I'm a bit stumped by 'overs offer' instead of an asking price, it seems they are hoping for a bidding war! Any ideas of how best to go in?

:beer:

richardw

It's a flat, so the first issue is what is the length of the lease remaining?

What lease length do those zoopla figures represent?

bodmil

There's 100 years left on the lease. I'm not sure what the zoopla valuations refer to exactly, I think it's just based on the last sold price and general trends in the area.

hermanmunster_3

Suspect Offers Over is just wishful thinking - suggest you ignore those words and offer what you consider to be the right price for you

richardw

Do you think they'll get a bidding war?

bodmil

The estate agent says there's a lot of interest and viewings, which I can believe. I don't want to take the mick and start at £175k if offers over means they want £200k!

powerwin

bodmil wrote: »

Obviously I want the best price, but I'm a bit stumped by 'overs offer' instead of an asking price, it seems they are hoping for a bidding war! Any ideas of how best to go in?

It's obviously not selling, so don't be afraid to go in low. Even if it says offers over, there's no reason why you can't make an offer under the amount stated, particularly if you aren't in a rush.

Rgds

bodmil

OK thanks, fingers crossed! Just half expecting the estate agent to ask me if I can read for ignoring price!

hermanmunster_3

bodmil wrote: »

OK thanks, fingers crossed! Just half expecting the estate agent to ask me if I can read for ignoring price!

Just say that "yes you can read fine and this is your offer".

chewmylegoff

bodmil wrote: »

OK thanks, fingers crossed! Just half expecting the estate agent to ask me if I can read for ignoring price!

so what if they do. just say "yes, I can see that thankyou, but I think that it is only worth X".

zoopla is useless and its valuations are only a very very rough estimate. look at the asking price of similar houses on rightmove, and the sold prices of other similar places on nethouseprices or similar.

cattie

I don't see it as necessarily wanting a bidding war, I see it as them wanting to attract offers over the £190k mark, say £192k & then hoping to negotiate the price upwards.

Before I bought this house, one further down the road had been on for a few months with plenty of viewings and no offers and I had it on my 'maybe' list. I knew vendor was anxious to sell as he had a property to move into after a relative died. House then came on at a lower price with an offers over listing. I considered offering at a couple of thousand over the offers over price, but someone else was interested and made a higher offer. Result was house sold at about £7k under the original marketing price.

I tend view offers over prices as it being the minimum price they would consider.