Offers over - in England, but what to offer?

BitterAndTwisted

"Offers Over" just show the vendors to be optimistic in the extreme. They are in danger of taking a bath on £30k since they bought at peak. Only someone with a keen knowledge of the local market would know whether this £190k is a sensible price or not. I suspect it isn't. Offer what it's worth to you once you know what the ground-rent and service-charges are regardless of what these fantasists think they want or need for it. It's been up for sale for 8 months so if it was worth £190k then someone would have come in with a low offer when it was up for £220k ages ago.

Just tell the agent that it's not worth more than £170k (or what4ever you would be prepared to pay) TO YOU.

geoffky

Offer what you think is a fair price considering sold prices and what it is worth to you..Forget offers over..i did when buying

bodmil

Thanks all, unfortunately compared to others it seems that the £190k might be quite low! It's the only flat with 2 double beds and a full sized bath currently on the market under £220k but does have disadvantages I hope to play up.

Does it show badly if I ask the estate agent what his feeling is, ie whether they really are demanding offers over £190k or whether this is just a flashy way to state asking price? Or would that put me on the back foot, is it just better to simply put in an offer?

Sorry, first offer from a first time buyer!

Gromitt

The EA is being paid by the vendor, so is obviously going to say whatever gets you to pay the most for the property.

If its Express Estate Agency, they are probably looking for about £220K or so (normally about 20-30K over the asking price). If its any other EA, then it might more realistic and they are looking for around 200K (so might settle for £198K for example)

nearlynew

bodmil wrote: »

Thanks all, unfortunately compared to others it seems that the £190k might be quite low! It's the only flat with 2 double beds and a full sized bath currently on the market under £220k but does have disadvantages I hope to play up.

Does it show badly if I ask the estate agent what his feeling is, ie whether they really are demanding offers over £190k or whether this is just a flashy way to state asking price? Or would that put me on the back foot, is it just better to simply put in an offer?

Sorry, first offer from a first time buyer!

The sellers are chancers.

Ignore the "offers over" ploy and offer what you think it is worth.
I would start at 175k


Patience is your best weapon.

bodmil

Many thanks for all the input, as an update, they have now rejected £178k and £181k and have hinted that they want in the region of £200k. Bearing in mind that it was bought for £205k in 2007, are they being a bit cheeky or are prices really back at the boom prices?

I'm the only person to have made any offers in 8 months but really do like the place. Any advice on how to play the game?

DVardysShadow

bodmil wrote: »

Many thanks for all the input, as an update, they have now rejected £178k and £181k and have hinted that they want in the region of £200k.[STRIKE] Bearing in mind that it was bought for £205k in 2007, are they being a bit cheeky or are prices really back at the boom prices? [/STRIKE]

I'm the only person to have made any offers in 8 months but really do like the place. Any advice on how to play the game?

Have you decided your walk away price? The price where for £1 more, you will walk away? Judging by your offers so far, it looks like you are unlikely to ever offer more than £184k. So it looks unlikely you will ever strike a deal. So move on.

But if your walk away price is anywhere above £195k, your bidding strategy is pants and you need to start upping your offer in larger steps. Unfortunately, the damage is probably done - the agent probably thinks that there is not deal to be done and is unlikely to consider that you would be good for anything over £185k

bodmil

Hmmm, possibly harsh but fair. My max is 190k ish, I was planing to go in at £186k next to show a bit of a jump that I am listening to them, but I don't want them to just be playing me along see how far I will go. I get the impression that they're not being serious with their pricing strategy either, after 8 months on the market this is the only offer they have had and now want 10k over the 'asking' price.

DVardysShadow

Then you need to have a little conversation with the Agent and ask whether the vendors would be minded to accept an offer in the region of the headline price - because if they won't you will move on. If they are so minded, offer 188 or 189 but accept that you may need to offer 190. If you then have to offer 190, make it clear that this is a take it or leve it offer.

LandyAndy

Last time I bought I made a bid that was rejected and then asked the EA what was the absolute least their client would accept. They came back with a figure and I offered about 2.5k under that, said it was my last offer and they accepted.