Offers in Excess of £115000 - Offer under?!

andy.m_2

@ Breadline ~Betty
your post is laughable at best, it is also unkind to laugh at the FTB asking for advice.

London property at 100k or so, is it a shed, or maybe a phone box...
Generally property sale prices have fallen in all areas except London, "wannabe" Londoners in the SE may think they are still attracting a premium and the sale boards may still have high prices but a simple look on the registry shows that big discount offers are being accepted.
The seller in this case is motivated, so a cheeky opening bid is not only sensible but I would say essential.

chunkychocky

al_1232 wrote: »

Wow really?

I have been following threads on here for the past year or so and think I have came accustomed to the English system as people promote on here of offering what you think it's worth. (I'm only looking at the moment luckily but will be buying start of next year hopefully).

Could you elaborate on how it works more in scotland?

Not only is it much more usual to have offers over, and even sealed bids, the whole process is different from start to finish and usually takes far less time than buying in England. There is also less chance for someone to pull out of the buying process!

http://www.primelocation.com/guides/legal-and-surveying/guide-to-buying-property-in-scotland/

YoungBaker

chunkychocky wrote: »

Not only is it much more usual to have offers over, and even sealed bids, the whole process is different from start to finish and usually takes far less time than buying in England. There is also less chance for someone to pull out of the buying process!

http://www.primelocation.com/guides/legal-and-surveying/guide-to-buying-property-in-scotland/

Wow... fair enough! Thanks a lot for the link will need to look into this and get out of my English thinking!

chunkychocky

al_1232 wrote: »

Wow... fair enough! Thanks a lot for the link will need to look into this and get out of my English thinking!

I'm sure you will be prefer the Scottish way of doing things. I'm in England again now and it seemed a right pain to have to take a backward step. Something the English could learn a lot from our Northern neighbours (and yes I am English!).

YoungBaker

haha I think I just presumed it was a nationwide thing and havent even thought to see how the Scottish do it. Is the Scottish market priced more appropiately then as it seems form the threads on here a lot of the english 'offers over' and so extreme in the first place thats why a lot of the under-offers are made?

googler

I don't know when that Primelocation article was written, but some of it is decidedly out of date, and whilst other parts aren't wrong, they only talk about one way of progressing a sale, when there are alternatives routes through the process.

However, the OP here isn't in Scotland, doesn't appear to be buying in Scotland, so my revision of the article will have to wait.

googler

... and FWIW, the number of properties offered at Offers Over prices is far, far fewer in Scotland these days than it was prior to Dec 2008, largely due to the introduction of Home Reports, mention of which is conspicuously absent from the Primelocation article, suggesting it was written long before then.

Even when properties are marketed at Offers Over prices, some of them still sell at below those prices.

breadlinebetty

andy.m wrote: »

@ Breadline ~Betty
your post is laughable at best, it is also unkind to laugh at the FTB asking for advice.

London property at 100k or so, is it a shed, or maybe a phone box...
Generally property sale prices have fallen in all areas except London, "wannabe" Londoners in the SE may think they are still attracting a premium and the sale boards may still have high prices but a simple look on the registry shows that big discount offers are being accepted.
The seller in this case is motivated, so a cheeky opening bid is not only sensible but I would say essential.

What on earth are you talking about? Who mentioned £100k for a London property????

I know London very well, because I live in London and was born and bred here - so there isn't much you can tell me about it:) Likewise the surounding counties, Surrey, Berkshire, Herfordshire etc....and I'm not sure where you've been looking, but pices have certainly held their own on the greenbelt of London......by the way, the Land Registry doesn't show what the asking prices were - it just shows how much the poperty sold at. So you couldn't possibly know what each property sold for against its asking price, unless you're addicted to stalking property boards all day long and watching the movements of each and every one!!

As for suggesting the OP puts in a 'cheeky' bid - that's just a term for p*sstaking. There's nothing remotely cheeky about making a stupidly low offer. I bet if you were selling a £115k minimum asking price property and some 'cheeky' person trumped up with a stupid offer you wouldn't find it at all charming! lol:D

giraffe69

Sellers in England may choose to use phrases like "Offers in excess of" or "Offers in the region of" but that does not mean you shouldn't regard it as their hoped for price and offer what you think it is worth.

For sure do your research as other posters have suggested but offering £110k for somewhere on the market as OIEO £115k is only a 4.3% discount. I would have thought you might have started lower than this.

Admittedly if you started at £85k you would probably so p*ss then off that they would rather sell to the devil incarnate even if you improved the offer.

Ivana_Tinkle

We bought our house for £25k under the "offers over" price. We offered £30k under, they asked us for a bit more, so we went up £5k. Nobody laughed. Offer what you think it's worth.