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Offers in Excess of £115000 - Offer under?!

13

Comments

  • Locky
    Locky Posts: 1,019 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    The house we bought was originally on at offers over £175k, then reduced to offers over £165k. We didn't think it was worth that, as it needed a bit of work, so we offered £150k then negotiated to a final price of £154.5k.

    It's worth putting in a lower bid if you think it's overpriced. You can always increase it but you can't really lower it!
  • leew
    leew Posts: 731 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Quick update.

    We offered £110k to start with which unsurprisingly got rejected then we went to £113.5k which also got thrown out!

    We have now put a final offer in at 114.5k after the EA said we could probably do a deal at £115k surprise surprise!

    I told the EA that £114.5k was the limit due to the Garage needing a new roof and door but not heard back although it was quite late and they were due to close i think.

    What's our chances do you reckon? we are sticking at that figure due to the Garage issue (they never used it)
  • thelem
    thelem Posts: 774 Forumite
    Part of the Furniture Combo Breaker
    breadlinebetty wrote: »
    It always makes me wonder why people look up how much the sellers paid for the property, and then decide to offer the same or less.

    It can be a useful guide for what the buyer's negioating position is, particularly if the buyer is young or purchased it recently and are therefore more likely to have less equity in the property.

    Even if the vendor paid cash when they bought, they may be reluctant to sell at a loss, even if the market has fallen.
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
  • myhouse_2
    myhouse_2 Posts: 553 Forumite
    500 Posts
    al_1232 wrote: »
    What would you say the rule in Scotland is? Is the 'offers over' more applicable than elsewhere?

    Absolutely not. Asking prices are often absurd here in Scotland - many homes go for less than "offers over". I've seen them go for 20% less than offers over on rare occasions. Offers over is usually used by sellers to chance their luck at the start of selling. Generally if you wait, the price gets reduced to a more sensible fixed price.
  • leew
    leew Posts: 731 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    C'mon then, should i expect another rejection phone call come 9am?
  • leew
    leew Posts: 731 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Oh well, not had a call at all! i thought i'd at least get one to tell us either way, not sure what to do now :o

    Do we wait or should we ring the EA up and ask?
  • adamzetec
    adamzetec Posts: 214 Forumite
    Part of the Furniture Combo Breaker
    Always wait, don't appear too keen. I know it's hard though.
  • leew
    leew Posts: 731 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    adamzetec wrote: »
    Always wait, don't appear too keen. I know it's hard though.

    Oh yes offer ACCEPTED :T:beer::T

    Need a good solicitor now! any ideas!! they mentioned their own and that it would speed up the process etc etc but i'm not sure whether to go with theirs to be honest.
  • Locky
    Locky Posts: 1,019 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    leew wrote: »
    Oh yes offer ACCEPTED :T:beer::T

    Need a good solicitor now! any ideas!! they mentioned their own and that it would speed up the process etc etc but i'm not sure whether to go with theirs to be honest.

    Well done, that's good news! :) Don't go with their solicitor whatever you do!
  • leew
    leew Posts: 731 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Locky wrote: »
    Well done, that's good news! :)Don't go with their solicitor whatever you do!

    I'm thinking that myself but why exactly? they did try to dress it up saying we'd be able to move in quicker if we used them.
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