Offers in excess of...

Delta_1984

Hi Everyone!

When houses are advertised as 'offers in excess of' is this to be taken seriously or is it a tactic used by sellers/EA to try and guarantee a minimum price? Seems like a strange way to market a house to me as surely you've told buyers what you'll sell for and they're not likely to go much over (naiive FTB here assuming that most people put houses on the market with a margin above what they will sell for and hope someone exceeds the bottom price?).

If you went in with a lower offer would they point blank refuse to entertain it - anyone done this before?

Thanks for the advice!

richardw

IF, and it's a big if, they've done thorough price and market research and taken price advice, then it's a great way of telling the bargain hunters to stay away.

I_have_spoken

It's a pretty pointless tactic in the current market (outside of property hot spots like MK, York, Aberdeen, East Kilbride etc).

Offer what the house is worth you and be prepared to walk away.

prowla

I'd offer a bit less.

Delta_1984

Thanks for the fast replies. I keep reading that a house is only worth as much as someone is willing to pay so makes sense to offer lower even though they've tried to encourage you from not!

Cara79

I have always ignored the 'offers in excess' part

richardw

Delta_1984 wrote: »

...I keep reading that a house is only worth as much as someone is willing to pay so makes sense to offer lower even though they've tried to encourage you from not!

Yes, if you find something you want to buy, put in an offer, they can only say no, if they do, put in your final and best offer, if that's not accepted walk away and look at other houses.

outdoorcjc

I offered quite a bit below the offers in excess of price, it was rejected but eventually had an offer accepted 4% below the offers in excess of price.

As ever offer what you think it is worth

pinkshoes

Delta_1984 wrote: »

Hi Everyone!

When houses are advertised as 'offers in excess of' is this to be taken seriously or is it a tactic used by sellers/EA to try and guarantee a minimum price? Seems like a strange way to market a house to me as surely you've told buyers what you'll sell for and they're not likely to go much over (naiive FTB here assuming that most people put houses on the market with a margin above what they will sell for and hope someone exceeds the bottom price?).

If you went in with a lower offer would they point blank refuse to entertain it - anyone done this before?

Thanks for the advice!

We put our flat up for sale at "offers in excess of £199,950k" because it appeared in a lower bracket in Rightmove, so more people viewed it.

Someone offered £190k and the EA turned her down outright for us. We specifically told the EA that we weren't interested in anyone making lower offers.

She then kept offering increments of £1k, clearly still not getting the message.

We had a lot of interest and it sold a week later for £206k. This woman STILL kept putting in offers under!

To be honest, even if the other sale had fallen through, I wouldn't have sold to this woman, as she came across as a time waster.

A lot of people who use "offers in excess of" usually have a minimum price they can afford to sell at, and are perhaps not in a hurry to sell...

florence4

Funnily enough, I have just today put in an offer £12k under an 'offers in excess of' figure. It's a house that needs a lot of work, and I've done my sums quite carefully, and decided that whatever the vendors might hope, they've over-priced it. It has been on the market for 10 months and was reduced by £10k in Feb, so I'm clearly not the only person who thinks that. And interestingly, the EA didn't express any surprise at all, nor mention 'OIEO', nor suggest I was being cheeky... And she wished me 'good luck' very cheerfully at the end of our phone convo.

Round here, in the current market, I think OIEO is no more than a aspiration.

Jenny.W

florence4 wrote: »

Funnily enough, I have just today put in an offer £12k under an 'offers in excess of' figure. It's a house that needs a lot of work, and I've done my sums quite carefully, and decided that whatever the vendors might hope, they've over-priced it. It has been on the market for 10 months and was reduced by £10k in Feb, so I'm clearly not the only person who thinks that. And interestingly, the EA didn't express any surprise at all, nor mention 'OIEO', nor suggest I was being cheeky... And she wished me 'good luck' very cheerfully at the end of our phone convo.

Round here, in the current market, I think OIEO is no more than a aspiration.

Similar to us. House on market for 8 months with a £6k drop last month. We submitted low offer as it too needs work and we feel over priced