Offers in excess of...

ash28

Delta_1984 wrote: »

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!

A house worth what a buyer is willing to pay and a seller is willing to accept....if it was just what a buyer was willing to pay no one would sell their house....

new_home_owner_3

It all depends on what the house is worth if people know that down a certain road houses sell for about 150,000 pounds and there is a house with offers in excess of 120,000 pounds im sure it will work, and generate a lot of interest, it worked for us and we sold very quick and had a lot of offers.

https://forums.moneysavingexpert.com/discussion/3493949

I also only agree to pay what you think a house is worth, but if it says offers in excess of and you know the house is worth more why waste yours and the sellers time by offering less.

DRP

Cara79 wrote: »

I have always ignored the 'offers in excess' part

Yeah this ^

I also ignore the £figure too.

I look at sold prices in the local market and come up with an offer based on that...

Jackop

We have jsut bought a house and looking to exchange in the next few days. The house was up for offers over £170k (after just having the price dropped from £185k). Unfortunately the house was perfect, recent boiler and re-wire. All window seals intact, structurally sound etc. So there was much ammo for a low ball offer. We offered £161k, he said he wouldnt take lower than £168k. We counter offered with £165k (and make sure he throws in his range cooker!) and it was accepted.

It all depends on the vendor and not the wording on the price.

florence4

Just to add, I've had a call-back from the EA this morning asking if I'd be prepared to increase my offer, and saying there is another offer in on the house which is "not far below the asking price to be honest". So even the EA is seeing 'OIEO' as actually 'the asking price'.

shortchanged_2

Well there are often cases of where properties are on as 'offers over' which don't sell after a couple of months and then the price often ends up being reduced. So it can't always be a case of the vendors bottom price.

I suppose a lot will be considered regarding the buyers position as well, as in can they proceed quickly etc.

At the end of the day the 'offers in excess of' tactic has to have a realistic price in the first place or it is pointless.

StuC75

I would say its likely that there isnt another offer, and that the 'other offer' is just to build you upto the asking price as a minimum.. After all whats to then stop the other party coming in higher..

florence4 wrote: »

Just to add, I've had a call-back from the EA this morning asking if I'd be prepared to increase my offer, and saying there is another offer in on the house which is "not far below the asking price to be honest". So even the EA is seeing 'OIEO' as actually 'the asking price'.