House says 'offers above £135k' - where to start?!

blizeH

Hi,

We really like a place that came to the market just yesterday, which says 'offers above £135k' - it's also in a fairly unique position where the owner isn't sure whether to keep it, or let it out, and they've already had a lot of interest for it being let out.

With that in mind, what should our starting offer be? Would it be futile, or even insulting to go in at anything below £135k? Is there a chance with this type of wording there could be a crazy bidding war also?

Thank you:)

ValHaller

No help here. Decide what it is worth and offer based on that. Don't start with your best offer

As it is new on the market, the sellers may be reluctant to start with to even consider an offer under. At the same time, if you do make an offer under early on, and it really is worth an offer above, you are just laying in place the opening shot in a potential bidding war the agent may wish to encourage

ACG

At £135k, its not a million miles from the stamp duty threshold.
Go in at £125k and tell them your paying that as otherwise it will incur stamp duty. Its worth a try?

scotsh

hi
I think you offer what it is worth to you. Take into account how long it has been on the market as it hasn't been long they will probably want to sit and wait until they get an offer over the asking price especially as they are not sure as to sell or not. I am not sure of the area either but perhaps go in just below the asking price if you think that it is marketed at the correct price to start with and see how it goes good luck

Yorkie1

What have similar nearby properties sold for in the last 6-12 months?

cootuk

A lot depends how motivated the sellers are, and what they intend spending any realised money on. It could be that £135k funds their dreams, whereas £125k leaves them short.
If you are viewing, then that's a good chance to casually ask what their plans are.

mail2z

Start wit 120K with the intention of going up to 125K. Probably this is what the seller has in mind.

Propertyfan

Would it be futile, or even insulting to go in at anything below £135k

Yes! You could offer one pence over the 135k and see if you get a serious response from the seller. He/she might think you're taking the pi** but if you're thinking of putting in an offer below 135 when the seller has asked for offers *over* 135 then make an offer of £135,001.

Realistically speaking, the seller could want anything above 135. Pick any random number! It's not the ideal way to sell properties because it's not that transparent and can show the seller in a bad light (being too greedy). He/she can continue to raise the price.

Yorkie1

There are many posts on here previously on the same subject, where posters have offered under the OIEO price and been successful. So it doesn't always backfire.

As I posted earlier, it depends a lot on how the price has been pitched against comparable recent sales. Nobody on here can say whether offering less than 90 % of the marketed price is a cheeky offer, a realistic one or just an insulting one!

Dan-Dan

blizeH wrote: »

it's also in a fairly unique position where the owner isn't sure whether to keep it, or let it out, and they've already had a lot of interest for it being let out.

Seriously ?
I would not touch this with a bargepole , i`d be worried about things going very wrong further down the line , long after acceptance , and deep into where you have incurred costs

Propertyfan

If the seller wants more than 135k then I think it's best to get down to the gritty nitty and ask them to give a precise figure they're looking for. If they want 10k more than you can try to negotiate to get it to, say, 140k, but if they're not open to disclosing a precise figure they're aiming for, I'd forget 'em. There's enough houses/flats/bungalows out there without 'offers above' pre-conditions.

I don't see the point of 'offers above'. Just state the precise amount you (I'm referring to the seller) want and let the prospective buyer negotiate down. 'Offers above' is where the buyer is supposed to negotiate UP to a price. That seems perverse logic, clearly intended to annoy the buyer or give the seller some control over the buyer. I'd avoid those sellers at all costs! Play nice and people will buy nice. Play shifty and the buyer should go elsewhere.