Offers Over £XXX

Westminster

We have viewed a nice house which has been for sale since April and has allways been listed as Offers Over £XXX

On initial discussion, the EA said the reason it had been for sale for so long was that it was basically quite a way over the ceiling for the road it is on (mostly 2-3 bed terraces).

This is a very large detached property completed to a high standard and is clearly a backfill.

Presumably the EA will have had the discussion (on more than one occasion) to reduce the price to increase the interest.

We are actually more interested in a different property but we are not confident we will be able to secure that one.

Does anyone have experience of offering under the asking price when a property is listed as Offers Over?

Its in England so obviously the Scottish system does not apply and I would be minded to go in 10% under initially and start negotiations from there.

MadelinesMum

Hi, I've been looking at a lot at house sold prices recently and found that many that state "Offers In Excess of" did actually sell for less. Eg:
http://www.rightmove.co.uk/property-for-sale/property-46890572.html

I would follow your plan, offer 10% and negotiate from there, hoping to get around 7%. You may find that the vendor is a stickler, though and just won't budge.

Hope you find the house of your dreams x

Westminster

Thanks for the input :-)

I've been playing with the Zoopla archive which is very handing for comparing listed to achieved prices and have already found a couple of offers-over in the area which both went recently for 5-10% under the listed

Loopy28

I have just offered 178k on a house that was offers over 180k. It was rejected despite the house being on the market for 7 months and in my opinion being overpriced.

My friend just got a house for 151k that was offers over 155k so I think it really does depend on the vendor and their circumstances.

The EA didn't give any negative reaction when I offered under the offers over price so don't hesitate to do it. The worst that can happen is they decline.

andymd

We are buying a house that was listed as Offers in Excess of £525k, we originally offered £500k which was rejected but were accepted at £515k, you never know until you try!

cloo

There's no reason not to try under the asking. I listed my house as 'Offers in excess of...' and got 4 offers, only one of which was under, but that was five months ago and I think the market's calmed a bit since then.

robatwork

It's pretty meaningless. If you are selling in Kensington it would be a different answer than if you are selling in Stoke..