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Offers in Excess Of
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I am in the south west and we get a lot of 'offers in excess' advertising. But looking at sold prices compared to listing price the trend seems to be that the seller normally gets the offers in excess of price or a grand or two over. The highest I've seen is 8k over.
It makes no sense to price it 20k below what they want, although Estate Agents tactics lead a lot to be desired. But like you said, it will get people through the door who don't have that sort of budget.
I personally hate offers over pricing, two identical properties next door to each other are for sale near me. One was on for 189950 and the other for offers over 185k. They both obviously want about 187k but with the asking price one you are more likely to think you are getting a bargain that paying more than the offers over price!0 -
Yeah I've never heard of anyone getting £20,000 over. The estate agents they have used are based in Manchester, but we are in the Midlands.
Well we are just leaving it for now but if it is still on the market next month we can look at our finances again. We currently rent a house but we can save a £1000 between us whilst I am on full pay.
Just a bad time to scrape more together as we are getting married this year too!tackling credit card debt starting Feb 2020
HSBC £3400 £3251
Santander £4400 £4188
Fluid £650 £330
Emergency fund £580/£10000 -
I won't even look at properties that say offers over since we looked at one that said offers over £250,000 and went for about £325,000. It was probably worth that but gave us false hopes lol!!!.0
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Waterlily24 wrote: »I won't even look at properties that say offers over since we looked at one that said offers over £250,000 and went for about £325,000. It was probably worth that but gave us false hopes lol!!!.
That is crazy! There's a house we've seen online (not viewing until we've had a bit more interest in ours) that's offers over 250k and as that's the top of our budget we're umming and ahhing about whether to view it because it's hard to know what the vendors are after. Zoopla says it was bought in 2010 for 250k so I would hope that the vendors would be realistic in not expecting more but we're not sure. It doesn't help that it was put up for sale the week before stamp duty changes so that may push up the vendor's expectations (and I was half expecting them to put the asking price up, but they didn't)0 -
Offers over gives the EA and seller more play. You have gone in with 2 offers and seem keen. The EA and vendor are trying to milk you by hiding behind the offers over.
However you presumably have done the calcs and know what the property is worth to you.
This sort of thing annoys me and I would just walk away, but that's just me!0 -
How long has it been on the market? Is it new? You'll have to tell then that is your budget and you can't afford more, and anyway you don't think it's worth more (is it? What are similar properties priced at?) And sit it out. Meanwhile keep looking ... And make sure you only view houses at that price level with that agent in particular so he knows you're not just trying for a bargain!
20k more at that price level is ridiculous! At a million maybe, but not at 140k!0 -
Sounds like Express Agency, I was interested in a house and saw it get listed with them, which completely put me off.
They advertise properties low, to generate interest and then hope they will get a bid war.
The sooner the EA market gets regulated the better, although I see as much chance of that happening as the banks being fully regulated !0 -
I'd be a little wary of a house that came back on the market again so quickly. Have u been given a reason for the quick turnaround. I'd be worried that it was maybe problems with the neighbours, noise, parking or major work needed done on the house that they only discovered after buying it themselves or something else.
But then maybe that's just me lol0 -
penguingirl wrote: »That is crazy! There's a house we've seen online (not viewing until we've had a bit more interest in ours) that's offers over 250k and as that's the top of our budget we're umming and ahhing about whether to view it because it's hard to know what the vendors are after. Zoopla says it was bought in 2010 for 250k so I would hope that the vendors would be realistic in not expecting more but we're not sure. It doesn't help that it was put up for sale the week before stamp duty changes so that may push up the vendor's expectations (and I was half expecting them to put the asking price up, but they didn't)
Have I read this right, are you saying that this house was purchased in 2010 for 250k, but that it would be unrealistic for the vendors to expect more than 250k now in 2015? I am in the south west and if it was 250k in 2010, it would likely be worth about 280k now. But guess it depends on the area you live but I would be surprised if they didn't expect to make any money from it in that time.0 -
Also the estate agent said "this is how they do it in Scotland" which really annoyed me because we live in a village in the midlands!
Idiot EA who has no concept of how things work in Scotland IMHO. This did used to be the norm here, and still is in a few hotspots such as Aberdeen and parts of Edinburgh, but it only really worked because the vendor would set a closing date and prospective purchasers would submit sealed bids with the price that they were prepared to pay. That's fine when you have several purchasers for the property, but for the majority in Scotland now that's no longer the case, and things work much more like they do in England. Many properties are still advertised as "offers over" but it really doesn't mean that any more in most cases.0
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