"Offers over", how much to exceed it by

R997

I viewed a house today and really liked it. I've arranged to go back with my wife on Saturday for a second look. House meets all our criteria but is towards the top end of what we're looking to spend.
The house has been on the market for several months, and the seller has dropped their asking price from £375,000 to offers over £300,000. The house is definitely not worth anything like £375k. It's certainly livable, but it needs quite a lot doing to modernise bathrooms etc.
What's a reasonable way to approach an offer? When people say "offers over", are they looking for a few thousand over, or tens of thousands (baring in mind what they originally put it on for) - or is there just no way to tell?

stator

Sometimes it means nothing and 'offers over' might just as well be treated as 'asking price' but since they've reduced from £375k down to £300k they are clearly looking for offers significantly over £300k and have only reduced it to gain interest. I would say £350k would stand a good chance. However, I have no idea what the house is worth. If it's only worth £300k then only offer that. Don't feel you have to offer over that amount at all, you might offer under if you still fell the house is only worth it. If the sellers are delusional then just put in your offer and expect it to be rejected.

googler

Buying in Scotland, or not?

EverGreen_2

You should pay what you believe in as the correct price. Then use your own discretion in your approach. From my recent experience some vendors get insulted easily from the low offers. don't know why. That house, I had seen, has been in the market for almost 18 months if not longer. It has been reduced (reduction in total =75k). After viewing I offered 2% (only) below the asking price. It was rejected instantly. I was prepared to top up a bit but that behaviour put me off.
That was the house I posted a special thread seeking information about the under floor heating system. At one point it was sold STC but failed. So I really don't know if the heating system is the main reason for the slow sale or the high asked price.

lingdadong

from the slightly scant details given, it sounds like you inherited half in 2004, and the other half in 2009. If that's the case then you need to do two separate CGT calculations.

rosie383

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OP in our area EAs persuade people whose houses have been sitting on the market for a while to reduce their price to either a guide price or OEIO. For example, house on for £250k that isn't shifting and owner is reluctant to drop the price. The EA will say to change the price to a guide price of £230-250k and will tell the vendor that it will encourage a lot more viewers but they don't have to accept less than the guide price. The first person to offer at the lower end of the guide. the EA will be very pushy in trying to get the vendor to accept. They do the same thing with OIEO here too. Because the houses were overpriced to begin with they will try to get the vendor to accept at least asking price or perhaps £1-2k more. It could well be different where you are, but that is how they work here. If it was offers in excess of £300k I certainly would not be offering anywhere near £350k!

benjus

You could always ask during the viewing... take the answer with a liberal pinch of salt, but it should at least give you a feel as to whether they are expecting thousands or tens of thousands over, or even if they'd be happy just to get the base price. Probably works better if the vendor themselves are present during the viewing, but it's also worth asking the agent.

R997

Many thanks to everyone who answered. Don't have a lot of experience with EAs and buying, so hadn't consider the possibility that it's just a way to generate new interest in a property that's not moving.
We'll have another look on Saturday and maybe make an offer just over the base price and see what happens. House has potential, but isn't worth £350k. My gut (inexplicable) feeling after talking to the EA is that they're expecting way over £300k. We'll see.

Niv

I ignore the 'offers over' bit, so if I were to offer it would be 300k on the nose...at best! From most of the houses I have seen with 'offers over' it seems to me that they are just trying to not get offers under the asking price.

movilogo

Always offer what YOU think the house is worth.

Take no notice of clauses like offers in execess off, offers over, guide price etc.

Even in Scotland you can offer below asking price.

tain

R997 wrote: »

I viewed a house today and really liked it. I've arranged to go back with my wife on Saturday for a second look. House meets all our criteria but is towards the top end of what we're looking to spend.
The house has been on the market for several months, and the seller has dropped their asking price from £375,000 to offers over £300,000. The house is definitely not worth anything like £375k. It's certainly livable, but it needs quite a lot doing to modernise bathrooms etc.
What's a reasonable way to approach an offer? When people say "offers over", are they looking for a few thousand over, or tens of thousands (baring in mind what they originally put it on for) - or is there just no way to tell?

I see this exactly as people have said - just a tool to get people interested, rather than an actual price drop of £75k.

Because of the huge drop, they're going to get a load of offers just over £300k I'd imagine (from people chancing their arm or thinking they've picked a bargain). So it depends on how much you want this house. If you're willing to go close to the £375k original asking price, then there's a chance they might bite your arm off for it. But certainly dont expect to get it close to the £300k.