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How does "offers over xxxx" work ?
topcat007
Posts: 246 Forumite
Hi all,
just wondering for property where is says offers over $X will the seller have some sort of close date in mind and they will just pick the highest offer after x amount of time ? or do they generally have a figure in their head which they want and they are just waiting for a buyer to hit it ?
Interested in peoples experience with this
just wondering for property where is says offers over $X will the seller have some sort of close date in mind and they will just pick the highest offer after x amount of time ? or do they generally have a figure in their head which they want and they are just waiting for a buyer to hit it ?
Interested in peoples experience with this
0
Comments
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Scotland..?I am not a cat (But my friend is)0
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Not necesssarily Scotland. I have noted "Offers in excess of..." and I live in South Herts.
I also wondered how much in "excess" you were supposed to go!Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
This is England (not the film )0
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It's like any other wording around the price. You have a look, you decide what you want to pay, the vendor accepts or rejects that. If they reject it, you have a think about whether you want to up your offer.
There is no magic formula. Vendors are individuals, with all the quirks and foibles of any other individuals.0 -
Offer whatever you want, 10% below, 10% above. The trouble with "offers over" is that it implies the vendor wants more money than it's worth. eg they want £110k but have lowered it to "Offers over £100k" so that it appears in more search results.
I wouldn't let that put you off though, some estate agents seem to use it more offer than not to put people off making an offer below asking
Just ignore it.Changing the world, one sarcastic comment at a time.0 -
I asked the estate agent about 1 property that was listed offers over 150k and she said he won't sell for less that 175k?!?0
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As for many aspects of marketing, this is psychology: If you set a reference first then people will tend to assess prices or negotiate relative to that reference instead of ignoring it.0
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I had an offer accepted on a house last month, it said "offers in excess of 135k" and the agent said they were looking for a price over this figure. I offered 125k and negotiated upwards to 129k which was accepted. I think it's best to completely ignore any working that comes with the price, it doesn't seem to mean much!0
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In Scotland the term has specific meaning, which I won't bother you with as it seems unlikely you'll be looking for a house here, but even in Scotland it's now often treated just the same as in England, another form of marketing words to try to get the best price that someone will offer.0
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We put ours on for offers over £175k and had in our mind that the minimum that we were going to accept was £175.5k. We did it as we didn't want to end up with loads of stupid offers and people always trying to knock you down....The first offer that came in was for £180K which we accepted straight away.0
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