How does "offers over xxxx" work ?

kinger101

littlelost wrote: »

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.

You probably had it fairly priced to start with. Many of the properties with "offers over" are absolute dreamers. Particularly in slow areas. I think it can be a bad idea if it means the property is on the market for months. People begin to think there must be something wrong with it.

Southend1

Personally I think it is just messing everyone about. If you want to sell, name your price.

I was interested in a house which was on the market for offers over £150k. I was prepared to pay up to £157k. My opening offer for £150k was ignored so that was that. I later found that the house had sold for £152k. They would have been better off putting it on the market for £155k or even £160k.

kinger101

Southend1 wrote: »

Personally I think it is just messing everyone about. If you want to sell, name your price.

I was interested in a house which was on the market for offers over £150k. I was prepared to pay up to £157k. My opening offer for £150k was ignored so that was that. I later found that the house had sold for £152k. They would have been better off putting it on the market for £155k or even £160k.

I can't understand why they wouldn't come back with a counter offer if they got an offer bang on the £150K. Cutting of the nose to spite the face I expect.

martin1959

The explanation I was given by an EA was that if a property is put up for what the owner wants, say £200k, people may look at the pics and think it does not look worth it.... putting it up for offers over £190k will hopefully get people through the door, and when they see it they will hopefully offer the £200k required....


I told the EA that I thought that was bo**ocks, and would rather have 3 viewings where they knew I wanted £200k, that 10 viewings where they were not prepared to go over £191k.


When I list in April, it will be for the price I want plus an extra £5k to allow for offers. We are quite fortunate that the SD changed, as our house is probably worth £265k ish, but previously would have had to sell at £250k as going over would have cost the buyers £7.5k SD, now the extra £15k will only add £450 to the £2500.

ivavoucher

I exchanged on a house last week that was offers over £120,000

Negotiated up to £123,000

kinger101

ivavoucher wrote: »

I exchanged on a house last week that was offers over £120,000

Negotiated up to £123,000

I think you could have probably got it for £122,887.31 if only you had bargained a little harder. But hey, that's water under the bridge now. Enjoy your new home.

owitemisermusa

In Scotland this often leads to a feeding frenzy in trendier parts where it leads to an auction style of who's going the highest over the home report valuation.

It can get crazy, that's when you long for the simpler, Southern style of this is my price, come to me.

agrinnall

owitemisermusa wrote: »

In Scotland this often leads to a feeding frenzy in trendier parts where it leads to an auction style of who's going the highest over the home report valuation.

It can get crazy, that's when you long for the simpler, Southern style of this is my price, come to me.

If it's operated properly then it's not really like an auction, as each bidder only has one chance to make their bid.