3 bed house - Offer strategy?

charliewocka

jacko74 wrote: »

That only applies if you're a mug or a pushover... plenty of properties advertised as 'OIEO' end up selling for below.

Depends on the location and the market. Try putting an offer below the price on a property advertised as OIEO in this neck of the woods and it won't be considered. There's such a high demand for property that it results in bidding wars.


ETA - although in the scheme of things, the extra that some people found themselves paying is pennies in the scheme of things. We've taken the view that yes, we're paying £14k over the OIEO guide price, but we plan to stay there long term and the house has a lot of potential. With the rate of property price increase around here and the planned improvements we will undertake (eventually!) over 25 years or so it makes little difference.

ReadingTim

jacko74 wrote: »

That only applies if you're a mug or a pushover... plenty of properties advertised as 'OIEO' end up selling for below.

Plenty do, but that's scant consolation if this one doesn't.

Furthermore, given an offer has already been rejected at the price the vendor is asking for offers in excess of, it suggests that this property won't be sold below it.

And ultimately, given the question was asked by a FTB - who's the bigger mug, the new homeowner who overpays slightly for their own property; or the tenant overpaying for someone else's property?

Cash-Cows

Personally I wouldn't want to get in a bidding war but I realise this isn't helpful on your situation.

ada007

There's no chance for us to get into a bidding war. We'll have our initial offer and we are pretty aware of our limits too. If the property is selling above our limit than we won't be the buyers I was just wondering what our ideal strategy should be.

agrinnall

Gonzo1987 wrote: »

the asking price says 'offers in excess' therefore to get an offer accepted it needs to be higher than £290k.

I have to agree with Jacko, it doesn't necessarily mean that at all. I know because I had an offer accepted 2 weeks ago at the bottom price, and this week, after showing that the HBR had a lower valuation, I've had a reduced offer accepted.

If the EA is telling you the truth that asking price offers have been rejected then you may have to offer over, but your circumstances may be different to those of other buyers, and possibly more acceptable to the vendors.

onlyroz

Looking by what else is for sale in the area it seems to be the cheapest 3-bed house in Wokingham. There are a few others in Winnersh at around the £300k mark but Wokingham is a better area. I'd say this house is worth £300-310k.