Offers in excess of help

chelseablue

Seen a house at the weekend that ticks a lot of our boxes so am interested in putting in an offer.


It says 'offers in excess of £400,000'


The house has recently come back on the market after having a sale fall though ( I asked the EA what happened and was told the people who were buying it decided they didn't want to move and pulled out)


The vendors have found a house to buy and have had their offer accepted.


Not sure how offers in excess of works, is there any point offering below 400k?

k3lvc

chelseablue wrote: »

Not sure how offers in excess of works, is there any point offering below 400k?

It works in the same way of any other transaction - it's a marketing ploy to make you think it's worth more than £400k.

We recently offered on a property on behalf of MiL - advertised as offers over £200k when ceiling price in street was £185k. We went in at £180k, £185k and £185.5k only to be told that vendor wouldn't accept less than £210k. 6 months later it sold for £179k (not to us after we'd laughed at EA and vendor and found something else)

You offer what you think it's worth and play on all your strengths if you have any i.e. no chain, ready to move, mortgage approved etc

If the vendor has already found their onward property that gives you a bit of power to move forwards

Guest101

You can offer £400,000.01


You can offer £4mil


Or you can offer £40


but in reality you should offer only what you want to pay for it.

ognum

chelseablue wrote: »

Seen a house at the weekend that ticks a lot of our boxes so am interested in putting in an offer.


It says 'offers in excess of £400,000'


The house has recently come back on the market after having a sale fall though ( I asked the EA what happened and was told the people who were buying it decided they didn't want to move and pulled out)


The vendors have found a house to buy and have had their offer accepted.


Not sure how offers in excess of works, is there any point offering below 400k?

I hate the offers in excess of ploy and ignore it. I have just offered on a property with an excess of asking price, my offer is about 8% below.
It is what the property is worth to me and I won't be upping my offer which I don't doubt I will be asked to do.

Work out what it's worth to you!

chelseablue

Thinking of going in at £390,000

Browntoa

mine sold like that , I had a figure in mind and held out until I got a bid past that


it was in a mid range of the valuation and I ignored any offers below , ie , valued between £400000 - £425000 , my accepting threshold would be offers above £412000

you may find that's the minimum they are prepared to accept to enable them to move

ognum

Browntoa wrote: »

mine sold like that , I had a figure in mind and held out until I got a bid past that


it was in a mid range of the valuation and I ignored any offers below , you may find that's the minimum they are prepared to accept to enable them to move

That may be true for some property but a buyer needs to do research. The property I am offering on was bought in 2013 for 30% less than my offer, it's empty so is costing the vendor money.

It's an investment for me, I don't love it! I can't believe they cannot accept less but it's fine if they don't.

[Deleted User]

I would try and find out how much the offer was that they previously accepted and go in lower than that. The reason given to you by the EA for the previous buyer pulling out may not be the full story. Perhaps the buyer's survey found a major issue meaning the vendor may have now lowered their expectations and would be willing to accept less than the previous offer.

chelseablue

When the property was up for sale before it was for £385,000

Browntoa

or the true story is your seller got greedy as the market had risen and pulled out thinking they would get more

k3lvc

chelseablue wrote: »

When the property was up for sale before it was for £385,000

In which case I'd be opening below this