'Offers over' 100k? Another how much to offer post.

Manchester-Man

Hi guys,

i recently posted last week about a house we were keen on and offered 92% then 97% of the asking price but were rejected both times, we moved on and didnt expect to find something else we liked as much, but think we might have. Its advertised for 'offers over 100k' and has been on the market for around 8 weeks. The vendor told us today during first viewing that she had someone going to the bank to try and get a mortgage, and another fella coming to view this afternoon. We like it, it suits us and ticks all the boxes from our point of view, only thing that needs doing to it is decorating. Its advertised at 'Offers over 100k', does this mean any offer that isn't above 100k is automatically rejected and not even considered? Im asking because trying to get an idea of what others may offer for it. If i thought 100k is about right, is it an insult to offer 101k? Or even 100k? What worries me is that Zoopla gives an estimate of £69,000. Although i understand that can never be too accurate. Have checked a few other of the sales on the same street and they vary from 89k to 110k.

This is the house.

https://www.homeea.co.uk/find-your-home/property/25920491/

Thank you

Mike

melstar11

Okay - a quick look at sold prices on the street and in Dukinfield seem to suggest that 2 bed houses which are terraces or semis seem to have been going for mid 90s. Is there anything else you would also consider offering on? You can play one off against the other in that case.

What you need to think is how much you want the house and how much are you prepared to pay and can afford.

You want to open a dialogue rather than get closed down so maybe speak to the agent and say you like the house, it's the kind of thing you are looking for, but the pricing at offers over £100 seems a bit steep given other sold prices in the area - there are December sales showing online. See what they say and then decide whether you want to make an offer.

HappyMJ

Difficult one.

Close to schools.
Two nice sized double bedrooms.
Awkward layout downstairs. Living room feels claustrophobic at only 10 foot wide.

I think it's possible that they could get £110,000 but they just need to find a buyer willing to pay that.

Zoopla is wrong as the value of £38,000 in Feb 2003 is not a proper sale on the open market. That house was worth much more than £38,000 in 2003.

jacko74

HappyMJ wrote: »

Difficult one.

Close to schools.
Two nice sized double bedrooms.
Awkward layout downstairs. Living room feels claustrophobic at only 10 foot wide.

I think it's possible that they could get £110,000 but they just need to find a buyer willing to pay that.

Zoopla is wrong as the value of £38,000 in Feb 2003 is not a proper sale on the open market. That house was worth much more than £38,000 in 2003.

How do you know the 2003 sale wasn't a "proper sale on the open market"?

nubbins

It just depends on the price and the market at the time
Have a look at the property of number 3, and 4 Coronation Avenue and you will see that offers over means nothing and people offered what they thought it was worth at the time, which at that time was under the "offers over" price.

In terms of your one I would be going in at 90k based on the fact that 32 went for 89k July 2015 and is an end terrace, saying that your one looks like you do not have to spend a penny on it for a while whereas 32 looked like needing new kitchen, flooring and carpets. If you love it and compared others its much better maybe start at 90 and work your way up.

"The vendor told us today during first viewing that she had someone going to the bank to try and get a mortgage, and another fella coming to view this afternoon"
The oldest trick in the book ;o)

No3 = 17/09/2014 "Offers over" £105,000, £100,000 accepted
No 4 = 2011 "Offers over" £125,000, £111,000 accepted

Manchester-Man

Thanks for the replies and advice. I did want to offer what I thought it was more accurately worth and I think 92-95k would be a fair price, Was worried about insulting the seller tbh as the ad states offers over and ultimately putting ourself out of the running as a potential buyer. But if it's something that's done fairly often we will give it a shot. Thank you.

melstar11

Still ask the estate agent about the pricing though. Numbers 3 and 4 were both 3 bed houses, so not directly comparable.

iantojones40

I know Duki reasonably well, I think your pretty accurate with your assessment of £92-£95k, anything more would be overpaying, anything over £100k would just be silly money.