Offers over

Stefan442

Hi guys,

First time buyer Here, have a decision in principle. Been looking for houses the last 3 months. Only two within our budget and area that we wanted to go and actually view. Tried to link but not allowed as new user.

And another that sold before we even got a chance to view it, had been up previously and was put back on market. Assume someone was keen on it from previous listing and went straight for it.

I want to put on offer in, but what is the vendor looking for when they say offers over? 195 is the lower end of our budget so I have room for an improved offer but I think 195 is the high end of this properties current value.

Cheers,

Stefan

[Deleted User]

We put an offer down on a house where they wanted 'offers over' 225k. We offered 220k and it was rejected. After I had a chat with the estate agent he said the vendor wanted 230k and was unlikely to accept anything under that. We left it in the end.

Offer what you think the property is worth.

danslenoir

It's pretty self-explanatory, isn't it?

'Offers over £X' suggests that the vendors are looking to achieve a minimum of £X.

Whether £X is realistically achievable or not is another matter.

KerrBearrxo

Always ALWAYS give them a stupid price to start with and go up in increments of £500 or £1000. It's a buyers market.

If it says offers over £195,000 I would offer £190,000 and go up from there. Once I got to £196,000 and if they reject, I would say "OK not interested then." They will then more than likely come back to you and accept.

Be careful looking at houses that have gone back on the market..this could be because they got a homebuyer's report and found out the house is in bad state of repair which will save you £300-£500. I know, because I did the same thing...spent hundreds on a homebuyers report and found out it had rising damp and cavity wall tie failure and seller refused to knock off any money at all. House went back on the market and has been that way for 3 months now. It will never sell until she drops the price to suit a refurbish property which is what that house will need.

Also, don't take what the Estate Agents say as solid evidence, they're out for the seller and themselves so asking them why it's back on the market is a good idea, listen to what they say carefully and make a decision on how genuine they sound.

Welcome to the house buying process..I'm also in process of buying my first property, next week we exchange contracts and it's an absolute nightmare. Problem after problem.

Good luck hope it goes well

dc197

KerrBearrxo wrote: »

It's a buyers market.

Perhaps where you live, not where I live, and we don't know about where the OP lives.
Here in Milton Keynes, proclaimed as one of the the fastest-growing city in Europe, it's a sellers market. Houses go within days or even hours, with multiple over-asking offers.

If the OP's market is a seller's market, opening with a low bid won't achieve much except to go to the bottom of the list.
In a buyer's market. it's good advice.

Stefan442

This property also came back into the market, I asked vendor why and he said the current owner took too long finding somewhere to move so the buyer pulled out. Also asked what it went for before and he said asking.

Previous house was up as buy to let, but came back on market as normal purchase after it didn't sell. This vendor said the tennant had handed in notice.

I think I am undecided then it's probably not the house for me. I am open to compromise and it ticks more boxes than anything else I have seen.

Never this indecisive! :rotfl:

danslenoir

Stefan442 wrote: »

This property also came back into the market, I asked vendor why and he said the current owner took too long finding somewhere to move so the buyer pulled out. Also asked what it went for before and he said asking.

Unless I wasn't bothered about a potentially long process, this would ring alarm bells for me.

The vendors have taken long enough before to cause their previous buyer to pull out, despite said buyer presumably having already committed to financial outlay with surveys, legal expenses, etc.

antilles

Stefan442 wrote: »

Hi guys,

First time buyer Here, have a decision in principle. Been looking for houses the last 3 months. Only two within our budget and area that we wanted to go and actually view. Tried to link but not allowed as new user.

And another that sold before we even got a chance to view it, had been up previously and was put back on market. Assume someone was keen on it from previous listing and went straight for it.

I want to put on offer in, but what is the vendor looking for when they say offers over? 195 is the lower end of our budget so I have room for an improved offer but I think 195 is the high end of this properties current value.

Cheers,

Stefan

It depends on the vendor. I have an offer going through on a house at the moment, it was up for 160k, now it's at offers over 150. The EA informs me that the vendor wants 155 and won't budge, which is false advertising in my opinion as it really should have been listed at 155 as it does waste people's time. I've already had 151 and 152 rejected.

Other posters are correct, just offer what you think it's worth. If you get a few grand off then happy days.

At the end of the day, it does depend on the vendor. If you have a stubborn vendor who's happy to leave it on the market forever (and there are a lot of these out there), there's not a lot you can do except walk away if you can't meet their price.

jacko74

I've yet to see an "offers over" house in my area sell for an offer over, they all either get reduced or withdrawn from them market.

imoustache

Hey, I don't know where you'd like to buy, but the London market is crazy.

Our flat was marketed at offers over £215k and we gave an offer of £236k (wasn't the highest according to the EA) but they chose our offer as we were in a strong buying position. So yep, £21k over the asking price.

I was super worried about the bank valuation, but it came back at offer price which we were chuffed, as we believed the flat was worth that.

Good luck

Grenage

Try pasting the link as plain text.

If you think it's over-priced, just offer what you think it's worth to you. Some people get irritated by low offers scooting up in increments, some people don't.

When we sold, we disregarded people who came in low and kept adding a grand on to the asking.

The house we're now buying was on for offers over 335, and we offered 336.