"Offers over" vagueness

ChasingtheWelshdream

JP08 wrote: »

My interpretation of Offers Over is that it means the vendors won't be entertaining offers under the asking price. The estate agents suggested an advertised price of offers over [price] when I sold the old house.

Sure enough, got an offer under the price, asked agent to nicely point out that it was offers over, guy came back with asking price offer. Job done. Certainly wouldn't have expected to get any more.

Exactly the same as us. Offers Over meant that price was the minimum we would accept. We didn't want to play the 'lets see how much we can knock them down by' game. If we didn't get that price, we couldn't afford to move

It was a difficult house to value, as it's an oddity in the area. So it was priced slightly under similar size houses in a different part of town. It worked, we got what we wanted. :-)

Although, we did find it hard to decide an offer on our purchase - with a single guide price.

kilby_007

Well, we did finally offer slightly above the "offers over" price and they rejected (again). The EA then tried to push into offering another 10K saying that we'd lose it as there's now "considerable interest" (sprung up overnight did it?) We've since seen better value for money elsewhere so leaving that one behind us but I got a voicemail this morning asking if we're still interested. If they ring again I might tell them our original offer of 285K still stands!

robatwork

Well done for updating the thread - sounds like you're playing poker now. Don't blink.

kilby_007

robatwork wrote: »

Well done for updating the thread - sounds like you're playing poker now. Don't blink.

To be honest, a couple of old guys at work with past experience of georgian houses gave me a reality check. Both said they were a money pit - re-pointing, patching up crumbling brickwork, damp, roofing and timbers with woodworm/rot not to mention the heating bills and the difficulty of fitting/decorating rooms with bendy floors/walls. The couple selling don't strike me as the type who would keep this maintenance up (case in point, whilst we were viewing she ripped her coat after snagging it on a 2 inch screw sticking out of the back of a door handle!)

We could have dodged a bullet there...

glasgowdan

I was browsing houses and this thread popped into my head!

Asking price o/o 598.
http://www.rightmove.co.uk/property-for-sale/property-55893778.html
Sale price 680!

High demand, positive sentiment and confident buyers in some areas! Some may call it madness, it's just what it is.

jeanzbeanz

Last year we offered £750k on a house which was on for "offers over £695k" on a house which went to closed bids. Our offer was rejected. Just found out that it sold for £742k to someone who was ready to proceed (we said we could bridge, but they had the lower offer from someone who was a cash buyer)

Just goes to show that it's the position of the buyer that counts as well as the price...

kilby_007

jeanzbeanz wrote: »

Last year we offered £750k on a house which was on for "offers over £695k"

:eek:

glasgowdan wrote: »

High demand, positive sentiment and confident buyers in some areas! Some may call it madness, it's just what it is.

It sounds like madness to me! This wouldn't happen in the area I live. The average time from a property going on RM to going "Sold STC" must be about 3 months, (although that's anecdotal, I don't have any stats on that) so the demand isn't high. The house that was the subject of this thread is still for sale.

Mrs36

I hate offers over, but that doesn't tend to happen in my area thankfully. See also "guide price" and "modern method of auction". Its just EA drama in my opinion trying to whip up interest and push up prices.

Where I live there is very little supply. Anything decently presented and well priced is snapped up within a week, and any thing else languishes on the market for months, but does tend to eventually sell for near asking in the end. I can predict now which will sell quick, and which will still be there in 6 months time.

ETA it varies A LOT between local agents too. The best agent in town sensibly prices, very rarely reduces and sells properties quickly. There are a couple of others that are kite flying at best, and utterly deluded at worst, and I know that they will be reduced several times before selling six months down the line for a lot less than asking. The rest fall somewhere in the middle.

jeanzbeanz

Similar situation here, and to be honest not that many go over asking price. The agents really hyped the sale up with the viewings only on two open days and then it went to closed bids, I think they purposely under-priced it to generate lots of interest.

The one we are getting now has been on the market for ages, asking price was reduced to £765k in November and last weekend they accepted an offer of £710k!

Crashy_Time

Very easy to let sellers sweat now, sentiment is very different to even pre-Brexit vote IMO.