Offer over?

vernall

Hi guys

Looking to buy my first home,have my eye on a few but on the various estate agents listings they all seem to now say OFFERS OVER....whatever........does this now mean that is the minimum the seller will take or can you still be cheeky and offer less......the hows eI am looking at favourably is £210,000 but does say OFFERS OVER.......what should I offer lol

Thrugelmir

Offer over. If you want to be taken seriously.

glasgowdan

Are you in Scotland? In general agents seem to set offers over values 10% below home report values (which is the figure the buyer often expects). But use your own judgement after doing your own research of course

vernall

I am in England......so are you saying the £210,000 is really £231,000:(

Marvel1

Offer £211,000 - it's over.

Britton

It all depends on how much you value the house for me, don't get too sucked in to the price and wording used, IE if you don't think the house is worth offers over.... then you are probably best just moving on. Also factor in how long it has been on the market.

kinger101

It's pretty meaningless in itself. Some people have offered under and had the offer accepted. Sometimes the property is competitively priced and they'll get loads of offers over on day 1. Sometimes it's a dreamer pricing 30% above the market.

If you like a house, work at what you think it's worth, then offer that or a bit less.

Mickygg

Quite a few sellers start with offers over, as it shows the minimum that they want. If they don't sell within a few months they usually then take the offers over bit off.
I think people put it as offers over as they think there is a chance they may get lucky and have someone offer really high.
However if I put offers over and had someone offer under I would politely say read the price again. But I wouldn't put that anyway.

Sausage11

I've always taken "offers over x" to mean a price of x. I have always worked out what I think it was worth and then offered below.

However, I can see this might be a non-starter in a hot market - where offers over is designed to ignite a bidding war.

But unless you are in such a market, I would definitely not feel bound to offer above the price. It all depends on how the property stacks up for you. If it seems like a great buy and you want to secure it then fair enough.

kilby_007

We recently offered 5% below the "offers over" price and it was rejected. We wound up 2 weeks later at the stated price and they still rejected it saying they were looking for 20K more (around 7% over). It's been 4 weeks and they didn't come back to us so I guess they really meant "offers over". I've seen properties sell below the offers over price though so it's really down to the vendors expectations and how keen they are to sell.

kilby_007

Actually the first house we ever bought was "offers over 225K" and we paid £217,500.