Offers in excess

Lauralou79

I know there is no real answer to this, but does anyone have experience of this when viewing a house? And how much or percentage over did they end up paying?

ACG

Mine was up for sale as offers over.
Someone offered me the asking price, someone else offered me £5k below - although to be fair the person that did that, you could tell was the type who would have offered £5k below no matter what the price was.

sulphate

I'm not a fan of OIEO and both estate agents who gave us valuations recently said they were quite an old fashioned way of marketing a property now. I think there is a tendency of getting into bidding wars.

When we were hunting 4 years ago as first time buyers, we offered 5k over the OIEO price but someone else offered more. As with any other house, what the vendor will accept is dependent on if they want a quick sale, or whether they are prepared to hold out for the best price.

Lauralou79

Yeah I don't wont to be in a bidding war and houses in the area are going quickly too. Not sure how much more vendors want when it's priced like this. I guess it's very individual.

Mrs36

ACG wrote: »

Someone offered me the asking price, someone else offered me £5k below - although to be fair the person that did that, you could tell was the type who would have offered £5k below no matter what the price was.

Just out of interest, what type is that?

I have a thing about never paying asking price (which has worked so far) but I cannot bear faffy offers over/guide price/offers in excess of. I wish people were just up front about the price they want, it would save an awful lot of messing around.

Are you a buyer or a seller? I am assuming the former so I would offer what the house is worth to you. How long has it been on the market for?

glasgowdan

If houses are selling quick then offers over gets the best price for the seller. The seller doesn't quite know what that best price is so leaves it to the buyers to bid their best prices.

This doesn't get anyone a bargain purchase, but areas that people want to live in never go cheap.

In my area the standard practice is to mark the house as offers over a price roughly 10% below the home report value of the house. Offers tend to go over this home report value by 0-5%, so up to 15% above the offers over price.

ACG

He was the type to walk around with arms folded, looking for any sign of anything that he could use to get the price down and making that noise dodgy mechanics make. His offer was £5k below the asking price subject to survey...so it was pretty clear he was going to get his mate to do a survey (in addition to the mortgage val) and then use that to get the price down. When someone else was more than happy to offer the asking price with no caveats. It was up for a fair price, im not greedy.

Im not bothered if people offer below the asking price, its the amateur dramatics that come with it. You either want the house or you dont. Doing all this deep breathing in and all the rest of it just makes me think I am not going to sell to you out of principle even if your offer was the most as I have lost all confidence you will not reduce the price at the last minute.

Lauralou79

I'm a potential buyer. The house has had several viewings in the week it's been up (and some second viewings) property in our price range in this area is moving fast though. Just trying to figure out if vendors expect a little more or thousands more, but I guess there's no real answer to that!

Mrs36

Oh, I know the type ACG and I see what you mean. I am not one of those, and I wouldn't be looking at anything that would go for asking price anyway (I like a project!)

O/P have the EAs given you any idea what figure the vendors are looking for?

Lauralou79

Not yet. Going to do some enquiring with them tomorrow. We have a price in mind that we would go up to, but I'm not getting into a war.
It needs modernising a little and it's priced above the last house that sold in the road. So feel it wouldn't be worth much more than what we could offer. However because property is so popular nearby I do think someone will come in and offer over the odds.

Miss_Samantha

Mrs36 wrote: »

Just out of interest, what type is that?

Smart, who does not fall for the sale pitch.