Puzzled by 'Offers Over'

HGW2012

Morning all,

Quite new to buying, FTB and putting a offer in on a house, no chain, DIP, finances in order.

We have had our eye on the house for a while it was up for £190k for 8 months, this was just out of our budget but we had said come Oct/Nov if it was still about and we had enough saved we would offer.
Last week it dropped to 'Overs Offer' £170k we went to see it needs a lot doing to it but its nothing major, it's been rented out and left unloved.
EA had told us there had been 2 other offers 1 under and 1 where the buyers were in a chain and hadn't found a buyer or their house.
Thought we were in a good position so offered £170k, it was rejected seller said he wanted the £190k it was up for, so why drop it so much is my question? EA kind of said £180k would be closer to what he wants.

Now we don't know where to go, this 'offers over' aspect throws me! I don't know what he actually wants. What do people actually mean when they say offers over (without stating the obvious) and I feel like the EA is playing us to get more (obviously)

Was thinking go in the middle at £180k, it's what he wants supposedly, but I feel another rejection may follow.

pinkshoes

Ours was 'offers over' because my ex would not take less than that amount.

It just means it appears in a lower search bracket.

Just put your offer in of what you feel to be a fair price and then just leave it on the table.

sevenhills

It can cause major problems if a buyer offers £185 and then the valuation is lower. With a tenant in the house, it will be months n months before they are out, which is a negative for many buyers.
These things can be unpredictable, hence why the vendors will accept below its value.
But you wont know its value untill your building society send a valuer around.

juniordoc

This seller is dreaming if he thinks he can have a house up for sale for 8 months and then expect offers over 20k more than the asking price.

You are in a muchbetter position than the others to offer who need to sell their house first.

Offer what you think it's worth, and don't be pressured into offering more. Take your time. As mentioned above, offering more than it's worth will only lead to trouble at the mortgage valuation stage.

eddddy

HGW2012 wrote: »

Now we don't know where to go, this 'offers over' aspect throws me!

This sometimes comes about in this kind of situation:

Vendor "I want £190k"
EA "You won't get £190k, you need to reduce the price"
Vendor "I don't want to reduce the price"
EA "As a compromise, let's put a lower price with 'Offers over' and see what happens. You might get close to £190k".

Or there might be 101 other explanations.

All you can do is offer what you are willing to pay. If the vendor doesn't accept, move on.

hazyjo

I recently offered seven grand under an offers over asking price (actually, it was a bracket price which is even worse). It's been on over 3 months at that price, and on and off for two years at various similar prices.


They said no (several weeks ago). Still no call. Don't care now, buying another - but the seller is totally deluded. It needs far more work than they can see! And this is in an area where smaller houses go for around 15% more - within a week!


The EAs often stretch the truth when it comes to other offers.

HGW2012

Thanks all for your replies.

There is no tenant in the house at the moment, the EA says this is why there have never been any other offers because the tenant had a 6 month contract and people were not willing to wait. Funnily enough the EA says there are now 5 offers, after 8 months of nothing :cool:

Similar houses in the area go for £210k with some level of modernisation as I said this has zilch and to bring it to that level needs maybe 20k spending on it at least. Top end £240k with a new kitchen and bathroom.

We are not buying with a view to doing it up to sell to make money (well not straight away anyway) it's a large family home that we otherwise wouldn't be able to afford.

We are going in at 180k , full and final.

HGW2012

eddddy wrote: »

This sometimes comes about in this kind of situation:

Vendor "I want £190k"
EA "You won't get £190k, you need to reduce the price"
Vendor "I don't want to reduce the price"
EA "As a compromise, let's put a lower price with 'Offers over' and see what happens. You might get close to £190k".

Or there might be 101 other explanations.

All you can do is offer what you are willing to pay. If the vendor doesn't accept, move on.

I expect it is exactly that!

See if from the start it was offers over, I would understand. I could play the came.
But don't drop it (and not for the first time I may add) and then expect to still get what you first put it up for just because you put offers over.

Thanks, we had offered. Now it's a waiting game!

Car1980

Meaningless phrase. Completely ignore

MrSnuggl3s

Yeah, it's never a good term to look into. Usually just some EA bs due to the demands of the seller.

Slinky

Even worse that Offers over is 'Guide price' and 'Offers in the Region of'.