Puzzled by 'Offers Over'

AndyTails

Crashy_Time wrote: »

No offers, no tenants? They are desperate by now, offer 150k.

I doubt they're desperate enough to accept £150k when they've already had an offer of £170k...

DaftyDuck

AndyTails wrote: »

I doubt they're desperate enough to accept £150k when they've already had an offer of £170k...

But that was an hour ago, or half a day or so... You know how prices are falling (in CrashyWorld, at least)

Crashy_Time

No doubt it well sell, for Oh at LEAST 160K and there will be no need to worry about prices falling anymore...ever :rotfl:

kilby_007

If it's a vendor with unrealistic expectations, the property is likely to sit on the market for a long time, but if the property was overvalued to start with then it's just another example of an EA shooting themselves in the foot. They often over-value to win business, with the intention of persuading the vendor to lower the asking price a few months down the line. I know people will disagree with this, but in a market of low housing stock/transaction volumes and lots of competing agents, I've seen this happen an awful lot and an EA pal of mine agrees that certain agents use this tactic regularly.

A very similar example - this property was up for £330K. I thought it was about 10% overvalued. They reduced it to "offers over" £300K so we offered the £300K and they said "no sorry they're still looking for £330K". We walked away, which you should be prepared to do too. It's still on the market now, 9 months later. Stick to your guns.

hazyjo

hazyjo wrote: »

Yes, they are legally obliged to - unless the vendors have told them not to put forward offers below X amount.

Ignore my advice - I misread and thought you meant putting offers to the vendors.


===============
Generally they don't tell others' bids, but there's no law saying they can't.

Crashy_Time

kilby_007 wrote: »

If it's a vendor with unrealistic expectations, the property is likely to sit on the market for a long time, but if the property was overvalued to start with then it's just another example of an EA shooting themselves in the foot. They often over-value to win business, with the intention of persuading the vendor to lower the asking price a few months down the line. I know people will disagree with this, but in a market of low housing stock/transaction volumes and lots of competing agents, I've seen this happen an awful lot and an EA pal of mine agrees that certain agents use this tactic regularly.

A very similar example - this property was up for £330K. I thought it was about 10% overvalued. They reduced it to "offers over" £300K so we offered the £300K and they said "no sorry they're still looking for £330K". We walked away, which you should be prepared to do too. It's still on the market now, 9 months later. Stick to your guns.

Will be interesting to see how their tactics change when letting fees are banned?

sheff6107

ReadingTim wrote: »

Problem is, it may mean something to the vendors - usually something along the lines of "Completely ignore offers below..."

Unless of course you mean completely ignore the property, which I'd agree with - that phrase, along with offers in excess of, offers in region of, guide price, modern auction method, buyer's incentive usually indicate problematic properties or vendors or both...

It's that if you pay attention to it instead of offering what the house is genuinely worth to you, you are in danger of overpaying. If the same house down the street sold for £200k and it's offers over £210k on this one, you would offer 195/200 and then walk away.

HGW2012

Quick update,

So our offer was rejected due to the cash buyer offering £500 more.

We requested to up our offer but the
EA wouldn't put our increased offer to the vendor!

Then they came back and said it's going to seeled bids! So we made our final offer and they said we would hear back 8pm that night (Thursday) we've still not heard anything.

We have decided over the weekend to walk away, just don't get a good vibe. I have a feeling the cash buyer intends to rent it back out, so we feel the EA is favoring the cash buyer.

Either the EA is incompetent or the vendor has unreal expectations.

Thanks for everyone's advice.

More viewings this week!

robatwork

HGW2012 wrote: »

Q

Either the EA is incompetent or the vendor has unreal expectations.

What you'll learn is this - that sentence covers the majority of house sales/purchases.

Crashy_Time

HGW2012 wrote: »

Quick update,

So our offer was rejected due to the cash buyer offering £500.

We requested to up our offer but the
EA wouldn't put our increased offer to the vendor!

Then they came back and said it's going to seeled bids! So we made our final offer and they said we would hear back 8pm that night (Thursday) we've still not heard anything.

We have decided over the weekend to walk away, just don't get a good vibe. I have a feeling the cash buyer intends to rent it back out, so we feel the EA is favoring the cash buyer.

Either the EA is incompetent or the vendor has unreal expectations.

Thanks for everyone's advice.

More viewings this week!

Sizeable price drop then?