Offers Over, Guide Price, Offers in Excess Of etc

mystic_bertie

ashe wrote: »

All of this is marketing bunk. Unless its a very good area where houses are selling for hot cakes and people are being asked to submit best and final offers, offer what YOU think its worth, as EA will often overprice to get business or to factor inn cheeky offers. Don't let their language guide you. The house we are buying the seller accepted £15k below their 'offers over' figure.

Many thanks for your reply. Yours is a prime example of how the offer over is a lot of nonsense. Well done for getting your house for a lower offer and quite a chunk off.

Running_Horse wrote: »

A house round here recently failed to sell at £240,000. It is now on with another agent for offers in excess of £230,000. I doubt they'll get that.

The area we want is very popular, so will probably end up paying full price. I would consider lower offers if it needed work or was not quite our dream home, so wouldn't be bothered not getting it.

Thanks for your reply. It seems they always go in higher than a house is worth. You would think the owners would be looking for a more realistic price to attract buyers.

mystic_bertie

Mutton_Geoff wrote: »

Same here. My current house was reduced in price twice. I came in with an offer that was almost 10% lower than the latest revised price. I was in a strong position and despite the selling agents best efforts to lift my offer, it was accepted.

Well done you for getting a good offer accepted. It seems round here properties are reduced after a month or 2 of not selling, this could make you in a better position however there is usually a reason the house is not selling and it makes me wonder if i would have the same problem

glasgowdan wrote: »

Are you sure you've bought and sold in Scotland before?

1. Offers are not binding in Scotland.
3. See above. Sellers can accept a higher offer up until conclusion of missives, though heavily frowned upon.
5. I'm not quite sure what point you're making, but in Scotland you don't need to fork out on a survey to make an offer. We have home reports and the sellers pay for this. A buyer's lender may want to do their own survey for valuation purposes, though they may accept the seller's one.

Aye am shoor. mini times.

I had a home report done 2 year ago when i sold my house. Thanks for your reply.

marcy990

Good afternoon All,

I am a first time buyer and have recently seen a flat for 139,500. Freehold, above a bakery and I love it and it is quirky. I have a mortgage in principal on another flat if i can provide a 10 per cent deposit on a place which is currently going for 147,000 fixed price through the discount mortgage scheme. My question is, This flat has only been on the market for 3 weeks and already has an offer but they are waiting for feedback from me as i saw it for the second time yesterday. How low can i go with an offer do you think to avoid losing the interest of the seller altogether. Ideally i want to use my 5 per cent deposit instead of 10 for a first time buyer to allow for legal fees. Also, i found out yesterday that there is no allocated parking as stated originally in the write up. So, is 135 too cheeky to offer?

Thank you

Crashy_Time

ashe wrote: »

All of this is marketing bunk. Unless its a very good area where houses are selling for hot cakes and people are being asked to submit best and final offers, offer what YOU think its worth, as EA will often overprice to get business or to factor inn cheeky offers. Don't let their language guide you. The house we are buying the seller accepted £15k below their 'offers over' figure.

Exactly, as the Brexit mess deepens buyers are very firmly in the driving seat now, but the property market has a long way to correct when it finally does, don`t "fall in love" with average houses that will tank in value IMO.

eddddy

marcy990 wrote: »

My question is, This flat has only been on the market for 3 weeks and already has an offer but they are waiting for feedback from me as i saw it for the second time yesterday.

You've confused people by posting on the end of an old thread - it's best to start a new one.

Anyway...

In these kinds of circumstances, I would usually start by asking the EA...

"I'm interested in the flat, but given it's already had an offer, what kind of offer would I have to make in order to be successful?"

Some EAs won't tell me anything, some 'make stuff up', but some give useful information - so it's worth a try. (But don't necessarily believe their reply 100%)


The EA would prefer you to make an offer, and to get a sale, rather than you to walk away - so a good EA would try to be helpful.

TamsinC

We sold on 'offers over', it was the minimum we would accept, and lower than we were told to put it on at. It sold at a few thousand over the offers over within a day. Sometimes, it's not people trying to make a lot of extra money - we were told by a fair few agents that we should put it on for twenty K more. We knew the price we thought it was worth and went with that.

A house is worth what people are prepared to pay for it.

lookstraightahead

It's just s load of jargon as no one knows what house prices are worth. If it were me, I would look at properties at least 10% over budget (not £10,000) and view them and then decide what they are worth to me. Offer as necessary. If turned down, walk away and view others (don't get emotionally drawn in). Fixed price, offer in the region of, and offers over all just get on my nerves and if anything I overlook them - not sure who put their house on the market only willing to negotiate upwards! Especially at the moment.