Offers over in a slowish market

ForzaFifer

My first offer was just rejected a few hours ago. The property is on the market for offers over 275k - its been on the market since June, originally marketed at 325k.

i went in at 265k, which maybe some people think is too low, but i figured its been on the market a while now, so why not.

The estate agent told me the seller thought it too low, and would accept 290k, which i think is too high, all things considering. I doubt they have had an offer anywhere near 290k before now.
How long do i wait before i make a counter offer? i dont want to come across too desperate etc... I just told the estate agent i would think about it for now.

Also, does that sound reasonable? 290k on an offers over 275k property. This is in London by the way.

cheers,

Crashy_Time

ForzaFifer wrote: »

My first offer was just rejected a few hours ago. The property is on the market for offers over 275k - its been on the market since June, originally marketed at 325k.

i went in at 265k, which maybe some people think is too low, but i figured its been on the market a while now, so why not.

The estate agent told me the seller thought it too low, and would accept 290k, which i think is too high, all things considering. I doubt they have had an offer anywhere near 290k before now.
How long do i wait before i make a counter offer? i dont want to come across too desperate etc... I just told the estate agent i would think about it for now.

Also, does that sound reasonable? 290k on an offers over 275k property. This is in London by the way.

cheers,

I thought you said 265?

spadoosh

Offers over does my head in. I cant help but think theyd want £275,000.01 and that theyd be hard pushed to refuse it.

So that would be my starting point fully expecting to be thought of as an idiot and it refused. But then why dont you just say how much you want for the house and hope you get a bidding war. And id never go over that on an 'offers over' unless i was certain i was bidding along with someone else.

Sorry i cant offer any help, but i do sympathise with your position.

csgohan4

offer what you think it's worth and no more, perhaps the vendor will come to realise they have an overpriced house given they reduced from 325

PixelPound

They probably want £290K but the EA has persuaded them to go for the offers over option to get more views and offers. Usually going under an offers over would get rejected, but it depends on what you think its worth and how patient you can be. If it's a decreasing or stagnant market, then it may pay off. No point it going in with any offer under £275 as that may just pee them off.

Is it worth £275k, and would you be willing to offer that. If not just check back in 6 months and see where it is then

mollie78

I hate offers over, guide prices etc. It seems mainly to be about getting into a different Rightmove bracket but if you're not prepared to take anything lower than a certain figure just put that as the asking price! If you're comfortable paying £275k I'd go back with that and say its your best and final offer.

ForzaFifer

@crashy time - I offered 265, the seller wants 290.

ForzaFifer

mollie78 wrote: »

I hate offers over, guide prices etc. It seems mainly to be about getting into a different Rightmove bracket but if you're not prepared to take anything lower than a certain figure just put that as the asking price! If you're comfortable paying £275k I'd go back with that and say its your best and final offer.

Im a first time buyer, so the whole thing is alien to me to be honest, i wasnt expecting them to come back with such a high asking price of 290, which i dont think they will get.

I can live with 275, i wouldnt want to go much higher than that.

Crashy_Time

ForzaFifer wrote: »

@crashy time - I offered 265, the seller wants 290.

The seller may be delusional in that case, treat with caution, back away slowly without making any sudden movements and wait for Brexit and a few rate rises to instil some pricing discipline into them.

ForzaFifer

nic_c wrote: »

They probably want £290K but the EA has persuaded them to go for the offers over option to get more views and offers. Usually going under an offers over would get rejected, but it depends on what you think its worth and how patient you can be. If it's a decreasing or stagnant market, then it may pay off. No point it going in with any offer under £275 as that may just pee them off.

Is it worth £275k, and would you be willing to offer that. If not just check back in 6 months and see where it is then

I was expecting it to get rejected, but a bit surprised that their asking price was so high and way over 275.

So i think i might as well offer what i think its worth, then be prepared to walk away, they can always mull it over. They might never get a higher offer. The EA says the seller 'wants out' whatever that means.

ForzaFifer

Crashy_Time wrote: »

The seller may be delusional in that case, treat with caution, back away slowly without making any sudden movements and wait for Brexit and a few rate rises to instil some pricing discipline into them.

i doubt they will get 290, i'll take my time over the weekend before i make another offer, and it will be my final offer.

Dont know about Brexit, everyone has a different opinion on it, so im not really factoring that in right now.