We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Making an offer and ‘offers in excess of X’
Comments
-
Adrian I actually have looked into the one thing that determines value.
To answer your question:
Yes I think the house was at market value when they purchased it. I’ve had a look at RightMoves history for the whole of the area I’m looking in.
I don’t know what work has been done other than a few bits I can see my self - cosmetic stuff on the inside of the house and pointing (spelling ?) on the outside of the house. There could be some stabilisation works done to the front bay window but is the EA really going to know?!
As I said, I’m happy to pay £160k (on paper) but I’m curious as to what they mean by ‘in excess’ and how much they are willing to sell. I also see properties have gone up in the area within the past 18 months but I’m not sure if they will also want to hold out.0 -
Hi eddddy, The property has been on the market for 2/3 weeks but it was also under offer and now back on the market.
If the owner was showing me around it would be beneficial, but it’s the EA.0 -
It's just some words on the marketing guff, that help to indicate what sort of offer may or may not be acceptable. No more than that.Sammypooler wrote: »...but I’m curious as to what they mean by ‘in excess’
The only way you'll find out what offer the vendors will accept, and when, is to put one in. And, if it's rejected, increase it.
If they want more than you think you want to pay, it's time to walk away and find another property.
There are no magic rules.0 -
Ignore the offers in excess. That usually means the EA isnt confident in pricing the property. Offer what you feel the property is worth and like all houses, be prepared to walk away.0
-
Thanks.
It’s the walking away part - I’ve had so much anxiety as I have been stressed about buying somewhere and losing out, not getting the mortgage etc.
0 -
It shows in your posts. You make it sound as if a lot is riding on this one house. You're imagining you'll put an offer on it before you've even seen inside it.Sammypooler wrote: »Thanks.
It’s the walking away part - I’ve had so much anxiety as I have been stressed about buying somewhere and losing out, not getting the mortgage etc.
This is not the best way to buy or get a good deal. You want to be really sure everything about the house and the area is right and the large increase in price over two years is justified. There aren't many places in the country where prices have been rising fast.
As you seem to know, if you offer too high, your lender may down-value anyway.
But to answer your question, 'offers over' means little, except that the owner hopes not to receive offers less than the stated amount. What they hope for and what's realistic, given other people's prices for similar property, is what counts though. Experienced buyers won't be swayed by a vendor's hopes.
So if you've considered plenty of other property and this one looks over-priced, offer less.
How many comparable properties have you viewed?0 -
Sammypooler wrote: »If the owner was showing me around it would be beneficial, but it’s the EA.
Often it's easier to ask the EA those types of questions - they're less likely to get offended than the seller.
The EA should be aware of the seller's situation - how keen they are to move etc - so ask the EA.
Also, ask the EA why the last sale fell through, and ask the EA what offer they think the seller might accept.
On one hand, the EA might add a lot of 'spin' to their answers...
... but on the other hand, the EA's top priority is to get the property sold as soon as possible - so they'll want to help you to get an offer accepted.0 -
Thanks Edddy. My previous experience was them lying to me - four of them. So I don’t hold much hope.0
-
In response to your post Davesnave yes I feel like I do like it as it ticks my boxes apart from one less bedroom. I’ve seen the outside twice and I know what I like. There is also the uncertainty of what’s available in the next few months.0
-
Sammypooler wrote: »Hi Cattie I don’t want to publically advertise the house as they could see it. The bottom line is I need advice on what to do in general.
More research on sold prices and SSTC houses asking prices to work out what people are paying.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards