Offers over etiquette

[Deleted User]

I'm currently in the process of looking to buy my own house. As a first time buyer, there are some things which are somewhat confusing with buying a house. Primarily the whole "Offers over" situation. 

I've seen a house I'm quite interested in, however I'm not convinced it's worth the asking price. They've got the price as "Offers over £200,000" - which I personally think is quite inflated, especially when I compare it with other houses I've viewed in the area and, that it was sold last in May 2019 for £180,000. 

I've checked with the estate agent and no major work or renovations have been done to the house since it was last purchased. 

I'd like to put an offer in for less that that asking price, but with the "Offers over" guide - I don't want to be seen as being cheeky or wasting anyone's time? Is asking less than the 'offers over' price a big no-no? 

Niv

I see 'offers over' as a trick to buyers to make them pay more than they want to. I would ignore the wording 'offers over' and proceed as if it was not there.

AdrianC

There is no "etiquette". Offer what you want to pay for it, no more.

If they don't want to accept that, so be it. They aren't going to be related to you for decades to come...

RelievedSheff

You can offer whatever you like. You can certainly offer under £200k if you don't feel it is worth that much.

Sachs

Offer what you think it worth. If they are dead set on over £200k and you're only prepared to pay £190k max then its not going to happen either way so why worry about upsetting them.

princeofpounds

Often offers over is just a marketing tactic. Sometimes, it's a strongly-expressed preference of the vendor, who has told the EA they won't consider offers below. That doesn't mean they wouldn't if one arrived, however - especially if the property has been on a while with no interest. Occasionally, it's a minimum value required to redeem a mortgage, which can be a harder limit.

Frankly, none of it matters, because what you need is to buy a good house for a price acceptable to you.

Remember the EA is incentivised above all else to make a sale. So you can just talk to them, and say 'I'm interested in the property, but don't think it is worth the offers over price. Will I waste my time with a lower offer?'. You may get a bit of bluster about it being really what the vendor wants etc., but listen closely and they will ultimately tell you if a lower offer might be considered. If they think it will, they will want the offer made so they can talk down their client if possible. You won't be wasting the agent's time with this conversation.

The EA is legally obliged to pass any written offer on unless they have prior instruction from their client not to, just FYI. 

SameOldRoundabout

Offer what you think it’s worth. Our previous house was put at offers over, as it was what we needed to move forward and as we were breaking area records (we’d done significant renovations, on the biggest house in the area, so comparable sales were non existent) putting it on for higher would have put people off. In the event we needn’t have worried, we had 4 offers over after the first day. But like I said, we’d done huge renovations and due to the slightly rubbish area in a major city it was actually quite a bargain. If the house you like doesn’t have extenuating circumstances, don’t be tempted to offer higher. 

eidand

Look, I am viewing houses right now and I take all prices with a pinch of salt. Offers over I just ignore because I am still going to offer what I think that house is worth to me, at this point in time. Some houses are clearly overpriced, if the seller is realistic then we can negotiate. If not, move on. There's no etiquette really, the seller is not my concern. My concern is not pay over the odds, nothing more. 

steampowered

It's a silly marketing tactic. Just put in the offer you are prepared to pay, they can either accept or reject it.

dani17

I don't like at all the "offers over" ... For me it is a trap to go for a blind auction and overbid on yourself and ending up in an idiot position. If I want to a bidding game, i will go for an auction at least i know what the other offers are. I simply ignore the house when I see offers over. 

momo1103

In my mind 'offers over' means 'we know the house isn't worth this much but we want to ask for more than it's worth anyway'.
I agree with the posts above, I would put an offer in for what you think it's worth/what you're willing to pay and they can either reject it or open negotiation with you