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London offers in excess of

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In the areas I’ve looked at in London, 90% of properties are now marketed as offers in excess of. Does this mean no vendor will now accept offers below asking price? 
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  • pbartlett
    pbartlett Posts: 1,397 Forumite
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    maybe the remaining 10% ?
  • user1977
    user1977 Posts: 17,821 Forumite
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    No, it doesn't necessarily mean offers below asking won't be entertained. Obviously it depends where they've pitched the asking price versus the market value.
  • m0bov
    m0bov Posts: 2,707 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Offer what its worth to you.
  • JS21
    JS21 Posts: 48 Forumite
    Third Anniversary 10 Posts Name Dropper
    Offer what it's worth to you. We viewed a house and the owner said they would only accept offers over XX and that the two offers she'd received were less than that so she rejected them. The monday after we viewed (on weekend) we called to put in an offer (less than the asking price) and were told she had accepted one of the previous offers as nobody was offering what they wanted, inc. the two new ones they'd received on the weekend!

    Worst case - they counter or reject and then it's up to you to counter back or walk away
  • moneysavinghero
    moneysavinghero Posts: 1,761 Forumite
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    Plenty of flat owners that would probably snap your hand off with an offer under asking price.
  • eddddy
    eddddy Posts: 18,002 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ybe said:
    In the areas I’ve looked at in London, 90% of properties are now marketed as offers in excess of. Does this mean no vendor will now accept offers below asking price? 

    It's not really possible to generalise about what a vendor will do.

    For example, a vendor who's desperate for a quick sale might accept a lowish offer from somebody who's able to proceed quickly. Or if a property has been hanging on the market for a while, the owner might get fed-up and accept a lowish offer.

    But a vendor who's just put their property on the market might have high expectations (perhaps even completely unrealistic expectations.) Or they might be thinking 'I won't bother moving, unless I get an offer of £x'.

    I think it's always worth having a chat with the EA about the vendor's price expectations.  The EA wants the property sold, so it's not really in their interests to mislead you - but even so, some EAs .might play strange games.

  • ss2020jd
    ss2020jd Posts: 652 Forumite
    500 Posts Third Anniversary Name Dropper
    Sometimes if a property is marketed very competitively, at a slightly lower price in order to generate a lot of interest, for example, it might be seen as more of a startling point. It really depends how much interest there is and if it starts a bidding war. Or if no offers or low interest then there may be a chance a lower offer could be accepted. 
  • Dusk1983
    Dusk1983 Posts: 46 Forumite
    10 Posts First Anniversary Name Dropper
    It’s the new pricing strategy. Properties are routinely going on for 5-10% under their real value. Buyer beware.
  • Ybe
    Ybe Posts: 442 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Dusk1983 said:
    It’s the new pricing strategy. Properties are routinely going on for 5-10% under their real value. Buyer beware.
    I don’t think the ones I’ve seen are undervaluations. If anything they’re over valuations. The average price in the area has gone up 10% in the space of 3 months. 
  • hb2
    hb2 Posts: 1,399 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    My son is in a similar situation - FTB looking for a flat in London, struggling to get a viewing sometimes, and things going to 'Best and final offers' within days of listing. Then going for £20-30K over asking price. I admit that this is less than 10% extra but  still a lot to find, especially as he has upped his budget by £50K in the past year . . .
    It's not difficult!
    'Wander' - to walk or move in a leisurely manner.
    'Wonder' - to feel curious.
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