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London offers in excess of
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Ybe
Posts: 442 Forumite

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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maybe the remaining 10% ?0
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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.0
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Offer what its worth to you.0
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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 away1 -
Plenty of flat owners that would probably snap your hand off with an offer under asking price.0
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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.
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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.0
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It’s the new pricing strategy. Properties are routinely going on for 5-10% under their real value. Buyer beware.0
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Dusk1983 said:It’s the new pricing strategy. Properties are routinely going on for 5-10% under their real value. Buyer beware.0
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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.0
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