Offers over...

youth_leader

Originally my house was on for £450K without any takers, so my EA recommended 'offers over £400K'.  I was hoping to get something in the middle as I felt I'd lost £50K.  

getmore4less

It can depend on the property.

If one of many similar then it is relatively easy to gauge where people are pitching from the sold through data, SSTC and  asking prices to see if the current £X is reasonable, peaky or low ball to get interest.
Issue is you are potentially up against people that have made offers on those previous similars.

Lots of research using the data to hand especially asking and sold through(land reg is releasing Jan data)
https://landregistry.data.gov.uk/app/ppd/search
https://www.rightmove.co.uk/house-prices.html
(you can get to the original  listing from the rightmove list)

For the more unusual or reduced pool of buyers waiting for the one, it can be a we think its worth over £X what do you think?

Noneforit999

Deleted_User said:

It doesn't really mean anything other than "we'd really like at least £230k but will almost certainly accept less."

Put your bid in on the basis of what it worth to you, other similar properties, the state of the local market and how much you want it.

Depends on the vendor.

In my case it meant 'We want at least £350k and won't be entertaining offers below this'.

Sold for £380k, downvalued to £370k by the lender and buyer had enough wiggle room in their LTV bracket to make up the difference.

OP - Just offer the most you are prepared to pay. If its up for £230k and it has lots of interest already, you may find your maximum of £245k isn't enough anyway. 

Ramouth

We went with offering what the house was worth to us.  Working backwards from the more expensive property we had had to pull out of, we took off an amount for the less good view, an other amount for no garage, added a bit for additional parking space, added a bit for mains drainage and gas, took off a bit for being close to the park.  Ended up around 10% over which is a bit crazy and does stress me out a bit at times.  Having said that we think it was undervalued in the first place (a lot of bids) and we love it so it doesn’t really matter.  As someone else said, you need to pick a number that you won’t kick yourself in the future about either way.

TripleH

Our house was on for offers over. We offered £10k less than that and got it.

It depends on the circumstances of the seller.

Those wanting to off load will entertain a lower price if there is less demand for the property.

High interest might not mean lots of offers. 'Unique' houses may generate a lot of nosey people wanting a look round who have no interest in offering.

SarahWhitesands

Hey everyone, thanks so much for all your comments.  Totally agree I just need to decide what it's worth to me.  I viewed today and the estate agent said to be in the running i'd need to offer around £250k (apparently everyone who has viewed it has put an offer in!), so much higher than I anticipated! I think that's well over and have a feeling the mortgage valuation would be lower for sure. I might put an offer in just about £240k and push that I don't have a chain etc, but I don't think i'll be successful! Thanks very much for all your comments  

propertyhunter

Good luck! You never know it could be you, as the chain can also be important. Also, having your solicitor details and AIP to hand will all work in your favour. It means that someone can offer 250k+ but there's no guarantee that the vendor will get that price after valuation. If you can absorb a downvaluation, let the EA know. It means you can substantiate your offer of 240k regardless of what the banks says. 

Gavin83

Are you a FTB?

I agree with the others, you need to offer what it's worth to you and what you can afford. You don't want to lose out wishing you'd offered more but similarly you don't want to have your offer accepted wishing you'd offered less either.

Unfortunately if it's a nice house in a nice area it's likely to go for significantly over asking in the current market. I've seen some houses round here for for 10%-15% over asking and when you're talking about houses that are already £400k+ it's a huge amount of money. It might drop off, it might not but it's certainly not an easy time to be a buyer at the moment.

newsgroupmonkey_

comeandgo said:

You don’t get a chance to gazump after a best and final, if you want the property then you may have to put your best and highest offer.  If you don’t mind loosing it then offer lower.

How does that work?

Legally, anyone who offers, that offer must be put to the vendor by law.

Best and Final Offer is just a vehicle to push prices up, but it's not binding.

In the same way that someone who wins the "BAFO" race can pull out at any time up to exchange.

Slithery

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.