"Offers in Excess of" in England

Nenen

Has anyone had any luck getting an offer accepted under asking price when a property has been marketed at 'offers over...' ?

jonewer

Nenen wrote: »

Has anyone had any luck getting an offer accepted under asking price when a property has been marketed at 'offers over...' ?

I'm firmly in the "dont even bother to view it" camp...

Strapped

jonewer wrote: »

I'm firmly in the "dont even bother to view it" camp...

Doesn't that depend on the price it's being marketed at? If (not the case here) it was being marketed at a discount price then surely you'd be cutting off your nose to spite your face?

jonewer

Strapped wrote: »

Doesn't that depend on the price it's being marketed at? If (not the case here) it was being marketed at a discount price then surely you'd be cutting off your nose to spite your face?

OK, I would if the price was really good (ie oieo £250 where houses are normally £300) but those I have seen adverised are never noticably less than comparable properties and sometimes noticably more.

Just cant be doing with bidding wars.

Richard_Webster

It is obviously a technique that is used a lot in times of house price inflation. Where I am in South Hampshire we don't see it much. Usually agents simply put the asking price up.

In other parts of the country (e.g Sheffield) where there is a scarcity then agents seem to use it to see what they can get and encourage sealed bids for basic terraces on an OIEO basis. A couple of years ago I acted in a case where the successful offer was about 7% over the original figure.

Whether this tactic will fool anyone now is another matter. I agree with other posters that you should offer what you think it is worth.

IveSeenTheLight

jonewer wrote: »

OK, I would if the price was really good (ie oieo £250 where houses are normally £300) but those I have seen adverised are never noticably less than comparable properties and sometimes noticably more.

Just cant be doing with bidding wars.

Just to clarify, in Scotland the "offers over" price is usually lower than the survey valuation.
This is to generate interest. Therefore it is understandable to go above the "offers over" price, even in a falling market.

Regarding going to a bidding war, while it can be construed as this, its not like an auction where you can keep outbidding each other.
Generally, its sealed bid, so you put in an offer you think to be reasonable, affordable and one which you think can secure the property. At an agreed time, the bids are opened and found who has bid the most.

mr.broderick

Nenen wrote: »

Has anyone had any luck getting an offer accepted under asking price when a property has been marketed at 'offers over...' ?

I've just bought a property on for offers over for 17k less than that figure.

mr.broderick

In my experience its usually a tactic used by estate agents to lower the price but still keep up vendors expectations, hope this makes sense.

sammyjammy

Richard_Webster wrote: »

It is obviously a technique that is used a lot in times of house price inflation. Where I am in South Hampshire we don't see it much. Usually agents simply put the asking price up.

In other parts of the country (e.g Sheffield) where there is a scarcity then agents seem to use it to see what they can get and encourage sealed bids for basic terraces on an OIEO basis. A couple of years ago I acted in a case where the successful offer was about 7% over the original figure.

Whether this tactic will fool anyone now is another matter. I agree with other posters that you should offer what you think it is worth.

Thats interesting, I'm in a "basic terrace" in Sheffield and its currently worth around £125k, I bought it 8 years ago for £29k, its madness, interestingly Yorkshire is supposed to see the biggest drop in house prices over hte next year or so. Sam

jackieb

I'm in Scotland and there was one up for sale at offers over £149k. It's been on the market for a couple of months. They've now got it at a fixed price of £165k!