Offers in Excess of

nicknameless

Totally depends on where 165 lies in relation to approximate market value.  I laugh when people say they wouldn't even view an offers offer sale.  Even if it were offers over 30k under market?  Offers over a pound.  Far too black and white. 

What have similar properties in the vicinity sold for recently?

stamford5957

Completed on my house end March and it was on the market for in excess of £700K... got 2 offers of £710K, 1 offer of £720K and 2 of £730K - went with one of the £730K offers who were true cash buyers with no chain.

Scotbot

Assuming you have the time view it and  make the offer, it’s good experience. The worst that  can happen is they say no and you ever hear from them again. As longer you are realistic and don't build your hopes up where is the harm?

[Deleted User]

Ignore the price they put on the ad. Offer what you can afford and what the property is worth.

Noneforit999

You have nothing to lose by offering.

It really depends on the desirability of the property, if yours is the only offer and there is little other interest then you might be in with a shout.

On the other hand, if its a popular one with lots of interest, your offer is likely to be declined.

We did offers over £350k back in January, we got £380k and the buyers lender agreed which even surprised us a bit as we were expecting a down valuation. Personally I knew our house would be popular, its < 10 years old, has off road parking, a garage, good sized rooms and nothing (except decorating) needs doing so I told the EA I wanted over £350k and don't bother telling me anything less than this. 

TheJP

Agree with everyone, if you have time to view then offer what you think its worth however why are you looking at houses over your maximum budget?

Its not the agent that set OIE its the seller, we marketed our house for 'offers in the region of' as we knew the house could sell for £X but we could accept £Y in order to make the next move work.

OIE is an indication that £165K is the lowest the seller would accept but highly likely they think the house can achieve a higher figure.

I guess ask yourself if you are wasting time on this property rather than viewing properties in your budget range?

Slinky

View it, offer what you can afford if you like it. There's the possibility you may not like it when you view it anyway.

Gavin83

I don’t really understand why people get so upset about OIEO adverts. I see it as the vendor telling me the minimum they’d accept, at least in theory. Similar to an auction with a reserve price.

Still, as a buyer I don’t think it makes any difference. Offer what you want to offer, OIEO or not.

movilogo

I don’t really understand why people get so upset about OIEO adverts. I see it as the vendor telling me the minimum they’d accept, at least in theory. Similar to an auction with a reserve price.

Not necessarily. If no one else offers over asking price, vendor may accept offer below asking price.
So thumb rule is offer what you think the house is worth. Acceptance of offer is not on your hand.

Gavin83

movilogo said:

I don’t really understand why people get so upset about OIEO adverts. I see it as the vendor telling me the minimum they’d accept, at least in theory. Similar to an auction with a reserve price.

Not necessarily. If no one else offers over asking price, vendor may accept offer below asking price.
So thumb rule is offer what you think the house is worth. Acceptance of offer is not on your hand.

Seems we agree on the later paragraph.

As for the first paragraph, that’s why I added the “in theory” element. I’m a believer in that prices are set by buyers in almost every transactional process. 

However it still works in a similar way to eBay in this case. Vendor sets the minimum they’re willing to accept. If the buyers aren’t willing to pay this then they need to decide whether they’re willing to readjust their expectations or alternatively not sell, assuming that’s an option. I know of a few cases where the vendor has pulled the house if the price hasn’t met their expectations, including one we viewed recently and my parents also did this.

Regardless of what vendors want buyers should pay what they’re happy with. If the house is fairly unique and ticks all the boxes this might be more than it’s worth on paper but that’s still for the buyer to decide.