Offers in excess of negotiations

gd.kelly

We have seen a property we are very interested in, buy its listed as Offers in excess of. Its been on the market since March 2022, had an offer that fell through and was then reduced in October 2022.

It's just over top end of our budget, so wondering what's the chance of a lower offer being accepted. 

Thanks

MikeJXE

A property thats been on the market almost a year is obviously over priced, even more so now prices are falling.

Offers over are usually by owners who are greedy or don't agree with the estate agents price.

No harm in putting in a low offer they can either accept or not but I definitely wouldn't give near the asking price on a property that's stuck because it's over priced 

SusieT

It may be that the sellers have a minimum price they are able to accept that is at oe a bit above the asking price, in which case they will politely decline any offer under that. I would go and have a look, and offer what you think it is worth to you and just use the price as a guide, if it is acceptable they will say yes, if it is below what they can accept, or if they are not prepared to take what you offer for whatever other reason then they will decline.

mi-key

It's worth a try if its been on for nearly a year. Could  be the sellers are thinking of reducing it again anyway at some point, so they may accept a ( sensible ) lower offer. Could also be they need X amount to be able to move, or its been inherited and they dont need to sell in a hurry...

letom

MikeJXE said:

A property thats been on the market almost a year is obviously over priced, even more so now prices are falling.

Offers over are usually by owners who are greedy or don't agree with the estate agents price.

No harm in putting in a low offer they can either accept or not but I definitely wouldn't give near the asking price on a property that's stuck because it's over priced 

This doesn't mean the seller is greedy, the seller is trying to maximise the amount they get just as the buyer is trying to minimise what they pay, both are perfectly acceptable.

If it's been on the market a year it's clearly overpriced, however I think more importantly this implies the seller is not highly motivated to sell. They've been happy sitting on a listing for nearly a year now, which tells me the chances of deal getting done are low.

gd.kelly

We've had a look this week, it's a nice house, 17 years old, but all appliances and boiler are original so that needs factoring in. The seller has already moved into their new home, so whilst they may have a price in mind, I suspect it could be seeing what they can get rather than needing it (although I could be wrong).

I'm seeing it again today, so may go about 7% under perhaps and see what happens.

justwhat

Go in low , See the reaction. Even if the EA says they will not accept, get them to pass the offer on.

If first offer is accepted you did not go in low enough. lol They should never accept your fist offer.

Good luck.

dimbo61

17 years old is not an old property 
Modern property with hopefully  good EPC ?
Combi boiler ? Gas central heating ?
Does it have everything on your ticket list ?
Garden, parking, enough bedrooms, bathrooms etc
The property may have sold last year and the sellers waited for the buyer to sort the paperwork, surveys, legals etc and the buyer pulled out for whatever reason.
A property is worth what someone is prepared to pay for it !
Have you fallen in love with the house, location, type of property !
Will this be a long term home ?

gd.kelly

Thanks fimbo61, I know 17 years for a house isn't old, but it is for a boiler. It's not a combination, it's a floor standing and others in the area have replaced them. EPC is average, not in line with newer builds, but similar to other properties 

EssexHebridean

You have available to spend what you have available to spend - so that informs what you can offer. I’d suggest going in slightly under your maximum, with an acknowledgment that it’s priced OIEO X which is slightly above your budget, but that you’ve noted that A, B & C will need to have replacements budgeted for, hence the offer. If you like the house and would like to live in it then say as much - a bit of openness and honesty can go a long way sometimes. 

It does sound as though they may have already taken into account a falling market with a price reduction in October though - was this when the previous sale fell through? 

diystarter7

Hi OP

No offence but if you are deemed a serious buyer by an EA, ie no history of making offers backing out etc etc for little or no reason - tell the EA, debate an offer to make, if the EA try xxxx, say you want to make slightly lower than that and see what happens, A person that is serious in selling often comes back within minutes of being reached re offers and trust me they will return with a counter. However, the EA may hint to you that the offer tyou want to make, a simlar was rejected. However, their bying circumstances may have been different. Prices have eased as well.

I've never met anyone inc myself where we have made very low offers and not had subsequent offers accepted if we were really interested at a higher price. However, only you can decide as no one can read the others mind and the seller could be entrenched re price but unless you try you dont know but seek the guidance of EA and then use your own judgement at your own risk

Dont forget, even when an offer is accepted the seller, just like you can back out weeks down the road until the bits of papers have been signed/exchanged contracts si if you really want it, then push towards that

Btw - if you offer is accepted demand the proerty has no more viewings.

Thnaks...