Offers in excess of negotiations

mi-key

Having 17 year old appliances and boiler isn't really going to reduce the cost much. If they work fine then that is included with the current price the seller is asking. You may want new ones and to replace the boiler, but you are going to be the ones getting the benefit from that in the future, so it's no incentive for the seller to give you any discount for that, and really the cost of that is down to you to cover in the future when they are done.

How much are they asking for offers over, and what is your maximum you can spend? 

TheJP

gd.kelly said:

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.

Appliances age etc will be factored into the price of the property. 

What are you basing that 7% reduced offer on? Make sure you have comparable to go against otherwise you will come across as a difficult buyer. Can i ask if you are an FTB?

SprostonGreenHead

OIEO is a bit of a marketing sham. Offer what you think the property is worth and what you can afford to pay for it. Or IMO, offer slightly below that, to give yourself headroom to improve on an initial offer.

If the property has been on the market a whole year and not sold, then the asking price is probably set too high. What you don't know with regard to the failed buyer is what their offer was. It could have been significantly less than the OIEO asking price.

gd.kelly

No, not a FTB and 7% is based on others that have sold, not just a random figure .

The house has not had any offers since March 22 and only 4 viewings since October when it was reduced. Therefore, I feel OIEO is optimistic given the market landscape

MikeJXE

gd.kelly said:

No, not a FTB and 7% is based on others that have sold, not just a random figure .

The house has not had any offers since March 22 and only 4 viewings since October when it was reduced. Therefore, I feel OIEO is optimistic given the market landscape

If it's had no viewers no one is interested at that price or if I am wrong someone will correct me I'm sure 

mi-key

gd.kelly said:

No, not a FTB and 7% is based on others that have sold, not just a random figure .

The house has not had any offers since March 22 and only 4 viewings since October when it was reduced. Therefore, I feel OIEO is optimistic given the market landscape

Bear in mind all the upheaval that happened in Sep /  Oct ( and has now mainly settled down ). Also Nov / Dec / Jan are always the quietest times of year for selling houses as people have Xmas and all the other stuff going on.

But as others say, offer what you can afford and they will say yes or no. If the answer is no, then keep looking at others 

mi-key

As an aside I have always thought the OIXO thing is very weird ! I know its a bit like the agent saying this is minimum a seller will take, but also sounds like if you offered £1 over then they would accept it !

lookstraightahead

I totally and utterly ignore OIEO. It's a marketing tool that makes me chuckle.

I always go with an offer less than asking too and it's always worked for me. Probably because I won't get into bidding war shenanigans.

SprostonGreenHead

mi-key said:

As an aside I have always thought the OIXO thing is very weird ! I know its a bit like the agent saying this is minimum a seller will take, but also sounds like if you offered £1 over then they would accept it !

I was looking at a property last year that was priced at "OIEO 524995". We offered 525k and the EA said "It's offers over 525k". I had to have a bit of a rant about how pricing something at "offers over" an amount which was a few pounds short of a round number was almost certain to elicit offers of said round number. You'd think they'd understand that!

TheJP

gd.kelly said:

No, not a FTB and 7% is based on others that have sold, not just a random figure .

The house has not had any offers since March 22 and only 4 viewings since October when it was reduced. Therefore, I feel OIEO is optimistic given the market landscape

Good so you can prove the method in your thinking. Go for it, good luck. This could be the time when the sellers concede defeat in getting the price they had hoped and as you say its empty earning nothing.