How much to offer (when "offers in excess of" stated)?

LicoriceStick

How long has it been on the market for?  Have they had any offers?  We saw a house we really liked which was 'offers over'.  Thought the price was a bit steep so offered 5k under.  Offer refused.  Another interested party offered too but it must have been lower or the same as ours because that wasn't accepted either.  Grappled with it for a couple of days and then just woke up one morning and thought 'I really want that house!'.  Second offer of 2k under 'offers over' price was accepted.  Really happy with that because the location is perfect for us, the house ticks all of our boxes (bar one which we can address) and we see ourselves living there for a long time. The price we offered felt right for us.

lookstraightahead

Just offer what you think it's worth.

I don't even see those words when I view properties and it's never been an intention, they just want a bidding war.
That's my experience anyway.

jonnydeppiwish!

£265k would be my offer.

robatwork

A dilapidated property on the market for a year - probably take a low offer
On the market a few days and "turnkey" ready - probably won't

The answer, of course is, it depends.
The words themselves mean nothing at all. It's not like buying a box of dairylea.

LicoriceStick

lookstraightahead said:

Just offer what you think it's worth.

I don't even see those words when I view properties and it's never been an intention, they just want a bidding war.
That's my experience anyway.

Agree. Bidding wars in our area in 2022 but not 2023 thus far.

[Deleted User]

The agent will tell you that it's already got offers over as well. Don't get suckered in.

Sarah1Mitty2

Katie_F20 said:

Hi everyone, 

I'm looking for some advice/views/opinions on what to offer on a property currently listed "£325k offers over". The property is a 3 bed house (2 doubles, 1 single) with 1 bathroom, kitchen/diner, lounge, and garden room. The property has extensive gardens with 2 small outbuildings (with power) and 2 sheds. 

It is the first place we have seen that has most of what we need and a lot of potential. Houses in the area sell on average for £279k. 

Would it be better to offer the asking price? Or would it be better to come in slightly under given the market at the moment and average prices in the area? We're first-time buyers so any advice would be appreciated. I realise that this isn't a lot of information to go on but any thoughts are welcome.

Thank you! 

Can you post a link to the property? You can always delete it later if you don`t want it left up, very hard to make judgements on asking price without seeing it.

youth_leader

If you have done your comparisons with similar properties, hopefully land registry will now show the actual price paid. 

I would look at the price a similar house sold for over the past six months, then offer what you can comfortably afford. 

Sarah1Mitty2

youth_leader said:

If you have done your comparisons with similar properties, hopefully land registry will now show the actual price paid. 

I would look at the price a similar house sold for over the past six months, then offer what you can comfortably afford. 

Only going back six months doesn`t work now, not with the pace of rate rises.

Vannaa

[Deleted User] said:

The agent will tell you that it's already got offers over as well. Don't get suckered in.

Viewed a property with an 'in excess of' price last week. Agent said to offer under as vendors were keen to sell and would likely accept. I did and they did.