The Offer in Excess Conundrum

Floopy2009

Thanks everyone for your input much appricated knew it would divide peoples opinion lol.

@MobileSaver, totally agree what you are saying for the sake of 5k, and its only just come on the market and i think i was the first viewing as well. Will do another wrecky over prices in the area tonight before i contact ea in the morning. Even if i do go for 220,000 they might want to do more viewings and get the price up but not going into a bidding war over it and will have to walk away.

If its meant to be its meant to be guys........

ManuelG

I sold my house for offers over, and it basically meant the price in the advert was the bare minimum to start at, anything below that would have been rejected out of hand.

BobT36

ManuelG said:

I sold my house for offers over, and it basically meant the price in the advert was the bare minimum to start at, anything below that would have been rejected out of hand.

*shrug. Still worth people making lower offers if they genuinely think it's worth that. 
Then if you're one of those "not been able to sell my property for a year, what's wrong???" people, you'll have the feedback at least lol.

Emmia

BobT36 said:

ManuelG said:

I sold my house for offers over, and it basically meant the price in the advert was the bare minimum to start at, anything below that would have been rejected out of hand.

*shrug. Still worth people making lower offers if they genuinely think it's worth that. 
Then if you're one of those "not been able to sell my property for a year, what's wrong???" people, you'll have the feedback at least lol.

I think it depends on where the minimum acceptable price has been set, if it's a good, realistic price for the property then it should get sold for that or an in excess offer. 

If it's a pie in the sky price though...

Either way, the OP is free to offer what they want to, and the seller is free to accept or decline that offer.

ManuelG

BobT36 said:

ManuelG said:

I sold my house for offers over, and it basically meant the price in the advert was the bare minimum to start at, anything below that would have been rejected out of hand.

*shrug. Still worth people making lower offers if they genuinely think it's worth that. 
Then if you're one of those "not been able to sell my property for a year, what's wrong???" people, you'll have the feedback at least lol.

The question was what would people do and from my perspective when selling, in the prospective buyer's shoes I would offer the £220k to be taken seriously.

JustinTime19

I advertised a property with offers in excess of but realised after it was a bad decision, people weren't interested in the offers over bit and were looking for an immediate discount on the advertised price which frustrated me as the seller. You could argue that the market valued the property, or they views were being opportunistic.

It all depends on the motivation of the seller and the current market.

Some questions I think about when making offers

Can I find out the motivation of the seller ?

If I sold it tomorrow would I get my money back ?

What's the property worth to me ?
How often do properties with these characteristics come on the market ?

Bigphil1474

We looked at loads of places before buying the house we (hopefully) will be moving into in a couple of months. In excess of, offers above etc. made no difference to my mind, they were just the sellers target price. 

OP, we had our similar sounding property up for sale in a similar price bracket (£190k) and accepted £10k under marketed price - partly because it was a FTB who made the offer. The 3 EA's who valued it, basically said it was worth £180-£190k, so we went for the top end for marketing with a view to coming down. At £220k price, I'd be offering £210k and see what happens. If it's a straight refusal, you know you are way off, if you get a negotiation back, you know you aren't far off, and if it's accepted, then happy days. It would surprise me if it wasn't accepted unless they get a couple of chain free buyers interested.

We offered £345k on a house that was offers in excess of £360k. It had been on the market for over 7 months, their EA said the place wasn't shifting and 'there was a deal to be done', and they thought the offer was fair, but the seller turned it down. A few days later they sold it for at least £360k (we couldn't get an exact figure from EA), so the seller knew what it was worth to them.. 

TheJP

This tells you the sellers stance, they have a figure in their head that they need to sell for, its hinting that they wouldn't entertain anything under £220k however i would offer £215k in the first instance and quickly if you want the house, can afford the house and the house is a comparable price to similar nearby houses. They may bite or ask you to up your offer which i would go in at £220k. 

amandaleeds

I recently sold for offers over.. I initially had an offer 3k over but after about 4 months they pulled out as I hadn't found anywhere to move to. My next buyer initially offered a cheeky lowball figure and my EA negotiated it up to 1.5k below the OIEO asking price which I accepted (now sold even though I've had to go to temporary accommodation!)

RHemmings

ManuelG said:

BobT36 said:

ManuelG said:

I sold my house for offers over, and it basically meant the price in the advert was the bare minimum to start at, anything below that would have been rejected out of hand.

*shrug. Still worth people making lower offers if they genuinely think it's worth that. 
Then if you're one of those "not been able to sell my property for a year, what's wrong???" people, you'll have the feedback at least lol.

The question was what would people do and from my perspective when selling, in the prospective buyer's shoes I would offer the £220k to be taken seriously.

I would offer the £210k that the buyer thinks it's worth. If they aren't taken seriously, then that's no problem for the buyer that I can see. They can always move to £220k afterwards should they decide the property is worth it.