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The Offer in Excess Conundrum
Comments
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Hi all and thanks for your input to my thread.
Just an update I put a offer in for 215 on Monday afternoon. At present it has not been rejected or agreed. So my guess they are seeing what other offers they get from viewings this week to see if they get anything better so they can get a bidding war going. Or if not go with my offer.
Who knows lol
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It hasn't been rejected out of hand, with you being told (e.g.) that all offers under the OIEO number aren't being passed to the buyer etc. Time for a bit of patience.Floopy2009 said:Hi all and thanks for your input to my thread.
Just an update I put a offer in for 215 on Monday afternoon. At present it has not been rejected or agreed. So my guess they are seeing what other offers they get from viewings this week to see if they get anything better so they can get a bidding war going. Or if not go with my offer.
Who knows lol0 -
@RHemmings absolutely as previous experience if it's a no it comes back quickly. Just cracking on continuing my search through right move again etc nothing more I can do now1
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Yes. I see that I didn't write my post properly and it's not clear, but your interpretation of it is what I meant to say.Floopy2009 said:@RHemmings absolutely as previous experience if it's a no it comes back quickly. Just cracking on continuing my search through right move again etc nothing more I can do now0 -
Depends on the market though doesn't it. If it's a "falling" market where prices are coming down (a bit) from silly levels, then yeah people will be looking for a "discount", as it's a slight return (towards) realism.JustinTime19 said: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 ?
Whereas if it was the other way, a rising market, vendors would loooove to be getting a "bonus" by having everyone offer OVER the asking price, and bidding against eachother to rise it further. If it can go UP that much, it's only fair it comes down too when there's a falling market.0 -
I ignore it. Any seller who thinks a buyer will take their stance seriously is naive. Especially in this market, there is no place for unrealistic sellers.0
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or unrealistic buyers...lookstraightahead said:I ignore it. Any seller who thinks a buyer will take their stance seriously is naive. Especially in this market, there is no place for unrealistic sellers.
For me this gives insight to the thinking of a seller. You can build an idea of how to approach your offer and then how you scale it subsequent counter offers. So personally i wouldn't ignore this.0 -
People are people. Sellers are almost always buyers themselves. Timewasters abound in any property market. Tend to be more obvious when it's quieter.lookstraightahead said:I ignore it. Any seller who thinks a buyer will take their stance seriously is naive. Especially in this market, there is no place for unrealistic sellers.0 -
If its new on the market i think offering under is unlikely to be accepted. It has been valued at over 220 by the estate agent and that is what the seller will have in the heads, If its genuinely worth less then it will probably take them a few weeks of little interest and no offers over to realise its been overpriced0
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Personally I would not consider someone making an offer under an OIEO price a time-waster, unless the offer was unrealistic compared to market value.Hoenir said:
People are people. Sellers are almost always buyers themselves. Timewasters abound in any property market. Tend to be more obvious when it's quieter.lookstraightahead said:I ignore it. Any seller who thinks a buyer will take their stance seriously is naive. Especially in this market, there is no place for unrealistic sellers.0
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