Making an offer on a house, Offers over.

Spidermidge

Hi
 i am thinking about offering on a house with offers over 200k. There was an open day at the weekend which attracted a lot of prospective buyers. I am a cash buyer with no chain. any thoughts on what to offer with a good chance of getting it. i dont want to get in a bidding war if i can help it. Thankyou. 

Stubod

..how long's a piece of string??...how can anybody possibly know. See what similar properties in the area have / are going for and just offer them what you think it is worth to you...??

Hoenir

What's the property worth to you ?   How disappointed would you be lose it? 

Decide on an offer and stick by it. 

Flugelhorn

TBH I have never found that being a cash buyer with no chain got me that far if they could get a higher offer out of someone whose property was "under offer" 

eddddy

You could try chatting with the estate agent to try to get some insight. Asking the following question has worked for me a couple of times: "What sort of offer do you think I'd have to make to be successful?"

A sensible estate agent will give a realistic answer.

If the estate agent gave an unnecessarily high number, there would the risk of the buyer saying "it's not worth that, so I'm not going to make an offer."

If the estate agent gave an unrealistically low number, it would be a waste of everyone's time to offer that amount.


But on the other hand, I guess that some estate agents might refuse to get drawn into that type of discussion.

Spidermidge

Thanks yes have done some research now, and i have a figure that i wont go over. Early in year there will be others coming on to the market hopefully if i dont get this one .

gwynlas

If the property is new to the market and they have invited offers over it generally means what is says but you could offer close to asking price
In a months time they might they might be more open to offers around the asking price

horsewithnoname

Offer an amount that you would be fine if someone offers more, to not buy the house. 

Mildreds_Earrings

I put a letter in with my offer, explaining that I wasn't in a chain and included my bank statement which showed I was a cash buyer. This was after a weekend of open house viewings. I only went £3.5k over and explained my reasons for doing so in the letter (comparable properties). The letter also explained I was ready to go and I included contact details of my conveyancing solicitors.

Estate Agent phoned Monday evening, by which time I had lost all hope, to say my offer was accepted, even though I wasn't the highest bidder. I was delighted! Letters are old fashioned but I couldn't trust the estate agent to explain everything to the seller and anyway, it worked! All the best. 

incus432

Reduction from a simple guide price to 'offers over' is sometimes done to generate more interest (particularly if it puts the house in a lower bracket on Rightmove), and from the vendor's view set a floor. But they may accept an offer a bit below if you are a cash buyer (we did) and they haven't had other offers and they are also keen to move quickly.

youth_leader

I am glad your offer was accepted, I hope your survey results are good.  Good luck.