Properties that say offers in excess of

Toscaboy

Hi guys, any opinions/advice are most welcome

Having recently lost my husband, I want to move nearer my sister. I'm totally on my own.
I saw a house for sale with offers in excess of £270k, it only came on last week, and the EA said they have mega interest and 8 viewings were to be held over the weekend.
As the house is practically next door to my sister, I want it more than anything, plus I do like it, which helps. 

 I live a long way from the area and don't drive, I decided to act fast and managed to arrange a viewing on the Friday before they had the open day.

My property is SSTC, and I do not require a mortgage. The EA was there with the young couple selling. I viewed and made an offer of £275k, the EA said you cant do that the sellers want to see the outcome of this weekend's viewings, so I offered £277,500, the sellers said they didn't know what to do and were totally influenced by the EA.
They said they wanted to see the offers from others, so I finally offered more, now 10k over their price. 
Still no acceptance, I explained my situation and having to taxi 100miles there and back, and still no. 
I emailed the EA branch manager to say I'm not being taken seriously, I was told that properties are so much in demand in the area, it will go to the highest bidder after the weekend views, so I increased my offer, making it  £15k extra. I'm willing to go higher but don't think I'm in with a chance the way the property market is at the moment. I feel gutted, wish I'd never seen the place.
feeling down thanks for listening guys xxx

Hoenir

The vendors will wish to consider their all their options fully. That's why they are holding an open weekend. Popular properties will always attract high levels of interest.  You can offer whatever you think the property is worth to you. 

Brie

have you checked to see what else is offered near by and what price?  (silly question - I'm sure you have)  Have another look and put your choices in preference order.  Think if you want to be right next to your sister.  (& she to you).  

I can certainly understand the vendors wanting to see what other offers there are.  What if they don't get any offers or they say no to over £270k?  What if others are willing to pay £300k?  They would be silly to not make an informed decision.  But if you've let them know how perfect a home they've got on the market and how much it would mean to you sometimes that will influence people. 

If you get it great.  If you don't, don't worry as there's likely to be another beautiful place nearby.   We've missed out on that "perfect" place which is the first we put on offer on.  And we tend to look back and think "thank dog we didn't get it as this place is so much better!" 

Slinky

The problem is that you've shown your hand and the agents will be using your many offers to put pressure on others to make a higher offer. Hopefully nobody else wants it as much as you, but be careful you don't get drawn into a bidding war.  

A better tactic would have been to have asked the agents to find out from the couple what price they want to have taken it off the market and not allowed any viewings. This may have given you a price you would be happy to pay, but they may have just decided to go ahead with the viewings and see what shakes out.

Good luck.

swingaloo

I would be careful of keep increasing your offer as they may take advantage of that. does the seller know that you are in a position to move very quickly and that your house is sold as that would influence me as a seller.  If it is near to your sister, does she not know the seller? Could she perhaps have a word and ask what they would accept?

GDB2222

It’s a very emotional time for you, and I am very sorry for your loss. 

Realistically, the sellers are going to go ahead with the weekend of viewings. I certainly would, and others on this thread have done the same. So, all you are doing at the moment is driving the price up. 

You’re just going to have to be patient, I’m afraid.  It sounds like a lovely house, and I hope you get it, but there are always other houses. 

I live in a road with only 20 houses. 3 sold in the last year, and another 4 are now on the market. It’s a buyer’s market at the moment, and I think the estate agent is winding you up a bit. 

gwynlas

The mistake you made was increasing your offers on the spot. a little patience might have led to a reasonable discussion after weekend viewings and any other offers being made.

Offers in excess of means nothing only EA trying to gauge what people might pay.

Phone on Monday and ask how things went, you are in a good position to offer subject to survey with no need of a mortgage.

Before doing so is the house totally future proof for you in terms of stairs, bathing facilities, garden maintenance etc?

Toscaboy

Great responses from you all, thank you so much for all the input. Unfortunately, there are only a few properties for sale in the area, and even a terrace with a backyard is £250 ish, this one has a big garden
I think you're right, I was too quick with the offers, every day is a school day, I think I was just hasty because of my situation. 
Well, I won't raise my offer, it all depends on the outcome tomorrow, and whether the EA is honest hahaha
I understand the couple weighing up all their options, they are so young and seem to look up to the EA.
I will keep you posted with the result xxx

theartfullodger

In about 2001 I offered more than 15% off the "offers over" price.  Got the rudest, bluntest ever response from estate agent.  I thanked them politely.

A week later I made the exact same offer, via solicitor.  Accepted.  Owned for about 20 years.

There are no rules.  Offer what it is worth TO YOU.   There are no rules.

Hoenir

Slinky said:

The problem is that you've shown your hand and the agents will be using your many offers to put pressure on others to make a higher offer.

Given the initial interest shown. This property is going to sell itself.  When people want something enough they'll pay over the odds voluntarily. 

youth_leader

You might have had a lucky escape.  I've been very unlucky with my downsized purchase and do wonder where I'd have gone if I hadn't been 'chosen'.

I am also widowed and saw this bungalow first, and offered asking as soon as I left the property.  The EA told me the vendor 'wanted to continue with the rest of the viewings over the weekend'.

I really empathise with you as I spent a very difficult weekend 'waiting' to see what would happen.  The EA rang me early on the Monday morning and apparently everyone had offered asking - one had offered slightly less, but had phoned at 9 am and increased their offer to asking. 

The EA went on to say the vendor had chosen me, as a cash buyer, but she wanted more.  As it was during lockdown in 2020 and stamp duty had been waived, I offered the amount of stamp duty which she accepted.

All marvellous I thought ... until Storm Arwen blew the flat roof off, she had obviously chosen the lowest quote, it was badly fitted by a cowboy.  Nailed down rather than screwed, it was blown over the back of the bungalow, terrifying for me and my little dog.

And then the curtain maker's fitter helped me discover every single floor was rotten.  I would say I am bitter, I didn't know people like her existed.