Properties that say offers in excess of

UnsureAboutthis

I trust EA' as much I trust politicians ie zero.

A property is only worth what the buyer/s are prepared to pay and then it's up to the buyer to accept

Once the offer is accepted as you know its not binding

I've seen properties advertised "offers over xx.." but got for a few k's less

It's supply and demand

If you are unlucky, there may be someone else who is desperate to move into that street etc.

In your favour, you have SSTC and will be in a stronger position once you exchange contracts.

Personally, I would have waited and then kept in close contact with the EA and then put my offers in and reminded the EA to highlight my financial position, ie cash etc.

Our son wanted a detached house and move into our road.  there are only about 20 detached houses our road the others about 40 of them are semi's -  a detached came up three doors away from us that needed doing up and he got it and happy with what he paid.

Good luck.

Herzlos

Slinky said:

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.

I've seen a few people successfully go down this route, but you'd probably need to offer a fair bit over the £270k to get them to take it off the market, maybe 10% which would be £297k.

That is of course if you believe there's a lot of demand, but since they don't go up for sale often it's possible, and given then location is uniquely important to you it may be worth putting in your final highest bid now in order to seal it. We went £15k over and only just got it. 

GDB2222

Herzlos said:

Slinky said:

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.

I've seen a few people successfully go down this route, but you'd probably need to offer a fair bit over the £270k to get them to take it off the market, maybe 10% which would be £297k.

That is of course if you believe there's a lot of demand, but since they don't go up for sale often it's possible, and given then location is uniquely important to you it may be worth putting in your final highest bid now in order to seal it. We went £15k over and only just got it. 

I think that ship has sailed in this case. 

The op may end up in a bidding war, but at the moment they seem to be bidding against themselves. 

UnsureAboutthis

Herzlos said:

Slinky said:

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.

I've seen a few people successfully go down this route, but you'd probably need to offer a fair bit over the £270k to get them to take it off the market, maybe 10% which would be £297k.

That is of course if you believe there's a lot of demand, but since they don't go up for sale often it's possible, and given then location is uniquely important to you it may be worth putting in your final highest bid now in order to seal it. We went £15k over and only just got it. 

I'vw yet to meet anyone who would have taken the house off the market for an offer made by a first viewer and they knew they had 10 or so other parties to visit on the weekend.  Even if the offer was 10% over I sill cant see it happening unless the buyer was a cash buyer and no survey etc.

I don't trust EA's and they will often at times if you are insisting your house is worth x agree just to get it on the market then a week later talk you down to down price it and they've got your business. The other risk is they have valued at the very low end as an EA only makes money on a sale/completion.

If the seller is weel versed on rprices and it can be difficult to place a price on an area/street where there are several types of houses with varying ages of the houses.

Best bet is like i said in my earlier post and do keep in close contact with the EA if you are dealy serious.

I've noted ourselves and via family, we've all had full asking price by one viewing only and the married couples one half came along often with a child as the OH was at work. These types of offeres fall through the next day in our expereince.

So, do your research on the area, look at the recent sale prices and dont forget properties even though they may look the same may have been extended, and or sout facing garden or have more privacy in their front and reat gardens and or in a better part of the street etc - also visit the street at differnt times of the day and weekedays and weekends to get the feel of the area and then make your offer/s. To many just make an offer and then are often assuming they are paying too much because possibly what family and friends have said who may have never owned a property or bought one many years ago.

UnsureAboutthis

GDB2222 said:

Herzlos said:

Slinky said:

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.

I've seen a few people successfully go down this route, but you'd probably need to offer a fair bit over the £270k to get them to take it off the market, maybe 10% which would be £297k.

That is of course if you believe there's a lot of demand, but since they don't go up for sale often it's possible, and given then location is uniquely important to you it may be worth putting in your final highest bid now in order to seal it. We went £15k over and only just got it. 

I think that ship has sailed in this case. 

The op may end up in a bidding war, but at the moment they seem to be bidding against themselves. 

As I said, never trust an EA.  Some EA's are better than others and some are known to play games.  Often you will only know that if you have expereince with them but at times a review may shed light.

You could always get family/friend to ring up and ask about the property etc and what if any, offers have been made and if those offers are being considered etc  - at times it helps and we've done that.

I've found an WA is your best friend until that is your signed on the dotted line ie exchange of contracts.

Tabieth

I’m sorry for your loss and good luck for the move. 

Unfortunately you have not played this well and you have totally tipped your hand. For totally understandable reasons, you have come across as desperate to buy the property. The sellers were unlikely to have accepted the very first offer and take it off the market before all those viewings. You should have made your offer and then waited for the other viewings. But by immediately and repeatedly upping your offer you have demonstrated that you want the property desperately and are (it seems) willing to pay anything. The only person you’ve bud against so far is yourself! 

You can’t change what’s happened but you can play it cooler moving forward. Wait for the other viewings to happen. See if there are any other offers. Decide the top amount you are willing to pay (for keeping to yourself,  not for sharing with the EA!). If you do speak with the EA again, say you’ve had time to think and you’re feeling cooler and less emotional now. Give them your offer and then wait… Don’t keep chasing and upping your offer. Don’t bid against yourself, give it time. 

Also, if your offer is accepted, do consider now what you’d do if the seller asks for extra money the day before exchange. You’ve come across as desperate to buy that property so an unethical seller may take advantage of that. Hopefully they won’t be so awful but it happens. And it’s why you need to come across as cooler and less desperate for the rest of the process. 

Good luck!

MeteredOut

As stated previously, the vendors will now use your offers to baseline their expectations with future viewers.

You should now look at the property as effectively being OIEO £285K.

Herzlos

UnsureAboutthis said:

Herzlos said:

Slinky said:

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.

I've seen a few people successfully go down this route, but you'd probably need to offer a fair bit over the £270k to get them to take it off the market, maybe 10% which would be £297k.

That is of course if you believe there's a lot of demand, but since they don't go up for sale often it's possible, and given then location is uniquely important to you it may be worth putting in your final highest bid now in order to seal it. We went £15k over and only just got it. 

I'vw yet to meet anyone who would have taken the house off the market for an offer made by a first viewer and they knew they had 10 or so other parties to visit on the weekend.  Even if the offer was 10% over I sill cant see it happening unless the buyer was a cash buyer and no survey etc.

It'd need to be a good offer and sellers keen to get on with it, buy yeah in this case with a lot of interest immediately the seller would be mad to not wait a few days to see what the weekend viewers think. 


I think the big question is how valuable the location is to the OP, by the sounds of it being close to family is a really big deal so they may need to offer pretty high to secure it. 

Toscaboy

Youth-Leader
OMG, that is a sad, sad story. Didn't these issues become apparent with the survey report? 

Toscaboy

Sellers EA called today to say they have more offers and want to know how long my chain is.
My estate agent told me they should contact them. long story short, it all depends on my current chain 
The sellers now want another 24 hours to look at their best option.
I am very anxious and want this property; they won't tell me what the other offers are.
My sister lives next door, and her daughter is extremely ill. I want to be there for her, and I am so lonely on my own; my sisters family will be there for me.
What can I do? You are probably going to tell me to hang on in there, but if I offer another 5k in the morning am I being completely stupid? Thanks for listening