"Offers Over"

physichull

physichull

physichull

Soldato
Joined
22 Sep 2008
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Burscough
Just want a quick bit of advice really.

I am currently house hunting and am seeing many properties advertised as "Offers over £XXX" for example.

How do people read this terminology? Do sellers put this on to try and state that they will not accept offers which are lower, in order to try and attract a higher price?

Or should you just be bold as the buyer and just treat it as a regular price listing and go ahead and offer something much lower than the price?

In this instance, I am looking at a house that has been on the market for a long time, just round the corner from where I currently live. It must have been on the market for about 6-7 months, initially at "Offers over £180,000. It has now been "Reduced" to "Offers over £175,000".

Really, I can't afford £175,000, but I could put in a cheeky offer that is WAY below the price. What are your opinions?
 
Cr0fty said:
What's the worst that can happen?
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Of course, but, why do people put this tagline in? I reckon they are desperate to sell it though, as its been on a long time.

The sort of offer I would be putting in though, would be around the £160,000 mark, so it is considerably lower than the "Offers over" amount.
 
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Offers Over....

Ignore offer what you feel is approapriate.
maybe if they get enough offers under what could possibly be an unrealistic price they might lower it

It need any work or anything?
Any proof of recent prices locally?
 
It's pretty standard from what I've seen. I think the idea is more to stop people from putting in ridiculously low bids. If you are in the ball park though I'm sure the details will be passed on. Despite the MM here being on a much smaller scale, the principle is the same. Put in a bid, and wait for their counter, meet in the middle etc... I'd go for it. If they are desperate to sell they might even take what you offer.

In for a penny etc... =]
 
The kitchen is modern, but hideous, the downstairs space, garden and conservatory are great though. Upstairs bedrooms have fitted wardrobes, which are also hideous and would need redecorating.

Not many houses on that street have sold lately, and certainly none that are similar to fairly compare it to really. Its hard to tell.
 
physichull said:
I can't afford £175,000, but I could put in a cheeky offer that is WAY below the price. What are your opinions?
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Seeing as how it's been on the market a fair while & been reduced, you can ignore there "offers over" bs & just go ahead & treat it like you would any other house for sale, put in your cheeky offer, expecting the inevitable knock back, & negotiate from there.
 
physichull said:
The kitchen is modern, but hideous, the downstairs space, garden and conservatory are great though. Upstairs bedrooms have fitted wardrobes, which are also hideous and would need redecorating.

Not many houses on that street have sold lately, and certainly none that are similar to fairly compare it to really. Its hard to tell.
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If it's been on the market for so long then its quite possibly overpriced.
Can't remember the site but theres one that lists all the recent sold values have a looksee if you can find it mate, use it to your advantage.

Kitchen NEED redone or is it just wrong colour?
Boiler/Central heating recent or ancient?
Go for a viewing and note down every little defect you can find.
Even take pics :)

Use them all as points to which you feel it's a fair offer.
 
Start low, it's a lot more difficult to back down. The agents want their commissions and the estate agency itself wants another property off their books. Got to be worth a try? It doesn't earn them anything until it's sold.
 
I'd still knock at least 10% off - wouldn't go in at asking price in the current market (unless estate agent has massively undervalued it) - buyer is just being optimistic...
 
Might as well offer what you can afford.

I wouldn't base your value on the décor though, you buy the house to turn into your own. You'll never find one which comes suited to you, plus where's the fun in that anyway? ;)
 
physichull said:
Really, I can't afford £175,000, but I could put in a cheeky offer that is WAY below the price. What are your opinions?
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some options to consider.

put an offer in of what you can afford. that way you're not wasting your time or theirs.

go in £5k under your ceiling price as they will likely refuse your first offer but stick to your ceiling price and walk away if it goes over it. or you may get lucky and they take your offer. remember, you don't have to give an explanation for your reduced offer on their price but you could use the kitchen as a reason and you want to have a new one fitted.

unless your hearts set on it, don't waste your time, if it is ideal for you, maybe go a little over your ceiling height if you can raise the funds and don't want it to get away for say, £1500 over your ceiling price but don't buy something you can't afford the repayments on.
 
A little tip; estate agents legally have to pass on written offers (and verbal - but verbal harder to enforce).

So draft out a good letter, with your offer, justification, and you willingness to negotiate.
They will receive the offer by mail, and if you are convincing the pressure from the agent to push you more and play games will be limited.

Estate agents play all sorts of dirty games. You will be bidding against yourself on regular occasions.
 
It's a buyers market dude... They meet your demand it's not about them bidding your offer up.

Tbh once you make an offer you can't go down on it unless you find problems with the house.so it will only ever go up hence start silly low
 
swillsy said:
It's a buyers market dude... They meet your demand it's not about them bidding your offer up.

Tbh once you make an offer you can't go down on it unless you find problems with the house.so it will only ever go up hence start silly low
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Its actually very normal for prices to be pushed down. Once the structural survey has been done the valuation is sometimes lower; especially in older houses which have lots of hidden problems.
Its the reason a lot of houses come back onto the market. Buyers read the survey, lower the bid, the sellers refuse. So be a little wary of houses that keep getting sold and then come back on the market.
 
Cheers on the heads up for property bee, im house hunting at the moment and I've been manually checking everything myself!
 
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