OP congratulations on the purchase!
@ the post above, just read in the paper this morning that houses in our neck of the woods (Wimbledon) that were on the market for c£10m are selling for c£5m, people are making huge losses on their properties.
Making an offer on a house
- Thread starter Street
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OP congratulations on the purchase!
@ the post above, just read in the paper this morning that houses in our neck of the woods (Wimbledon) that were on the market for c£10m are selling for c£5m, people are making huge losses on their properties.
Congrats OP; I'm going to high jack your thread a little if you don't mind, rather than creating a new one!
MRs and I are looking at moving to Scotland at some point, I know it's different there in terms of no gazzumping and what not, I see rather than a fixed price, they say "Offers over £300,000" for example.
I assume I couldn't go in at £301,000? What does it actually mean?
MRs and I are looking at moving to Scotland at some point, I know it's different there in terms of no gazzumping and what not, I see rather than a fixed price, they say "Offers over £300,000" for example.
I assume I couldn't go in at £301,000? What does it actually mean?
It's usually to dissuade people from putting in offers too low and time wasting. They might accept £295k but it depends how popular the property is.
We are looking at one in Southampton with an O.I.E.O tag and the estate agent told us it was a recent amendment due to the above.
We are looking at one in Southampton with an O.I.E.O tag and the estate agent told us it was a recent amendment due to the above.
I'd assume it means that although the property might not be that exact value, they need that much to enable their purchase. They may have found a place already, and need that amount to afford it, or they may just have their minds set on a budget that comes from achieving 300k from their current property.
My understand is that in Scotland 'offers over' is usually a conservative figure to encourage bids with the majority of houses selling for at least 5%/£10k above that figure. OIEO in England seems to just be a guideline on the other hand.