Estate agent suggested we put 'offers over...' on our property

[PotatoHats]

Any thoughts?
Background is we had sold our property, found somewhere to buy, started all the solicitors/mortgage process etc and then our buyers pulled out.
We don't want to lose the house we have found so we want to sell promptly.
Our house was on for £750, we accepted £725, EA is suggesting we now change to offers over £700 aiming to get the £725 again. We can't go lower than that because of the price of the property we want to buy. Anybody got experience of selling through the 'offers over' system?

[KipperTheFish]

No, but I sympathise. Also had buyers pull out and now struggling to sell again and estate agents suggested same to us, but I don't think it's a great idea. I am put off houses which say that.

If it were me and I saw offers over 700, I would probably offer 705/710 - I wouldn't be expecting to get to 725 if I'm honest.

[KipperTheFish]

Although proportionally I suppose it's not a lot over the asking price, so maybe it's ok? I'm hoping once the referendum is over things might get going a bit again...

[PotatoHats]

Yes me too Kipper, market is very sluggish around here at the moment.

[JoJoSM2]

We bought an 'overs over' house for the listed price and not a penny more despite the local market being super hot. However, we also viewed some other properties that in the end went for 10-15% over the asking price. If you are really not prepared to sell for anything less than 725k then I wouldn't list it for anything below that. Although given the referendum outcome, who knows what might happen to the market...

[PotatoHats]

Thanks JoJo. Dh and I aren't keen on the idea either. No idea how Brexit is going to effect the market but can't imagine it's going to be changing in a positive way

[justabigdisco]

When we were selling our EA advised us not to use 'offers over' as people will still offer around the stated price, or under.

[GETTINGLIKEMYMOTHER]

So much will depend on the current market where you live.

If you are in a sought-after area with a shortage of similar houses, you may well get offers over or even a bidding war.
However, just because you want or need a certain price, it does not necessarily follow that anyone will be prepared to pay it.

Personally I think I'd avoid 'offers over' since I think it may put some buyers off. I see a lot of 'guide price' lately, which I imagine would be preferable.

As an aside, my dd has just started looking to buy and I've seen one in her price range/area at 'offers over' , which has been on the market an awful long time in a generally pretty active market area. It looks like a probate sale, needs a great deal of modernisation, so I would guess that the executors or inheritors have dug their heels right in over the price.

[sall74]

I dont think I've seen a house in my area advertised at 'offers over' actually achieve a sale price in line with their initial price, they all seem to hang around on the market longer than average before either getting withdrawn or refuced.

[sall74]

*reduced!

[OlennasWimple]

I hate 'offers over' - I think it only works in unusual cases where it's hard to come up with a proper evaluation

If you have a genuine floor price, you could consider going for a fixed price - we nearly bought a house that was advertised at "£249k, fixed price" and the agent was clear when talking about it that this was what the sellers needed to get to proceed.

[Runningupthathill82]

Totally different experience here. Sold our house in last few weeks at "offers over" - had seven offers over asking price, highest of which was 15% over.

[BackforGood]

I agree with everyone else.
I don't like seeing "offers over". It makes me think they don't know what they want.
You need to put at least the minimum price you need (I'd have thought above, to allow for the buyers to feel they've got a bargain), IMVHO

[AppleAndBlackberry]

I think I'd just put it back on for 750 or 725. If the market isn't moving very fast no-one will want to pay over the advertised price.

[LadyLapsang]

I think I would be tempted to put it on for a fixed, lowish price so the buyer thinks they have a one-off bargain, but on the proviso that they put down a non-refundable deposit and commit to exchange by a set date to fit your purchase. I would only put it on for 'offers over' if people are going to be fighting over it.

[Glittershoes22]

We did "offers over" with a view to getting people through the door and getting to our target price, I was highly reluctant, but the estate agent insisted he knew the market and it would work.

We got loads of viewings (and offers) .....from people who couldn't afford the "offers over price", zero offers in our target range.

After a month I got sick of tidying the house for time wasters and since we knew what price we wanted I insisted we put it on for that price, we got that price in the end, but obviously lots of people saw it on for the lower price which probably put them off viewing at the higher price.

I would avoid, everyone likes a bargain and getting slightly under the asking price, offers over doesn't work with that psychology unless housing is in severe shortage.

[lukasgrahamfan]

I really dislike 'offers over' marketing and I would probably not bother to view. Why would people fight over a property when they see the price quoted and be expected to pay more?
A property here is sticking for this reason. How much do they want? Why not put it on at the price they want? Is it greed? It's like a riddle.

Another place here is on for £10,000 more than they will accept and has been for ages. [I know this as I had the offer accepted but had to withdraw the offer due to other circumstances]. Therefore why not market the property at near the price they will accept? Meanwhile the weeks go on and on...with no sale.

All the game playing doesn't wash with me, nor I suspect with other home buyers. We want a clear price, a clear picture of what a property is worth not wild estimates and psychological marketing. Just wasting time.

[PotatoHats]

It's rare to see mnet in such agreement

Thanks all. Think we will avoid that particular strategy then!