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To offer less than asking price even though it's offers in excess of?

(284 Posts)
jnfrrss Sun 22-Apr-18 07:34:12

This is in England, it was on at 460k, reduced to 440k but now says offers in excess of that. Seems funny to say excess if it's been up for sale for 8 months and not sold so reduced.

I want to offer 395k as thats what I think it's worth

peachypetite Sun 22-Apr-18 07:35:04

Then do it.

BritInUS1 Sun 22-Apr-18 07:36:26

You can offer what you like - I wouldn’t expect that to be accepted though

Believeitornot Sun 22-Apr-18 07:37:23

The price is a guide. It’s not like a shop where you have to pay that price.

Make your offer so they know you’re interested. They might come back, they might not.

Pengggwn Sun 22-Apr-18 07:37:23

You can offer a fiver. I'd expect them to decline.

Mybabystolemysanity Sun 22-Apr-18 07:38:00

That's quite a big drop, but offer what you think it's worth. At least you open negotiations that way. I don't think anyone pays much attention to the offers over system in Scotland anyway, especially not for properties which have been on the market a long time.

jkl0311 Sun 22-Apr-18 07:38:37

Go for it but what's your actual top price? There's quite a charade with negotiating that we all have to go through !!

nutbrownhare15 Sun 22-Apr-18 07:38:46

We got our house for less than the OIEO price. It totally depends on the seller and what they are really prepared to accept given how badly they want to sell and their perception of market interest. May as well offer that and see.

jnfrrss Sun 22-Apr-18 07:41:07

Would they really be so quick to decline? It's a deceased and being sold by four children. They could hold out for another year and maybe get 420k. But wouldn't they rather sell now even though it's 5k less each?

I do think it's overpriced as not shifting

NewYearNewMe18 Sun 22-Apr-18 07:41:21

A friend had hers on for 500K, no interest whatsoever , dropped to 450K and provoked a bidding war and got 495K.

Odd thing the housing market. Totally unpredictable

NewYearNewMe18 Sun 22-Apr-18 07:42:53

A probate house will sell quickly - 4 children, all taking a drop of 1.25K ? it's nothing to be greedy about. They'll take that offer if its been on the market that long

McTufty Sun 22-Apr-18 07:43:29

No harm in a cheeky low offer, but then again I don’t understand the OIEO thing. I don’t get why people don’t just put the asking price.

wonderer13 Sun 22-Apr-18 07:43:48

OIEO is a marketing thing. The price on the ad is what they have asked for the property to be marketed at. As pp have said make the offer. You never know.

NewYearNewMe18 Sun 22-Apr-18 07:43:48

Misread your last post - disregard mine.~~I doubt you will get them to agree to that much of discount.

Whocansay Sun 22-Apr-18 07:44:06

You'll piss them off with that offer.

Everyone always thinks their own house is worth more, and always thinks that houses for sale are overpriced.

OrchidInTheSun Sun 22-Apr-18 07:45:39

You're offering £45k under the asking price. I suspect they'll tell you to sod off

autumnleaf1 Sun 22-Apr-18 07:45:59

I hate 'offers in excess of'. Does that mean they will accept £440,001? If so, just put that as the asking price. It's not like someone will see OIEO £440k and think, I best offer £480k then!

We saw a house that had been on the market for 5 months asking for OIEO £650k, we offered £600k and were declined. It's still on the market several months later. When we put our offer in, we were the only ones to have offered. Some people just don't want to accept that their house is worth less than they think.

2andcountingtodate Sun 22-Apr-18 07:46:23

A house is only worth what a buyer is willing to pay. Putting in an offer cant hurt, but be prepared to negotiate up or not have it accepted.

jnfrrss Sun 22-Apr-18 07:46:34

I don't see it as a discount, they've just put it on with the agent with the highest valuation.

It's only worth what someone will pay, and no one has paid what they are asking so it's not worth that.

Pengggwn Sun 22-Apr-18 07:46:51

autumnleaf1

I think it's pretty clear: don't offer under X, highest offer in excess of that gets it.

EeeSheWasThin Sun 22-Apr-18 07:48:24

Worth a try...harming no one.

We offered £20k less than asking price and got it in the end for £15k less.

Depends how badly the family want the money.

PaulDacreRimsGeese Sun 22-Apr-18 07:49:46

Give it a go, especially with a probate sale. You can't have any idea until you try, and the market is slowing at the moment. If they say no and it's still on in 3 months time, see if that's changed their mind.

SunnyCoco Sun 22-Apr-18 07:50:27

Definitely make the offer. I got mine for £35k under 👍

SleepFreeZone Sun 22-Apr-18 07:51:02

Just offer. There’s no law against it.

2andcountingtodate Sun 22-Apr-18 07:52:11

Some sellers forget too that the price of a house can depend on a lot more than just the house itself. The survey results for flooding, commercial area and waste, schools, parking, the road its on, crime in the area...etc. if the buyer has done reasearch in advance they may know some of these things.

Plus some estate agents are really unhelpful for buyers and sellers. When we were buying we saw a 'detatched house'. It wasnt detatched. They shared an extension they built with next door. The houses used them as bedrooms but the agent tried to convince us that they were built as garages.

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