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"Offers in excess of"

(19 Posts)
OyyVeyy Tue 17-Oct-17 09:25:35

Why have EAs started doing this?! It just makes me not want to look at your house if you can't be open to any lower offers. Makes me angry anyone else?

Pithivier Tue 17-Oct-17 09:36:55

We had our house on the market on this basis. Some who viewed offered a lower price. I would still offer for it, if you like the house There is no guarantee that the Vendor will get offers 'in excess of'. Also the lower offer may be in a better position to proceed'.

BlowingAHoolie Tue 17-Oct-17 09:46:13

It just makes me dislike estate agents even more. Terrible tactic.

Lilmisskittykat Tue 17-Oct-17 10:57:00

I’m looking to buy at the moment and it Puts me right off too ..

BastardTart Tue 17-Oct-17 11:02:51

Its not a new thing, we bought our house about 5 years ago and it was offers in excess of

honeysucklejasmine Tue 17-Oct-17 11:03:42

Yep put me off too.

buckeejit Tue 17-Oct-17 11:04:30

Seems a bit pointless-Id still look & offer what I'd be prepared to pay

BastardTart Tue 17-Oct-17 11:06:54

In fact all houses on the market at the time were oieo, we put an offer in on one and then negotiated till I eventually walked away. Then found our house, explained that I was in a great position to proceed (cash buyer, no chain, flexible timescale, etc) and luckily we got it. A week later house 1s estate agent rang and said the vendor would accept my final offer but I told them they'd lost the sale.

Pithivier Tue 17-Oct-17 11:11:14

I really don't understand why people object. Surely it is saving you time if you know the Vendor has a minimum price. There are usually one of two reasons. One is they know they are in a seller's market. The other that they need that amount to complete their own purchase.. We had nine viewings for our house and 3 offered way above above the 'in excess of' price. One person offered 20K below the asking price, then came back with an offer above, that just seemed such a waste of everyone's time.

BordersMumNow123 Tue 17-Oct-17 11:21:28

This is how it always is in Scotland anyway

MajorClanger123 Tue 17-Oct-17 11:36:04

The house we have just purchased said 'offers over' on the particulars. We offered £10k less and our offer was accepted. The agent was Savills and I tend to have noticed (in our area anyway) that its these 'perceived' higher end agents who do 'offers over', perhaps in order to induce some sort of bidding war. Fortunately our vendors, who received several offers, said they were not entering into sealed bids and they accepted our offer.

Also, I was very annoyed that the property we were buying only said 'under offer' right up until the day that we exchanged, when they switched it to 'sold'. Our house (with a more 'highstreet' agent) immediately switched it to SSTC once we accepted an offer on it. Granted, my conveyancer friend said that technically it is only under offer until day of exchange, but it felt like the EA somehow didn't trust us as buyers right up until we had exchanged, and so kept it 'under offer' all that time. If I saw a house was only 'under offer' I might call up the EA and ask if it was still available. I wonder what they'd have said if anyone had asked, even though we'd spent thousands on conveyancing shock?

Sorry - rant over, completing next week so had it up to my neck with the whole process!

Thumbcat Tue 17-Oct-17 12:04:12

We had our house on at oieo. We were hoping to get around 380k and putting it on at oieo 375 meant it came up in more rightmove searches (according to the agent). As it was we saw a house we wanted to offer on and so accepted 375 for ours.

Bluntness100 Tue 17-Oct-17 12:08:57

I don’t really understand the point of it.all prices are a guide price anyway. And it’s not thr norm something goes for the exact asking price, sometimes it’s less, sometimes it’s more, I just think it’s pointless.

Mnka Tue 17-Oct-17 12:17:24

We've just sold our house with an offers over price and it's worked well for us. The estate agent told us they use this method as it shows up in more Rightmove searches and deters time wasters who would make too low an offer. We accepted an offer that was £14000 over. I wasn't sure of the tactic before but next time we sell I would probably do the same.

museumum Tue 17-Oct-17 12:24:57

I quite like it, otherwise how do you start to narrow down your search. If you've only got £300k to spend, why would you want to bother traipsing round houses priced offers over £350k?

TangBloodyFastic Tue 17-Oct-17 13:07:53

We’re going to view a house tomorrow which is “guide price” which, I think, is even worse! sad

user263781638 Tue 17-Oct-17 13:55:42

Out EA advised us to do this because of rightmove and the way it displays the houses through pricing brackets for example we wanted £165,000 and the bracket was £160k-£170k so doing OIEO £160k put us at the top of that bracket

BlowingAHoolie Wed 18-Oct-17 11:43:42

Because usually you would expect to be able to make an offer of LESS than the asking price which you would assume was the BEST price the estate agent thought they could get not the LEAST! It just makes searching for what you can afford a bit annoying.

RuNever Wed 18-Oct-17 11:49:57

It's just so needlessly wordy. Offers over is far more efficient. grin

In a vendor's market, it's a sensible choice - a jumping off point to start negotiations. Stupid if it's a buyer's market.

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