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Offers in excess of.... How do I work that out?

(11 Posts)
MissCherryCakeyBun Mon 21-May-18 18:10:07

We have a limited budget and have seen a house we really rather like and are going to view it at an open house this weekend, the only thing that's concerning us is the price is listed as £150,000 Offers Over confused

Now the twist with the house is that it's being sold partially/mostly furnished! All white goods and quite a lot of other furniture such as custom made freestanding units in the kitchen and table and chairs wardrobes etc all look lovely (I know I know will check when I see them at the weekend )

Now we need to buy furniture as between us we have a couple of family pieces ( grandmothers dressing table and Tallboy and a rocking chair and our bed) but other than that nothing as we live in OH's dads home. OH having lived as a carer for his dad for 8 years after divorce and me having to sell all of mine to fund my divorce following DV 4 years ago.

With that in mind the possibility of a furnished house is great but it would all be replaced in time etc so how on earth do we work out what to offer. I've looked at houses around and it spot on the average price for the area but I'm totally at a loss as to what to offer.....can anyone at all have a brain wave and help?

Why oh why do sellers do this confused

gamerwidow Mon 21-May-18 18:14:28

Offers in excess means the sellers won’t usually accept an lower offer than the amount stated.
As to how much to offer it depends on the local market. Look at what similar properties sell at and work out how much you think the house is worth. Don’t pay over what you think it is worth. There will always be other houses.

gamerwidow Mon 21-May-18 18:16:03

Do you think it’s worth £150k because if you don’t youre probably wasting your time?

MissCherryCakeyBun Mon 21-May-18 18:20:34

Yes from what we have seen and the local pricing ( love Rightmove lol) the price is good for the property it's just trying to judge how much more to pay and if anyone else has purchased like this wig having to offer above

BubblesBuddy Mon 21-May-18 18:28:47

Basically you are bidding with the owners. Assuming no-one is snapping it up immediately, you can ask the estate agent what sort of money they are looking for.

I’m not a fan of other people’s firmiture and it’s probably worth next to nothing! So don’t factor it in. I would start at something like £151,000 and see what the agent says. If they won’t put that to the vendors, they are looking for more, so have a discussion about what the vendors are looking for. If it’s unrealistic and the house doesn’t entirely float your boat at that price, walk away.

For the moment, you could register your interest with the EA and wait until there is another offer, then top it if that’s ok with your budget and you feel the price is reasonable. Alternatively, you can put your £151,000 in and leave it on the table if it’s nof accepted. If you have somewhere to sell, they may not bite your hand off, but if you have sold and are solid buyers they might. Nothing ventured, nothing gained.

BubblesBuddy Mon 21-May-18 18:31:02

Yes, we have done offers above! It’s a pain but like any other sale it depends on the market and other people wanting it as well as you and the true intentions of the vendors.

smurfmonkey Mon 21-May-18 21:22:19

We've just had an offer accepted on a house that was listed 'offers over', I was just cheeky when we went to view and asked the owner what she was hoping to achieve price wise. She was up front with me and we eventually offered the figure she gave and had it accepted. We would have actually offered £2k so we were happy. I do hate this term though, far too vague!

VanillaSugar Mon 21-May-18 21:24:21

We complete tomorrow. We had an OIE on our house and our buyers paid less. In turn, the house we bought was also an OIE and we paid below this price. Ignore OIE prices as the market is falling.

MissCherryCakeyBun Mon 21-May-18 21:27:17

Thanks Vanillasugar and SurfMonkey you have given me hope that this might be possible smile

Done all my due diligence on the area and house prices so will see what happens Saturday

Kismett Mon 21-May-18 21:37:31

We bought a house that said OIEO for the price listed. Good luck on Saturday!

TookyClothespin Mon 21-May-18 21:42:00

We've sold a house we listed as offers over, for the price we listed (offers over £135000 and sold for £135000).
We were advised by one agent to do offers over for the house we're currently selling but said no as it's confusing for all involved.
Start at the asking price and if they want more, they'll ask for it then you can negotiate.

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