Offers in excess of?

(20 Posts)
cooperbug Tue 11-Aug-20 21:11:13

Simple question really! Does offers in excess mean that the vendors won’t entertain any offers below this price or does it just vary?

We don’t think the house we like is worth over the £399,950 they are asking but don’t want to be cheeky putting in an offer way below either!

What do you think?

OP’s posts: |
Shadowboy Tue 11-Aug-20 21:13:46

I was told they are usually used for houses where either the vendor wants more than it was valued or that the asking price is the minimum they would entertain....
however when there is money on the table then......

JoJoSM2 Tue 11-Aug-20 21:15:53

Just offer what you think the house is worth. The worst that can happen is that you’re offer is turned down.

Cotswoldmama Tue 11-Aug-20 21:17:58

We couldn't offer over for our house that was offers over but could pay the amount they wanted offers over if that makes sense! We were chain free and ready to go though. It's worth asking the worst they can do is say no.

Loofah01 Wed 12-Aug-20 10:45:06

It's a meaningless term. You offer what you want and it will be rejected/accepted in exactly the same way as any other.

whatsthecomingoverthehill Wed 12-Aug-20 11:53:44

Put an offer in for what you think it is worth. You've got nothing to lose. I think offers over is stupid in general.

cooperbug Wed 12-Aug-20 14:05:40

So we put any offer in this morning for 15k less than the offers over price. It was rejected.

Estate agent has said they want at the least £399,950. That is still overpriced in our opinion. They have had it in for less than a month. Reduced it by 25k on Monday as they have seen something they like themselves. They have no further viewings lined up since reducing it the EA said and will only take viewings from people who have sold (we have)

OP’s posts: |

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whatsthecomingoverthehill Wed 12-Aug-20 14:31:06

You can only offer what you think it's worth.

BrowncoatWaffles Wed 12-Aug-20 14:41:15

I guess it depends on whether you're in love with it.

If you were in love with it and you want it and you're going to live in it for a while so paying slightly over the odds isn't an issue, then offer the full amount.

If you're a bit more chilled either way tell them the maximum offer you'd go to is £10k less, explain why (if you can point out similar houses/prices etc do that) and then wait it out. If they have no-one else viewing and something else they want give it a week or two and they might accept it.

Of course the issue with it being overpriced is your surveyor could come back saying just that and then you're in trouble securing your mortgage for it.

Asdf12345 Wed 12-Aug-20 15:17:23

Offer what it’s worth to you. For a place you could spend the rest of your life without any alternative overpaying 10-20% is meaningless in the overall scheme of things if it will only be sold once you are dead. If it’s somewhere you expect to sell in a few years it becomes much more important.

cooperbug Wed 12-Aug-20 17:54:26

@Asdf12345 even if it’s the most expensive house on the street, we love it but just can’t bring myself to pay asking price when a detached was for sale on same street a year ago 40k cheaper. Not extended though

OP’s posts: |
CatAndHisKit Wed 12-Aug-20 21:32:07

depends on the size/quality of the extension then.

Ruralbliss Wed 12-Aug-20 21:48:49

The house we bought had been on the market for three waiting for an offer over £300k. They then took it to auction with a reserve price of £300k we then went to see it and offered our maximum of £280k (we just didn't have £300k) and they rejected us but came slinking back 6 weeks later to accept

longtimecomin Wed 12-Aug-20 22:17:56

I used offers over because the price was the minimum I would accept but I wanted to get the attention from those purchasers at the lower end of the offer. For example, I would have accepted £250k but no less but my property originally went on at £275k, after a month I fell in love with a house and decided I needed to sell mine sharpish so reduced it to the minimum I would accept and put offers over. A day later I accepted an offer for that same figure ( £250k)

Piccalily19 Wed 12-Aug-20 22:40:46

We sold our first house using offers over, we said we wanted £133k for it ideally so wanted to put it on for 135k originally to allow for wiggle room but the estate agent was adamant it would do better going on for offers over 130k as “more people would see it included in their lower search figures”. Wish we’d put our foot down really and done what we said as it ended up in a bidding war then someone pulling out then finally getting £135k for it anyway. But to answer your question if the only offers we had were under £130k we wouldn’t of rejected them all.
We also lost out on a “dream house” as they wouldn’t shift on asking price so we walked away as we felt it was overpriced, year later it’s still on the market and we’ve been in our new house for nearly 5 months and its way better/cheaper anyway!
If I were you I’d stick to your guns and play a game of chicken, worst case you find somewhere else

Mooserp Thu 13-Aug-20 07:04:07

I think one reason they do it is so it appears in online searches up to that amount.

Regarding the other house on the street that sold last year, prices have changed a lot since then (at least they have where I am). There was a lot of brexit uncertainty and things weren't selling quickly.

Soulstirring Thu 13-Aug-20 07:09:42

It’s a tactic a lot of estate agents in our town use. Our house was valued at 250 + by several agents but we were persuaded to offers over 240 to get people on the door and our estate agents who clashed themselves as masters of negotiation would negotiate up. Big mistake.’everyone In the door LOVED the house but offered Less in the first instance. We sold for just over but feel that going at 250 would have been better as we’d have started negotiating probably where we’ve ended up now. Never again.

ballsdeep Thu 13-Aug-20 07:12:33

There's a house by me for sale, offers over 325k. It's been on for ages. I don't think it'll sell at that price as although there's a huge garden it's very badly maintained and would cost an arm and a leg to get it sorted!

cooperbug Thu 13-Aug-20 08:50:18

DH and I have had a chat last night. Not going to overpay for this house and let ourselves get emotionally attached to it.
We still really like it so do you think it would be a good idea today to contact agent and give them our best and final offer and then just see what a happens or should we play cool to see if it gets them thinking?

We are able to increase our offer a little but not sure at what point to do that?

OP’s posts: |
Loofah01 Thu 13-Aug-20 15:58:14

Now. Before someone else offers the same amount and gets the house. Or not as the case may be.
Maybe the vendors require the asking price to be able to get the one they like, not that it's your problem! Put the offer in, be bolshy on the phone and tell the EA it's a final offer. Never look at the listing again if you don't get it!

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