Property for sale 'offers over'

anotherperson1 · 2022-02-23T22:08:18+00:00

When they say that and have a price, Realistically what is the actual price? It used to be that you'd knock 10% off the asking price but it seems nothing goes below these days? If a property was up for offers over 220k what should you be offering?

Shiningpath · 23/02/2022 22:25

£220k if you want acceptance and don’t anticipate huge demand, more in multiples of £5k if you think there will be competition.

sst1234 · 23/02/2022 22:26

No one can possibly answer that question with accuracy without knowing where in the county are you, how long has the house been on the market, asking price?

Indiana2021 · 23/02/2022 22:27

Maybe depends where you are OP. In Scotland it often means 10-20% over the asking price, particularly if there's interest amd if going to closing date.

abw94 · 23/02/2022 22:30

I work for an estate agents and I can tell you absolutely no one takes notice of the stupid 'offers over' or 'offers in the region of' .

You're the one making the offer and it should be the price you think it's worth or willing to pay for it. Depending where you are and the demand for housing in your area but most properties at the moment are going for or over asking price.

Shellacbabe · 23/02/2022 22:33

I know in Scotland you get a valuation in the home report which is what a mortgage lender will assume the value is. Houses regularly go for 10-20% over valuation which means you have to have a big deposit to be able to afford it. Always offer what the property would be worth to you though.

NeedAHoliday2021 · 23/02/2022 22:47

You offer what you think it’s worth around the guide price. The asking price is just that. Sometimes people need a minimum because under that isn’t going to give them what they need for the house they want.

Mummysgirl12 · 23/02/2022 22:54

This is impossible.

Property we went for was OIEO £850k and it went for £920k when I bowed out of the bidding, possibly went for more!

Movingsoon21 · 23/02/2022 23:01

In our area there is a lot of demand and very limited supply at the moment so every house gets between 5-10 offers at/over asking price.

We realised after losing out on a couple of properties that we would have to offer about £20-£30k over asking price on properties around the £850k mark to be in with a chance. Just depends on the local market.

JPI7 · 23/02/2022 23:29

A terraced house near me was on for £155k and went for £172k! Not in a great area either. It’s mad at the moment. Flats not going up though. If anything they are the same as they were 10 years ago.

Totalwasteofpaper · 24/02/2022 07:04

So I take a listing where price is oieo to mean one of two things

It's priced low to entice a bidding war as per @Mummysgirl12

They are difficult vendors with unrealistic price expectations. Expect them to behave like unscrupulous fucks who will look to squeeze you for everything you've got both are generally red flags/avoids for me

My mum is trying to buy somewhere and the vendors are most def in category 2 it's exhausting and we are setting up plan Bs because the woman is so difficult. Its a shame as its ideal so we are willing to pay over market value but its worth 530k maybe 550k max... she has listed as oieo 580k so its overpriced and she wants to achieve minimum 600k

Original poster

anotherperson1 · 24/02/2022 07:16

@Totalwasteofpaper

So I take a listing where price is oieo to mean one of two things

It's priced low to entice a bidding war as per *@Mummysgirl12*

They are difficult vendors with unrealistic price expectations. Expect them to behave like unscrupulous fucks who will look to squeeze you for everything you've got both are generally red flags/avoids for me

My mum is trying to buy somewhere and the vendors are most def in category 2 it's exhausting and we are setting up plan Bs because the woman is so difficult. Its a shame as its ideal so we are willing to pay over market value but its worth 530k maybe 550k max... she has listed as oieo 580k so its overpriced and she wants to achieve minimum 600k

I thinks it's option one. Priced too low. It it's knowing how much over to go in terms of offers to secure the property but also not over pay.

OP posts:

EenieWeenie · 24/02/2022 07:20

God, it sounds like a nightmare, following as I wouldn't have a clue either

Chatwin · 24/02/2022 07:30

In Scotland just now 20% over Home Report valuation. We've had am offers over system for a long time.

patritus · 24/02/2022 07:32

Scotland has an offers over system and you can expect to offer 10-20% over depending on the area
You check the home report valuation, check zoopla for recent sold prices of similar houses in the area. If you've been looking for a while you get a feel for prices in an area.

Summersdreaming · 24/02/2022 07:33

I offered exactly 220 on a house offers over 220. It had been on for a few weeks, partly due to some terrible pictures which did the house no justice. I think that was just long enough for them to accept.

Cuddlywaterfall · 24/02/2022 07:42

Ugh I hate this. I'm trying to buy a house in London post divorce and I'm going mad. House was on at 650k, I offered that. No, they meant offers over 650k. Ok I went to 665k (comparable house had gone for that on the same road). Offer accepted. Next day, no sorry we have changed our minds we want 680k. So why the actual FUCK did you put it on for 650k?? Fuckers. It's to appease the Rightmove /Zoopla search filters apparently.
Does my head in. Pick a friggin number and tell me!! Argh.
Sorry I may be projecting here

Cotswoldmama · 24/02/2022 07:45

We bought a property advertised as offers over. We offered the exact price as it's all we could afford. We were in a chain free position as we'd sold out flat and moved into my mother in law's. So we were ready to go. I also think the owner liked the idea of the house going to a family. I think a lot of the viewings were people planning to rent it out. They had a lot of offers apparently and ours was accepted. So I think it really depends on so many things.

BulletTrain · 24/02/2022 07:46

My parents neighbours were told their house was worth £370k and put it on for "offers over" £400k. It has not sold.

Their logic was that it makes people think it's worth a certain minimum amount. Like a reserve on eBay!

Wherehasthecommonsensegone · 24/02/2022 07:46

@Cuddlywaterfall

Ugh I hate this. I'm trying to buy a house in London post divorce and I'm going mad. House was on at 650k, I offered that. No, they meant offers over 650k. Ok I went to 665k (comparable house had gone for that on the same road). Offer accepted. Next day, no sorry we have changed our minds we want 680k. So why the actual FUCK did you put it on for 650k?? Fuckers. It's to appease the Rightmove /Zoopla search filters apparently. Does my head in. Pick a friggin number and tell me!! Argh. Sorry I may be projecting here

I feel you, I had similar last week, also in London. Offer accepted and then changed their mind. So frustrating.

Original poster

anotherperson1 · 24/02/2022 07:47

@Cuddlywaterfall

Ugh I hate this. I'm trying to buy a house in London post divorce and I'm going mad. House was on at 650k, I offered that. No, they meant offers over 650k. Ok I went to 665k (comparable house had gone for that on the same road). Offer accepted. Next day, no sorry we have changed our minds we want 680k. So why the actual FUCK did you put it on for 650k?? Fuckers. It's to appease the Rightmove /Zoopla search filters apparently. Does my head in. Pick a friggin number and tell me!! Argh. Sorry I may be projecting here

Yes yes this!! Just say what you actually want don't leave us guessing whether or not the property is in our price range!!!!!

OP posts:

Totalwasteofpaper · 24/02/2022 07:56

If its option 1 I think work out your best and final and get then get the timing right toavoid a bidding war.

The number of people who say oh but I would have paid £xxxk if I'd known!
We overpaid by about 20-30k for our house imo.
However stock was low and its an awkward area (lots of boomers w no pressures to move) there were 2 other interested couples when we put our offer in.
We just Advised we were chain free with x deposit, offering on 3 other propertiessame day and wanted a fast clean sale and our offer was Best and final and subject to x y and z.

Its all you so really

Volterra · 24/02/2022 08:08

I know someone who accepted 30k under the offers over price last autumn. Fell through and just gone back under offer a few thousand under.

70kid · 24/02/2022 08:34

I put my parents house up for 395
It went for 415 needs about 50k worth of work
It’s a dooer upper & typical old persons house
But one that’s been modernised would easily sale for 480 - 500 maybe more
So the buyers still got a good deal although I think they are nuts paying that sort of money
I had a builder who offered more but i really wanted it to go to a family

scottishnames · 24/02/2022 08:46

To anyone - like a previous poster - who says 'offers over' is 'stupid', it has been the widespread system in Scotland for a long time. Please don't be ignorant/impolite. Other posters have explained how the Scottish home buyers report (compulsory, paid for by the vendor) includes a valuation. Houses are frequently marketed for 'offers over' that value; as other posters have said, usually 10 or 20% - and in places like Edinburgh, often a lot more.
But 'offers over' as a way of pricing has existed in Scotland long before the modern home report system was introduced.
If there is a lot of interest in a property, a closing date for offers will be set and advertised. The seller can then choose which to accept.

HopefulProcrastinator · 24/02/2022 09:08

My friend advertised as 'offers over' as she was quite honestly advertising the absolute minimum she'd sell the house for. It was priced fairly for the market but had zero patience for people trying to low ball her.

She chose the sellers who offered £2k more because they were a family trying to upsize in the area. Most of the other bids were a silly amount over from individuals who were either buy to let or businesses making an investment. She trusted none of them not to gazunder her in the last few stages.