What would you offer on a £130k “offers over” house? First-time buyer advice needed

[NorthEastHomeHunter]

Hi everyone,
I’m a first-time buyer and I’ve found a 2-bed end terrace that I really like. It’s listed at £130,000 offers over and has only just come onto the market (around a week ago), so I appreciate it may still be in the early stages of pricing and marketing.
I’ve viewed it and would genuinely consider making an offer, but I’m trying to be sensible and not overpay.
From what I can see, similar properties in the area tend to sell a bit lower depending on condition. This one is fairly standard, no major upgrades, and an EPC in the lower range, but still a solid home for me.
I’m in a chain-free position, so I can proceed quickly if needed, but I’m unsure what a sensible first offer would be in today’s market without being either too low or too close to asking.
I was thinking around £123,000, but I’d really appreciate views from people with more experience — would you start lower in this situation given it’s just come on, or is that too aggressive?
Thanks in advance 🙂

Thanks for the input BBK! That's the plan, I'm mainly terrified, but also excited. Thanks again

Please let us know x

Definitely enquire about rights of ways, access rights, neighbours bin storage, and whether the neighbours drainage goes straight to street or through the whole terrace, before offering a specific number

The end terrace house might have to allow access to the whole row!

I was offers over when I sold my last house and sold bang on the over. I had already found the house I wanted when I marketed, sold it within 2 weeks.

I had several offers under including 40k under and the estate agent had to tell me. I do live in a popular area and houses provided they are mar

Buyers market. You’re in a very strong position. I’d start at £120k and take it from there.

They don't have to tell you if instructed "I won't accept under X please reject them on my behalf

The whole "EAs HAVE to pass on offers" rule does exists but only in the sellers favour. I means they can't mislead the seller to manipulate the price they accept.

They CAN only pass on overs over X, if the seller has instructed them that they do not want to hear about offers under that amount.

It's not a rule that's there for the buyers benefit to guarantee their offer gets "through" regardless.

I have previously told an agent that I wouldn't be entertaining any more offers more from a particular buyer, even if it was well over asking, as they were in a stupidly long chain and it would be a no from me. I don't know if they offered higher because I asked to not have my time wasted by someone whose chain length was unsustainable.

id go 123 they will likely say no then 125 again no then hopefully they will agree to 128 (assuming u are prepared to go to that)

We recently had our house valued and the agent suggested marketing it at offers over £350k and that we’d probably get £345k, so offers over doesn’t mean you can’t offer under, it’s just an estate agent’s thing.

I’d start at £120k, and negotiate up by £3k each time.

Thanks for sharing, good to know you were informed of all offers

Thanks, that makes sense. I agree it seems “offers over” is really just a guide rather than a rule, and clearly varies by property/agent. I’m just trying to balance not going in too low, but good to hear you think 120K is reasonable starting offer, thank you

This sounds good, and pretty much yes my plan! Glad to hear you think that's reasonable.

Yes buyers market exactly! Glad to hear you think 120K is a good starting point. Thank you for replying.

Offers over is just wishful thinking a lot of the time! We were listed at offers over £600, but the best offer we got was £570, so we accepted it. Best of luck!

Can you afford £130K? Would you be disappointed if your offer was rejected and someone else’s was accepted? You need to weigh up how much you want the house. If there isn’t another suitable property, offer the asking price. In the long run, £8K is nothing. If you don’t mind missing out, offer £120K.

Thank you for sharing! It's really useful to hear real life experiences, my thinking is the same regarding offers offer and actually how meaningful they are. It just seems like your bidding into the void.