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Original poster

So, when they saying 'Offers in excess of...'

16 replies

woolymindy · 16/01/2011 21:07

Do they really mean it??

Have found the PERFECT house and we want it and can afford it at a little bit over the stated offer-over price. If it was a price I would always always offer under that price but this is 'offers in excess of...' This house is priced about right but really we would like to get a bit off because it is tatty and we would like to hold something in reserve. I know we could just have a go and try but is it just not done in this sort of situation?

What did you do when finding yourself in this situation or have any of you accepted offers below the offers over figure?

OP posts:
Original poster
woolymindy · 16/01/2011 21:13

.........

OP posts:
jbloggs · 16/01/2011 21:13

Don't listen to phil and Kirsty - you don't automatically have to offer 20 percent over, as they did on location location . Lots of houses will go for less than the offers over - just depends how many other people are interested in it.

jbloggs · 16/01/2011 21:14

Is it in Scotland?

ChippingInSmellyCheeseFreak · 16/01/2011 21:15

Are you in the UK?

If you are I would just offer what you are happy to pay less £5k (room for negotiation).

Good Luck :)

angel1976 · 16/01/2011 21:15

I can give it to you from a seller's point of view... Our house on the market is currently on the market OIEO. The reason being in that we have already dropped £25k (10%) in the price and we don't really want to take an offer lower than that BUT we have found something we like and we will probably take a small drop in that price. So if I were you, I will make an offer but be prepared for them to say no. You won't know if you don't ask!

scotlass · 16/01/2011 21:16

wooly are you talking England or Scotland?

We sold last year and there was a lot of offers around (mostly went for slightly less. The estate agent told us offers in excess was when the asking price meant asking price plus a bit more. TBH the way the market is its worth offering what you think its worth

Catsmamma · 16/01/2011 21:17

is there a closing date, or other circumstances in your favour?

make nice to the agents, find things out, talk to the vendors....are they in a hurry to sell? have they already bought/in a chain/new job contract

...and yes, if you are offers over are you in Scotland??

fluffles · 16/01/2011 21:20

scotland or england?

the tradition in scotland is to offer over the price quoted, in england it's to offer below.

in the current market in scotland each property has a home report price which a vendor will not expect to exceed.

Jeremyess · 16/01/2011 21:20

I have seen many properties advertised as offers in excess of, a few months later the asking price has dropped. Use it more as a guide, put in a lower offer. Depends how desperate they are.

Original poster
woolymindy · 16/01/2011 21:20

we are in england - it seems to me that this is the way about half the houses are advertised around here - lots of things in our favour first time buyers, mortgage in place and good deposit and she wants to sell quickly - however, a lot of interest as a HUGE house with a great view - four storeys so a bit of a bitty house iykwim and i am sure not everyone cuppa but yes a lot of interest.

I want it i really do but not wanting to insult the lady that owns it really..

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mumzy · 16/01/2011 21:36

If you really want the house and feel it's realistically priced I'd offered the asking price and emphasise your good buying position

lalalonglegs · 16/01/2011 21:46

Get an offer in, don't be intimidated by Offer Over - if anyone else has already stuck one in or does over the next few days while vendor mulls it over, the agent will tell you so you will have a chance to up it. If no one else does, then you've offered the market price.

Unless you are going way below, it's not going to be an insult and, anyway, she's the one living in the tatty house so what's she got to get on her high horse about Grin?

flippinggorgeous · 16/01/2011 21:57

Having just bought a house for well under the asking price I would say make an offer below and see what happens. If they say no, up it, if they say yes, bargain.
:)

Catsmamma · 16/01/2011 22:01

i would go in with a lowish offer, but do your homework!

she says she's after a quick sale...throw dates at her, try and pin her down and you'll get a feel for if that quick sale is all talk or really something she wants

and i'd have thought that "offers in excess" was being very hopeful in the current climate

Original poster
woolymindy · 16/01/2011 22:06

I got dates from her today, she wants to complete really quickly as she is moving abroad and we really can move quickly (made that very clear to her) - she has places the house with a dodgy non local agency who are advertising it like crazy - it is everywhere when you search in the rough area so there will be interest because it is a cheapish house and is big. The thing I think we have is that we really are able to complete really quickly so hoping that works for us.

I agree I think the offers in excess thing is hopeful - she had this house on the market for 80 grand more than it is now!!!! now that is hopeful beyond reason

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Catsmamma · 16/01/2011 22:11

Hit her with a sensible (but low) offer then and a date to suit her!

that's how we got this place, straight talking, no nonsense, and we knew they had already committed to a new house and a new job 300 miles away! :D which helped!

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