Offers In Excess Of (London) - Any experience?

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This hasn't been the norm where we are, but seems to be becoming more common. And I'm not sure how to play it when putting in offers. Does anyone have any experience they could share?

We've just seen a lovely house, which we were lucky to get in to look at before it went on the market. The estate agent advised us the vendor was looking for £775-800k. It's now listed at OIEO £795k. Our absolute max. budget is £800k, and that would leave no cash for the work that needs doing. So I'm not sure whether there's any point chancing a lower offer? I guess they can only say no!

Offer £775k but be prepared to go to £800k , I always point blank ask the EA how much the vendor are actually looking for without offending by putting in a very low offer, I'd say at £795k asking £775 is a reasonable offer, assuming it's ready to move into

Thanks, Monkeypuzzle, that's what I was thinking. I know the vendors are hoping for £800k. I also know they don't have anywhere to move to yet, so are in no rush. So I'm inclined to make a lower offer and leave it on the table for a bit...

Yeah I'd say it's worth a try, it's not an insulting offer so I think you have nothing to lose and it opens negotiations