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Original poster

Offers over.........how much over?? England

14 replies

lokijet · 24/02/2019 17:40

Ok mums netters I need some advice - I have sold (SSTC) and want to find somewhere and generally in range 500-750k things have not been moving fast

However I missed out on property I really liked last week (viewed on sunday offered on monday) as the other offer was higher and more proceedable (fair enough) - I'd offered c £5k over asking of 485k

So now my dilemma - different property on at Offers over 495k ( already above max for the street but lack of recent sales) - how much over would you offer???

OP posts:
OnlyFoolsnMothers · 24/02/2019 17:43

Doesn’t necessarily have to be offers over- my friend just purchse a flat for 237k when it was on for offers over 250k

How longs it been on the market? What have similar properties in the street/ nearby streets sold for? What are you willing to pay, what are you willing to lose it over ....

wowfudge · 24/02/2019 17:53

Has the house been on the market at a higher price? That will give an indication of their expectations. Doesn't mean you have to offer that though. Are you in a competitive market or was it case of it was just unlucky on the other house?

Offer what it's worth to you, that you can afford. Lots of factors will feed into that, but if you can give a sensible rationale you won't offend.

Original poster
lokijet · 24/02/2019 20:15

only just gone on and apparently already had 1 offer so this part of the market seems hotter than the upper end of my budget where generally things havent moved quickly

Im happy to offer over the amount quoted just not sure how much

OP posts:
ChanklyBore · 24/02/2019 20:22

I’ve only offered on one place listed as “offers over”...I offered just under 70% of the “offers over” price, and eventually had an offer accepted at 15% under the “offers over” figure. I often think that phrasing is used as a sweetener to a seller when the agent suggests a price drop.

OnlyFoolsnMothers · 24/02/2019 20:47

What’s the max you’d be happy to pay for the property?

Squirreltamer · 24/02/2019 22:13

I see 4 different types of houses on offers over

  1. The house which was originally listed at say 400k and they drop it 20k and put the term offers over - in this case offer less it’s probably still overpriced.

  2. Super indemand area or house. In this case it’s anyones guess, usually a bidding war between parties. Pay what you’re willing to pay.

  3. Hard one to price so they just picked something similar in the area and set the price at the lower end at offers over. Pay what you think it’s worth.

  4. It’s what the seller needs to finance their next move. They’re fed up of offers under. Probably over priced....

Offer what 1) you think it’s worth 2) what you can afford. You can easily go above it’s “real” value if 2 people really want it in a bidding war. When/If you come to sell you may not get 2 such people and have to sell for less as a house is only worth what someone is willing to pay.

Original poster
lokijet · 24/02/2019 22:28

Thanks - it probably in category 2 or 3 - its well within my budget so i have some latitude (clearly not wanting to be silly but think around £10k over the 495k offers over price should signal Im serious) - depends what the other offer is

OP posts:
ErickBroch · 24/02/2019 22:33

the offers over is rubbish, we offered 5k less and it was accepted immediately

Rollercoaster1920 · 24/02/2019 22:57

If a receiver selling a repossessed house then that might be the highest price they have been offered so far.

Squirreltamer · 24/02/2019 22:58

I wouldn’t say offers over was rubbish.

Sold my old house with offers over. It was really hard to price.

1 of 2 semis with parking on a main road full of terrace houses with no parking.
Put it on at the low end of the semis one street over at offers over and achieved almost the price of the semis one street over despite being on the main road.

But that said i’m always really sceptical of estate agents when they say there are already offers. I wish there was an public open way to see this and confirm it’s not a) a lie b) their best mate stirring false interest.

But 10k on 495k sounds reasonable if genuine in demand property. That’s only just over 2%. In my area overs offer tend to either go bang on or 2% within.
Sadly my current house had 9 offers and around 80 people at the open day it was madness....12% over in the end. Probably over paid by 10k (2%) looking at similar houses that have sold since.

ErickBroch · 25/02/2019 21:08

I didn't getting an offer over the asking price is rubbish - obviously! But I would say 8/10 houses I see on rightmove now where I look all say OIEO - it's lost meaning.

ErickBroch · 25/02/2019 21:09

*I didn't mean

WBWIFE · 26/02/2019 01:05

We offered 5k less and as accepted

foulmouthflora1 · 26/02/2019 05:28

We offered £70k below the offers over price (cheeky I know but negotiations need to start somewhere). Lots of back and forth and we secured for £25k less.

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