Offers in excess of?

[greenjojocat]

Is it cheeky or standard practice to still offer under the asking price for a property in England if you think the house is slightly overpriced?

We want to make an offer for a house that is offers over £430k, it's already been reduced from £450k but before we saw it so I'm not really taking that into consideration. It's been on a while, a few viewings. We have a house to sell with a number of viewings booked over the weekend so I'm hoping we'll get an offer soon.

The house we want is quite unique for the area in terms of the layout, it's exactly what we're looking for due to family circumstances. The £430k is our maximum budget but would you go in with that or would you chance a lower offer? I don't want to offend the owner and it's not about getting a bargain, it's about not paying more than what's it's worth but equally.. we want that house!

10% lower than asking. THey can only say no but you'll be in a far stronger position once you have an offer on your own house so I'd hold off until then.

I ignore 'offers over' in England. Always offer under as a start.

At the moment offer under, estate agents are trying to talk up the prices. The market is predicted to cool but prices may not drop.

The house we recently bought was ‘offers over’ we did make a first offer under that amount but they came back with a very firm ‘no’ that it was most definitely overs over that amount. After negotiations we got it for that amount but not a penny over

If it was on for £450k and that was about the right price then they’d already have had an offer of 430k+. They’re now trying to set £430k as the minimum, but it doesn’t sound like the house is worth it. Offer what you think it is worth, they can only say no. The more offers they get that they may now consider “cheeky”, the sooner they’ll realise they are overpriced.

A neighbour on our road “reduced” their house from £625k to “offers over £600k”. Unsurprisingly still not sold.

Houses are going for 10% over here; anyone who offers under asking price gets politely shown the door...

The house we've just bought was originally on at 580k but dropped quite rapidly to offers over 550, we offered 540k and got it for 545k. I sometime think we should have gone in with a lower offer to start with and wonder if we've overpaid but I'm not very good at hardball and we really wanted it - plus comparing it to similar houses on zoopla can just drive me crazy, sometimes I see houses that make me think yes we paid about right, other times I see ones that make me think I didn't! All that matters is we got a house we love and intend to stay in for a while.

Which is to say: yes definitely start with an offer a little under! And then when you get it (fingers crossed) don't be like me and obsess about what you've paid :)

We offered exactly the base price for an OIEO house in January. The seller wanted about £10k more but took into account our excellent position.

You might be lucky with a cheeky offer if you’re an attractive prospect and ready to proceed.

Thanks everyone. We've had an offer on ours today so will be accepting and offering on the house tomorrow. I think we'll go in slightly less and see what happens.. Fingers crossed!

@greenjojocat good news! It’s worth a try they can only say no at worst! Good luck

Reading with interest. I offered this week, £10k under on a house that has been on the market for a while and some visible things need fixing. Seemed reasonable but recognising it's always about perception.

Response seemed to indicate the vendor was offended id offered anything under asking, quite formal response received - supposedly vendor's own words but I suspect the estate agent wrote it due to the way it's phrased. I then got back in touch with estate agent to try and clarify whether vendor is interested to negotiate at all. Or do I need to offer asking price. Estate agent has read my messages but now seems to be ignoring me.

Am I nuts in thinking £10k isn't a huge amount to knock off and typically these things do get negotiated, it's not unreasonable to expect to back and forth from the starting position?

Just sold and offered on the same day - seems the market is so hot at the moment that the price quoted is the minimum.

Is that the same in every part of the country though? This house I've offers on has been on Right Move for 2-3 months so not like there's necessarily stiff competition. Nevertheless, seems like I've been seen as wrong for offering under asking.

@greenjojocat. Congratulations!! How does the offer on your house compare to what you had it in for?

It'll be interesting to see how your offer goes tomorrow.

Houses are selling mad fast around here, so I'm not sure what to offer, I guess it depends on the individual seller, but I'd try an offer under the 'offers over' price as I just see it as a starting price. 🤷🏻‍♀️

@TinyTroubleMaker

Don't worry about 'how it seems'.
Estate Agents are in it for their commission, not to make friends. You just have to find your balance between paying over the odds & maybe missing out on the house.

The whole system in England (and most of the U.K.) is pretty crap!

Thanks. I seem to have been ghosted by the estate agent since. Have sent 4-5 quick messages asking for updates, whether the vendor is open to negotiation, whether the house is under offer with another buyer. Nothing. Its still on Right Move. I wanted to see another property with the same agent if this one is gone, no response on that.

Well today we bought a house! Offered the asking price in the end, decided we just love it too much and didn't want to miss out. The offer we accepted was 5k over what we were asking for so we're still in a good position. So happy!

Congratulations @greenjojocat

I've just had a message to say that buyer wants a minimum xx amount over what the advertised price on Right Move is.

This is after me viewing twice, talking openly with them and the agent, putting time and energy into mortgage calculations, putting in an offer. AIBU - why advertise as one price, when the minimum you will accept is at least xx amount over that?

It's the same house cited above, that has been on the market for a while, noone rushing to buy it. I'm a busy person and now feel messed about

Sorry greenjojocat I recognise this is your thread not mine. Congratulations on your own success!