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Original poster

Offering under “offers over”

60 replies

MissterMummy · 12/12/2023 16:24

Hello mumsnetters, help me decide on what to offer for this house!!

Sellers are asking for “offers over” 975k. Our budget is max 980. Thinking of offering 955 but not sure if it’s too cheeky?? Don’t want to piss off the vendors or not be taken seriously. It sold over the summer (initially advertised at 1mil) but sale fell through and it’s been back on the market for 3 weeks now. I hate the “offers over” thing and am crap at negotiating.

Ups: Freehold house, great transport links, catchment area for outstanding primary, 4 bedrooms 3 bathrooms, decent sized backyard (for London standards!) and house in generally good condition.
Downs: Terraced, busy urban area (London zone 2), petty crime, also backs onto an overground line.

We’ve sold our house but not yet exchanged contracts, mortgage in principle and have extra cash for deposit top, so proceed-able but not as attractive as a cash buyer or someone who’s already exchanged.

So should I chance a cheeky offer? Or do the more sensible thing and offer a little over but leave almost no wiggle room?? TIA 🙏

OP posts:
floorprotector · 12/12/2023 16:27

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Original poster
MissterMummy · 12/12/2023 16:29

3-4 weeks since it’s been remarketed

OP posts:
WrappersDelight · 12/12/2023 16:31

Putting your best offer, but there is a little bit of Law. That says if you don't win the bid on the property because you've already made one, bid you are allowed to go back and make another afterwards. that is how I got my property. I was told I had not won the bid and what the winning bid was, but I was able to go make another bit which the vendor accepted.

WrappersDelight · 12/12/2023 16:34

Having a greedy vendor worked in my favour

floorprotector · 12/12/2023 16:34

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idontlikealdi · 12/12/2023 16:35

Presumably they need 975 to make their sale work. You can offer what you like but I wouldn't expect it OIE

Original poster
MissterMummy · 12/12/2023 16:42

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Ah sorry, I think it was late June when first listed. Agent has said seller is motivated but the house was a rental and currently vacant, am worried he’ll just put it back on for rent if he doesn’t get the price he wants

OP posts:
mondaytosunday · 12/12/2023 16:44

I ignore 'offers over'. Invariably in a buyers market (which it is now), they sell for under.

floorprotector · 12/12/2023 16:45

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Twiglets1 · 12/12/2023 16:49

£955k seems a decent offer and what do you have to lose? It's certainly a strong starting point and the owners response will give you more information about whether they will actually accept under 975k or not.

You can always go up (slightly) if necessary.

CrashyTime · 12/12/2023 16:53

Are you using PropertyLog to see what other sellers are doing? (Property Lion and Plumplot are also good) what is the historical sale price? (if it last sold for 600k when interest rates were nothing then they are taking the piss and wont get a sale, dont be the mug that falls for their delusion)

CrashyTime · 12/12/2023 16:54

Twiglets1 · 12/12/2023 16:49

£955k seems a decent offer and what do you have to lose? It's certainly a strong starting point and the owners response will give you more information about whether they will actually accept under 975k or not.

You can always go up (slightly) if necessary.

In this market you really want to be dropping the offer not increasing, how many other offers do they have OP?

Twiglets1 · 12/12/2023 17:03

CrashyTime · 12/12/2023 16:54

In this market you really want to be dropping the offer not increasing, how many other offers do they have OP?

Show quote history

I've bought 6 properties over my life, how many have you bought?

Honestly, you're entitled to your opinions but don't act like you're some kind of expert on negotiating with homeowners.

If an owner rejects your offer and your response is to reduce that offer, you will look like an idiot in their eyes and a joke to the EA.

floorprotector · 12/12/2023 17:13

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Roselilly36 · 12/12/2023 17:15

It’s a buyers market, so worth a try. Especially as you are SSTC. Good luck.

FiloPasty · 12/12/2023 17:17

You can only bid what you can afford. We got our current house because the vendors knew we were commited but at the top of our budget.
it’s worth a try!

Original poster
MissterMummy · 12/12/2023 17:20

@CrashyTime yes propertylog showed up outs previous asking price. No other info about when it was last sold cause I think it was early 2000s

thanks @Twiglets1 yes I’m 955 is serious enough and yes nothing to lose hopefully!!

OP posts:
BlueMongoose · 12/12/2023 18:35

WrappersDelight · 12/12/2023 16:31

Putting your best offer, but there is a little bit of Law. That says if you don't win the bid on the property because you've already made one, bid you are allowed to go back and make another afterwards. that is how I got my property. I was told I had not won the bid and what the winning bid was, but I was able to go make another bit which the vendor accepted.

If you're just making an offer, you can 'up' it. But if it's gone to best and final, you give your best and final. That's called 'being honest'. If you bid again after that, you're a shit.
Thankfully our vendors thought the same, so the shit didn't get the house. But it still cost us 15K.

CrashyTime · 12/12/2023 18:59

MissterMummy · 12/12/2023 17:20

@CrashyTime yes propertylog showed up outs previous asking price. No other info about when it was last sold cause I think it was early 2000s

thanks @Twiglets1 yes I’m 955 is serious enough and yes nothing to lose hopefully!!

RM usually shows last sold info?

GreatGateauxsby · 12/12/2023 19:19

Assuming this is a standard offer not very and final…

Put in 955 and outline your position.

ideally do it in person with the EA.

I would be clear you like it (from a practical point of view, not ohhhhh it’s my dream) but you are looking to buy NOW, so you will be putting offers in on other places. If they want to sell you will buy, you won’t mess around and it will be a straightforward sale.

i wouldn’t expect them to accept so have decided your next move before they come back to you

CrashyTime · 12/12/2023 19:23

How many other offers do they have?

Original poster
MissterMummy · 12/12/2023 19:31

@GreatGateauxsby good advice thank you

@CrashyTime no offers yet as far as I know

OP posts:
CrashyTime · 12/12/2023 19:43

If there are no other offers it is very likely that they are taking the pee on price.

rainingsnoring · 12/12/2023 21:30

I wouldn't let 'offers only' restrict whet you offer, no.
How much do you think it is worth compared to others on the market locally?
What is it worth to you? Do you see it as your perfect home or are you relatively ambivalent? Do you know why it fell through?
The owner may be getting fed up with the sake dragging on at this point and you are proceedable so it seems very likely that he will take a respectable offer (955 seems more than respectable in this market). He doesn't seem to have taken the fact that the market has fallen since Summer into account when re-listing. It's likely that 'the market' won't give him the same offer as he had in June/ July.

Twiglets1 · 12/12/2023 21:41

The owner obviously suspects they won’t get 1M hence changing their marketing from a set price of 1M to the softer sounding OIEO 975k.

It has only been on the market again for 3 weeks though so they won’t accept a low offer. Still, 955k is high enough to gain their interest I would expect. Though they may want to negotiate to get it slightly higher so it’s up to you whether you are prepared to do that or not.