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Original poster

'Offers Over' - too cheeky to offer under?

31 replies

CharlOctober · 01/01/2024 17:58

A house we've viewed is marketed at 'offers over' 300k. However it was reduced in early October and still not sold, we have sold ours to a first time buyer and feel we're in a good position. We were thinking of starting negotiations low at 285-290 but not sure of the etiquette around 'offers over'. There's comparative properties around this price so I do feel they're over priced but at the same time don't want to piss off the vendors...

In my first house so a bit clueless about things like this! Thanks!

OP posts:
JacketAndJumpet · 01/01/2024 18:00

Go for it. Worst they can say is no and it’s a reasonable offer.

justalittlesnoel · 01/01/2024 18:01

I mean offer what you think it's worth! If the seller thinks it's cheeky they can say no. If it's been on the market a while and reduced previously they might be flexible on what they accept.

rainingsnoring · 01/01/2024 18:09

It's not cheeky at all. Look at comparables, bearing in mind that the majority of sellers are not achieving asking price at present, and offer what you think it is worth. Do you want to do a deal with people who get offended by an offer a few percent under asking price or with people who want to do a deal and sell their property? Don't offer more than it is worth to you and then end up regretting it later.

DavidOpines · 01/01/2024 18:36

It is a market made from buyers and sellers, the price set at the agreed level of the two. Offer what you like. Perhaps as the market is currently moribund and panic has not quite set in yet the lower offer may be swiftly refused, but you never know, perhaps vendor has some more enlightened insight and is one of the first to the exit.

Flubadubba · 01/01/2024 18:47

We did the same last Summer, and had the offer accepted as the sellers were desperate to keep their dream property. It was in the region of the asking price, but slightly below for various reasons.

Offer what you think it is worth, and go from there. You never know what might happen- the worst they can say is no.

Twiglets1 · 01/01/2024 18:50

I think it’s fine to start negotiations at 285 -290k

Theoldwrinkley · 01/01/2024 18:51

Our house was advertised as 'offers over' but we bought it at the price indicated. Buyer can always say no. In current climate (and depending on personal circumstances) a sold property is better than one still on the market.

bunhead1979 · 01/01/2024 18:54

We put in a very cheeky offer £70k under “offers over”. Seller said no. A few weeks later the seller came back and met us in the middle.

ThreeTreeHill · 01/01/2024 18:59

Personally I hate the term offers over. Properties are always advertised at what the seller wants people to pay, and buyers are always going to offer what they want to. Sellers are going to accept what they want to/can afford to. It makes no difference whether it says offers over or whether its listed as a price.

Offer what you want to pay for that house. Worst they will say is no

surreygirl1987 · 01/01/2024 19:02

Not cheeky at all! We offered £50k lower on a house that was marketed as 'offers over' as we simply couldn't afford more. Of course they said no, but no dramatics about it. Interestingly the house only went for £15k more than we'd offered anyway, so it still went well under asking!

tescocreditcard · 01/01/2024 19:41

Go for it! If they refuse you can always offer a bit more.

DrySherry · 01/01/2024 19:47

I would start at 10% under ie 270k. It's close enough not to cause offence and then you can add to what your comfortable with. The last reduction you said was early October - so that's 3 months ago. It may be overpriced..

Original poster
CharlOctober · 02/01/2024 16:32

Thank you so much for your advice everyone I really appreciate it! Gone in at 285k.. fingers crossed to hear back soon!

OP posts:
CynthiaKnicksOn · 02/01/2024 16:36

Fingers crossed for you op! I was also coming on to say go for it

Twiglets1 · 02/01/2024 17:33

CharlOctober · 02/01/2024 16:32

Thank you so much for your advice everyone I really appreciate it! Gone in at 285k.. fingers crossed to hear back soon!

Exciting! Please let us know how you get on.

SammySays · 02/01/2024 17:46

Fingers crossed for you! The house I am currently sitting in was on for £350k then reduced to offers over £325k. In the stagnant market we were able to get it for £295k a couple of months ago 😀

hope it works out!

Scissor · 02/01/2024 17:49

Personally loathe the "offers over "
I always think they're going to be absolute bastards to deal with.

Twiglets1 · 02/01/2024 17:53

Scissor · 02/01/2024 17:49

Personally loathe the "offers over "
I always think they're going to be absolute bastards to deal with.

I don't think that, I think most people just take their EA advice about how best to market their property.

GasPanic · 02/01/2024 17:56

It's not cheeky to offer under, but it is cheeky to offer under and then be aggressive about it IMO.

If I was offering under I would probably just say to the agent that I really liked the place but from looking at other places I wouldn't pay more than xK for it. So kind of offering in a more informal sense. It gives the agent a hint that a deal could be on if they make the effort. Then the agent can either choose to go to the seller and try to convince them to lower or meet you halfway or give you the brush off. My guess is that if the agent thinks there is a chance the seller will accept they will do the work.

People coming in with a formal offer though and acting demanding if it was under offers over that would probably annoy both the agent and the seller. It would annoy me anyway.

Good luck with your offer.

BlueMongoose · 02/01/2024 18:14

Offer what it's worth to you. Then you can't lose. If you offer more, you're a fool, if you offer less, well, play about trying to negotiate all you like, but if you lose it, and it then sells to someone else for what it was worth to you, or possibly even less because you've p'd of the vendors, that'll be 100% down to you.

Scissor · 02/01/2024 18:39

It's just such a fingers up statement to how reasonable they will be.
Don't bother even thinking about any offers under.
I'm looking and actively swerve this.
Really pleased some people have had brilliant experiences.

bunhead1979 · 02/01/2024 19:27

Depends where you live I guess- here in Scotland pretty much everyone sells using offers over. If you’re in a good position as a buyer such as cash buyer or no property to sell you can be worth it at a lower price.

cristokitty · 03/01/2024 08:12

For what it's worth, our estate agent suggested we went from 300k to "offers over 290k" after our first sale fell through. The reason was so it would pop back up in Rightmove alerts. I don't like "offers over" so we just reduced to 290k instead.

DrySherry · 03/01/2024 08:42

cristokitty · 03/01/2024 08:12

For what it's worth, our estate agent suggested we went from 300k to "offers over 290k" after our first sale fell through. The reason was so it would pop back up in Rightmove alerts. I don't like "offers over" so we just reduced to 290k instead.

Did it work ? Was there a noticeable increase in interest?

cristokitty · 03/01/2024 10:02

Interest increased a lot but it's hard to say if that was the fact it was no longer SSTC or because it popped up in inboxes.

I forgot to say that we accepted the next offer we received a couple of weeks later which was 280k. We had 4 EAs value the house at 300-310k but before we went on the market we both expected 275 based on our own research.