"offers over" what are they really hoping for?

[Fizzylemonade]

I am keeping my eye on the property market as we are looking to move later this year.

I have seen some houses saying "offers over" so if it is £275k does this mean that this is the minimum price they would accept or are they hoping for a bidding war and like an auction get as much as they possibly can?

I understand that they may not wish to accept anything below that price but if you offered that price would it be accepted?

I have seen in the past "asking price offers only" so that way you know you can't do any negotiating, is this different.

Has anyone ever put their house on like this??

all the houses in scotland are offers over (well some are fixed price but not many). they are usually looking for MINIMUM 10 - 20% OVER the asking price. Basically as much as they can get.

No, but have seen them and generally means they can't afford to/won't budge. I think!

If really nice property that you really want I would go in slightly higher to give a wee bit for negotiation after survey?

Crikey, think we are going to leave moving for a while then....!

I would speak to the agent if there's a particular house you're interested in. Unless you're buying in Scotland, I would think much depends on the state of mind of the vendor! If the house has been "offers over" for some time, and given that its a falling market, it might be worth going in at a lower price.

Personally I view it as an indication of the minimum they want to accept and so would only offer a max of a couple of grand over.

We are trying to buy at the moment. there are quite a few houses at the moment who were on at "offers over x" and have now dumped the "offers over" bit.

I think its a silly technique. No one in their right mind would offer full asking price for anything at the moment. Far better for the buyers who can only move if they get say £500k to put the property on for that price to get the viewings but decide they won't accept lower offers.

It definitely doesn't mean the minimum in a falling market.A house is worse what someone will pay and what the bank and surveyor deem its value.Obviously the vendor can state a minmum and not sell.At 275 they will be lucky to get more than 250 and todays figures show the first year on tear price fall meaning houses are for the first time worth less than this time last year.

Agree with Noddy and Mummyjaguar that, unless this house is in Scotland, then it is a psychological trick to try and get you to offer more than house is probably worth. Pretty pointless ploy at the moment.

Sorry it is a house in England and not Scotland.

The reason is I think it is underpriced but having said that it has been decorated to an extreme taste so I think that would people off.

It is at the absolute top end of our budget and we would have to live with the (in our opinion) awful decor and flooring for a bit.

But I would still buy it, we aren't ready to move yet, at least 3 more months to get our property up to moving standard (which includes replacing our en-suite which is no longer water tight )

Thank you to all, MN is a mind of knowledge.