How much to offer? Confused!

[GurlWithACurl]

The property we like is for sale at “offers in excess of £400,000”. It’s so long since we moved and therefore I have no idea if that means exactly what it says or if there might be wriggle room. The area is great, there is no onward chain, we are cash buyers and need to move quickly. We have to decide today! I love it!

So, what would you offer in these circumstances?

TIA

What have other similar houses sold for recently?

Have you viewed it and got a feel from them on why they've listed it as offers over?

I hate offers over. Unless you are in an area where everything is selling really quick offer what you think. Most first offers are rejected anyway and after the first offer you should have a better idea of what they would accept.

How long has it been on the market? I offered under the asking price for my current property which was advertised as offers over and it was accepted. It had been on the market for several months though.

Look at sold prices nearby and for the same type of house, then calculate what you would add based on that. I’d also emphasise that you’re cash buyers and can move very quickly.

Depends on what the market is like in your area. I always look at online valuations, other properties for sale in the area, and recently sold prices in the area.

Add to that your personal situation - why do you need to move, does it need to be soon, have you been looking a long time, will you plan to stay there for years etc.

It’s worth not being too keen if it doesn’t really matter, but it’s sometimes worth paying a small premium if it’s a great long term prospect for you.

Ultimately it’s a balance of market rates and personal feeling/finances. We paid £5k over what our surveyor recommended. But we loved the house. We’ve been here 5 years and plan to be here for many more, plus the value has risen by over £100k. So who cares about the original overpayment by us?

Goodness, it’s so nerve racking! This is why we have stayed put for over 20 years!

If you think it’s worth 400k compared to other properties that have sold for around that price recently in your area, I would offer 400k.

Wouldn’t offer over that unless you have reason to believe that there are other interested parties who are also proceedable.

Apparently there are no other interested parties yet so we have offered the 400k! Now really nervous waiting for an answer. I hate this part!

Thanks to everyone who commented 😀

There are always other interested parties, even when there aren't. It's EA speak for pressurising you to make an offer or offer more than you'd like. I think if you really like it though, you are probably right to go in at 400K.

Offers in excess of really means nothing. It's worth what anyone is willing to pay for it, which in the current market is often lower than the listing price. Really depends on how long it's been on the market though.

The wording used is pretty meaningless really , offers over, guide price, asking price, oiro etc. You just have to do your research and offer what the house is worth to you.

My house was advertised for offers over £475k. We had an offer accepted for £460k.

House I was accepted on had 'offers over' but I just offered the asking price (I'm not playing silly buggers guessing, they set a price so I offered that price) and was snapped up.

If I'm half interested in a property, I always ask agent what other interest there is and uf they can proceed. Only you never know if you're getting the full picture from them, but if it's been on a few weeks and there's no one procedure, I'd offer £390,000 as they'll probably try and negotiate with whatever.

Is it worth £400k to you? That's really the only thing that matters.

I think offers over are always still optimistic. They will be very happy with 400, most likely their minimum would be 380 or less.
If you get it now for 400 well done though. You can move on with your life.

I'd start at £385,000 in your position.

Basically what offers over in England means is the vendor requires that as a minimum to move to another place. It is another way of saying no less than

Thanks everyone! Our offer has been accepted! We are really pleased and excited for the future. 😀

Yay! Congratulations @GurlWithACurl