What does Offers over really mean?

[UnilateralDecisions]

I took it to mean We’d like this really, but might accept less. But now I’m wondering if I’m mistaken.

It usually means the seller has an unreasonable expectation that their property is worth that and the estate agent is willing to placate them by putting offers over even though they most likely know it isn’t realistic in this current market.

When the market is hot offers over works well. If the property is desirable mind you. When the market is poor it’s no doubt added to a listing by an annoyed estate agent rolling their eyes at the unrealistic expectations of the vendor.

You offer what you are prepared to pay.

A couple of years ago we saw a house that had been on the market a long time, at offers over £475k. However as soon as we starting enquiring about it, the EA said ‘make an offer, there’s always a deal to be done’.

We didn’t like the house after viewing, but eventually it went for £455k.

I have bought houses at the exact offers over price but I also have 2 currently for sale at offers over pricing and I do expect to get a smidge over the offers over pricing.

House 1 has a valuation of £450-475k but we are on Offers over £450k as it puts you in a different search band. We will not take less than £450k and agent thinks more likely to get £460k. It was previously on with a different agent at a higher price.

House 2 is an empty ex rental, on at offers over £260k. I need that sold faster so I will take £260k from a proceedable buyer that can complete quickly but we are aiming for £265k. It’s valuation was £270-280k but the market is so slow and it is costing me £1k a month empty.

That’s not entirely correct (although agree it is market dependent). Where a house crosses price bands on Rightmove etc it is better to put Offers Over in the lower price point as you reach a bigger buyer pool.

I have 2 for sale at different price points in different parts of the country and can assure you I have no price delusions. We tried a higher price and with a new agent are trying Offers over starting lower to generate interest. If you can get someone through the door off the lower price point they can often find a few £k more if they love it. At the moment generating viewings is the hardest bit.

No it means they’re not going to accept less because that’s their minimum… but they actually want more.

How long have they been on the market for an how much interest have you had?
That will help to answer the question as to whether the asking prices are accurate/reasonabl in the current market.

When we advertised ours like that it meant ‘this is the very minimum we will accept’

Oh not long at all for ex rental but we are changing agents with other one as they haven’t been very proactive. We’re going for a different approach with the other one.

The higher pricing of rental was testing the market, now we have brought it right down to be cheaper than anything else. I’ve got 11 viewings this weekend. It will definitely sell quickly.

The other is a very unique house so hard to value (quirky, thatched, spectacular location and not listed but also small).

The ex rental is a bog standard 1980’s city house. It’s now listed 10% cheaper than anything else of same size and area.

Thatched houses don’t follow the market in the same way, they sell at whatever price to whoever wants to pay it at that time. Per sqm they are extortionate but people buy them
because they want them.

My XH's house is currently for sale. He asked overs over £225K but got none, reduced it to OO £210K, ditto so has now reduced it to OO£199K.
Just because somebody wants a certain amount for their house doesn't mean they're going to get it.

It's always worth putting in an offer.

Offers over means nothing really.

I have bought both over and under the 'offers over' price. I know friends who have got a place 20% below 'offers over'.

The real guide is the local market and competition for that house. And that is where judgement comes in...

I think, if you offer on a property to an estate agent, they are legally bound to submit that to the seller regardless whether it is above or below the asking price

This is exactly how we sold our house a few months ago. The market is not bad everywhere. We did offers over and were not going to sell for less than that. We got what we wanted in the end which was 10K over the asking. That said we bought a house that was advertised as offers over and we paid 10K under asking.

I think people should only put offers over if they really mean it. Otherwise it becomes a pointless term.

Sounds as if your rental may sell quickly now. I think OO can work well if the price is genuinely on the low side of what is selling at the time. Good luck!

Last time we offered on a house they accepted 200K under even though it was 'Offers above'. So definitely worth a try!

Thank you. It’s a pretty devastating sale due to my divorce, the thatched is my dream home but no choice. I’ll be leaving it for a bog standard semi in dullsville which is pretty upsetting, but it’s just a house. It has to fund 2 house deposits though so it needs to sell
for a certain amount, so I’m in it for the long haul if Offers Over not effective. Because it’s a hard sell house it needs the right buyer, but if someone wants that sort of house it’s an absolute belter (completely refurbished and we’re making a massive loss regardless).

The rental needs to be gone first though as I don’t want a chain dependent on 2 selling. I can afford to drop that price as not splitting it.

This will be my 6th move in 13 years and I am bloody sick of it. Deleting Rightmove app as soon as I can!!

Sounds like a nightmare. Good luck with both sales!