Offers over or asking price?

[Magnificentkitteh]

I'm selling a 1930s semi in a popular location in the North West of England with a nice garden. It's liveable in as is but needs redecorating and buyers might want to upgrade kitchen and bathroom in due course. The estate agents have recommended an "offers over" marketing strategy to generate a buzz and go to sealed bids, but have said it's up to me. I'm not sure - if I were buying i think I would be a bit put off and certainly wouldn't want to bid way over the price the buyers have indicated they'll accept. But I haven't bought in a while. Dsis (who co-owns the property) has bought more recently and thinks offers over is the way to go. Any thoughts? Does it matter?

I don"t think "sealed bids" happen any more, most areas are seeing falling demand?

I think it depends. My sister and cousin both had to go to "best and finals" last year to buy their properties.

Last year was a vastly different market.

Well we have offers over asking on the table before it's gone on Rightmove so not that different it seems.

I hope none of these offers are accepted and then the prospective buyers try to get a reduction just before completion. If you can somehow, make it acceptance subject to no change later on.

The system in England and Wales is a charter for chancers and spivs, I would like it replaced.

I'm not sure Scotland is that different in reality. You're still not bound until exchange of missives

Are they cash buyers?

They say so. But we are going to market it properly anyway.

Hi OP, we have a probate sale proceeding at the moment and my advice to you would be to check out that they are actually cash buyers. We had an offer from a cash buyer and accepted a lower offer, they now want to link the purchase to selling their family home. The same EA is dealing with that sale which I think muddies the water a bit as obviously they are set to gain commission on both.