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Original poster

"offers over" - what to offer?

31 replies

Jampot · 07/09/2008 20:07

Ive been looking at houses generally and there's another house I wouldnt mind offering on. Its been dropped by 20k and now says "offers over £299k". It looks vacant to me and has been on for quite a while. Should we still offer 30% below asking price in any event? We have v large deposit and are in rented.

OP posts:

Twiglett · 07/09/2008 20:09

if it's not in Scotland .. yes

have you checked .. propertysnake for price drops in the area and the one that shows you how much was paid for it

WideWebWitch · 07/09/2008 20:13

Jampot, I really, really think prices will drop by 30% but for all my talk of it I'm a wuss when it comes to it and asked what people thought on another thread earlier about whether we should offer 30% under asking. I would say you don't know until you try and you can always go up slightly so I'd offer £200k and take it from there. nethouseprices.com shows what thy paid.

Swedes · 07/09/2008 20:15

Offer 30% below stated price and make it a condition that you will exchange contracts within 30 days of the offer being accepted.

Original poster

Jampot · 07/09/2008 20:19

ive checked rightmove.com for house prices going back to 2000 and it appears to have not changed hands in that time. I think houses are sticking around here and have historically been v overpriced for what they actually are.

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Twiglett · 07/09/2008 20:48

what's the worst that can happen if you offer

mylovelymonster · 07/09/2008 20:52

Offer as much as you are happy to pay for it - or a little below if you want to negotiate to final comfortable figure. ourproperty.co.uk have sold prices search facility if you put in post-code.
Ignore 'offers over' comment unless in Scotland. House 'value' is how much a buyer is willing to pay, IMO. If vendors don't have to sell then they can fix the price, but otherwise..........

ja9 · 07/09/2008 20:55

30% below?

really? prices in my area are still rising, but just taking longer to shift. i'm in scotland though.

Twiglett · 07/09/2008 20:59

you think prices are rising in your area? really?

am extremely surprised at that given the state of the economy and current market forces

you wouldn't have been talking to an estate agent recently would you?

Original poster

Jampot · 07/09/2008 21:00

good point - the worst that can happen is that they will laugh at me

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lalalonglegs · 07/09/2008 21:30

These vendors have got to be kidding, right?

ja9 - where are you exactly?

ja9 · 07/09/2008 21:40

i'm in stirling. heard it on radio last week. think it was something like 10%... i was very surprised, although it does fit with the people i know who have been buying / selling recently.

MrsMuddle · 07/09/2008 21:40

My sister just offered 25% over on a 200k house and didn't get it. It went to a closing date. That was in Glasgow. Offers over here is just madness, although more and more are going to a fixed price.

ja9 · 07/09/2008 21:50

gosh mrsmuddle. market must still be healthy enough in glasgow.

MrsMuddle · 07/09/2008 22:00

Parts of it are - mostly the catchment areas for good schools. But there are loads of city centre and riverside apartment blocks covered in for sale signs.

Upwind · 08/09/2008 09:16

Some parts of Scotland are a bit behind the times - though prices here have still fallen over the past year.

"House prices across Scotland have fallen by just over 2% in the past year, according to the latest figures from the Bank of Scotland. The Edinburgh Solicitors Property Centre has recorded a 6.5% drop in the average property price in Edinburgh - the first fall in the city for 37 years."

noddyholder · 08/09/2008 09:23

I have had an offer 30% below accepted and in a good area.Asking prices have become irrelevant Offer what you want to and can afford to pay and good luck.xx

expatinscotland · 08/09/2008 09:24

i honestly think you will be wasting your time offering 30% below the o/o price ANYWERE in Scotland.

the o/o price is generally set low to attract the bidders, even in rougher areas where many buy homes to rent out or rent to the council to use as temporary accommodation since it's illegal to house families in B&Bs or hostels in Scotland.

prices are not suffering that much in Scotland at all, except perhaps in the shoebox flats many cities built too many of.

but family-sized houses in good catchment areas aren't losing their value much at all.

the ILs' next-door neighbour sold their ex-HA 3-bed semi in a good catchment area (Trinity) of Edinburgh with a large garden (plenty of extensions in the area so no problem getting permission) and driveway for £230,000 in July.

Sales also don't fall through the way they do in England and gazumping isn't common.

expatinscotland · 08/09/2008 09:24

Please speak to an estate solicitor, the market in Scotland is very different from England.

Upwind · 08/09/2008 09:31

assuming you are in Scotland, a friend who is a surveyor says it very much depends on the area what people usually expect to get over the OO price - ranging from 5% to 25%. Use property bee to look at similar properties that have gone from OO to fixed price - that tells you what those sellers were really hoping to sell at, and they will likely have been advised by the same people. I would think that the OO price will be the absolute minimum that might be taken seriously.

jojoisamum · 08/09/2008 10:54

I work for an estate agents and if you offer below the offers over price and are in Scotland I honestly think you will be wasting your time. It's offers over for a reason.

Despite what the ESPC and others say the property market in Scotland isn't all doom and gloom as there are many areas that are not having any problems with their market at all. Yes property is taking longer to sell but can still achieve 15-20% over the OO price;.

Original poster

Jampot · 08/09/2008 11:21

Im in West Midlands

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Original poster

Jampot · 08/09/2008 15:12

OMG ive just been to view the house (hadnt viewed it before but realised from pics etc that it would be "tired". It was terrible - needs new kitchen, bathroom, downstairs loo (both loos full of poo and wee), the place is filthy. There is a double garage which when you go in there is a smell of gas and trees have started growing in through the windows and gaps. The ceiling in teh garage is falling down so the flat roof is clearly knackered. Ive offered 200 which she said they wont accept. The owners live hundreds of miles away and their daughter stays there when she's not at Uni.

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Original poster

Jampot · 08/09/2008 15:12

they need to sell apparently

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WideWebWitch · 08/09/2008 15:14

Good for you. LOTS of people just won't wnat the hassle of doing all the work, they really will have a job getting offers in that state. Good luck, let us know what happens. EA is legally obliged to put the offer to them so make sure they do.

Twiglett · 08/09/2008 15:15

insist that she puts the offer forward .. estate agents can be lying bastards economical with the truth

take a builder round to get a rough estimate of works needed

do you really want to take on a 'project'?

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