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Offers in excess

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  • Offers in excess

    Hi guys,

    I'm currently looking at a house priced as 'Offers in excess of £360k' the seller had originally priced it at £375k but dropped it to the £360k after a few months on the market. Does this mean to say that they wouldn't entertain a lower bid and a lower bid would be flat out rejected? Tempted to put in a cheeky offer and see what they say.

    The house was originally purchased for £357k in 2007 ( new build at the time).It's a 3 bed house in London zone 3.

    Any advice would be greatly appreciated!!


  • #2
    Re: Offers in excess

    It's really a question of supply and demand in the area.

    For example, where I am in Scotland, "offers in excess of" usually meant "bid 20% more". Now I suspect people treat it as a price to negotiate down from.

    If the property has been on the market for a few months and already marked down, that may be a sign of an owner looking to sell sooner rather than later.

    In which case, nothing wrong with offering a lower price - what have you got to lose? After all, a property is only worth as much as someone wants to pay for it.


    • #3
      Re: Offers in excess

      Thanks Brian!

      Just feel a bit cheeky offering lower than what they originally paid 5 yrs ago!


      • #4
        Re: Offers in excess

        There's no need to feel cheeky.

        I've just had an offer accepted on a house, £11k below asking price, and £6k below what the vendor paid 6 years ago. The vendor must think it's a fair offer as he accepted straight away.

        My advice would be to do some research on selling prices of similar properties in the area and make an offer based on what you think is a fair market price, even though that offer might be less than the offers over figure.


        • #5
          Re: Offers in excess

          Don't feel cheeky, the trend for offers in excess of at the moment is very silly. Estate Agents think they are being clever and it is just silly!
          Letting Agents Milton Keynes www.prestigemk.com