Does This Mean Anything To You 'offer In Excess Of'

[RogerJJ]

I have seen on Rightmove, some property change price from

example £350,000 to Offer in Excess of £349,500

Does this mean anything to you, if you were buyer, what would be your initial offer?

Roger

[patprimer74]

I have seen on Rightmove, some property change price from

example £350,000 to Offer in Excess of £349,500

Does this mean anything to you, if you were buyer, what would be your initial offer?

Roger

This is a little like the description of 'Fixed Price' that's sometimes quoted i.e. they don't want to negotiate. Of course, that's up to them.

As to the initial offer you make, I would suggest that you behave as if you hadn't seen the words 'Offer in Excess of'. You may possibly be quite happy to bid over that figure, in which case there's no problem. However, if your intended offer is below, then just go ahead and make it - what have you got to lose? Would they decline an offer just one pound below their 'reserve price'? Of course not. What about a thousand, or ten thousand below? We don't know and, probably, neither do they.

So, ignore the words and carry on as normal. All they suggest is that they wouldn't welcome an offer below that price and you can't expect the vendors to welcome you with open arms. But what if they have no other offer? Or, perhaps, one or two offers way below yours?

p

[chas]

This is a little like the description of 'Fixed Price' that's sometimes quoted i.e. they don't want to negotiate. Of course, that's up to them.

As to the initial offer you make, I would suggest that you behave as if you hadn't seen the words 'Offer in Excess of'. You may possibly be quite happy to bid over that figure, in which case there's no problem. However, if your intended offer is below, then just go ahead and make it - what have you got to lose? Would they decline an offer just one pound below their 'reserve price'? Of course not. What about a thousand, or ten thousand below? We don't know and, probably, neither do they.

So, ignore the words and carry on as normal. All they suggest is that they wouldn't welcome an offer below that price and you can't expect the vendors to welcome you with open arms. But what if they have no other offer? Or, perhaps, one or two offers way below yours?

p

And make your offer by letter, marked subject to contract. This should help ensure that your offer is actually put in front of the vendors.

Charles

[Guest KingCharles1st]

275K

[chichi]

It generally means "I'm desperately not wanting to accept the EA advice on what my house will sell for"

[grey shark]

I have seen on Rightmove, some property change price from

example £350,000 to Offer in Excess of £349,500

Does this mean anything to you, if you were buyer, what would be your initial offer?

Roger

Rightmove doing this a lot lately just changing the wording for the sake of something to do 'Offers in Excess of' then it's 'Offers in the Region of' then it's 'Guide price' then hopefully they give up and just drop the price

Edited May 18, 2008 by grey shark

[ianbeale]

I have seen on Rightmove, some property change price from

example £350,000 to Offer in Excess of £349,500

Does this mean anything to you, if you were buyer, what would be your initial offer?

Roger

yeah - it means the seller is a greedy fcuker *** ofer 10% less and wait for a few months then when they accept it say too late mate the markets tanked

[stargazer]

If I understand things correctly an estate agent is supposed, by law, to pass on any offers to the seller, (whether they do or not is another matter) unless the seller has explicitly stated that they do not want to hear of offers below a certain level. It could be the estate agent that adds the "offers over" bit simply to save themselves time & hassle of filtering out the offers that they are not going to pass on.

Having said that it does smack of a certain degree of arrogance and being unwilling to negotiate right from the start of what might be a long drawn out process, hardly sets the right tone does it.

I wonder if anyone has ever tried the "no offers over £XXX" approach?

[pablopatito]

Having said that it does smack of a certain degree of arrogance and being unwilling to negotiate right from the start of what might be a long drawn out process, hardly sets the right tone does it.

I don't agree with you on this at all. I think it makes it clearer exactly what price the vendor will accept, which as I buyer I prefer. I don't like this current situation where houses are going for 10% below the asking price. I'm not a haggler, and I don't like haggling. We looked round a house last week which was on at £300k, the estate agent knows we can't afford more than £250k, but suggested we might want to put in an offer of £250k. I said no way, if they're prepared to accept £250k then they should drop their asking price. If they drop their price then I might put an offer in.

We sold our house a few years ago for 'offers over £110k'. Someone offered £110k and we accepted. I appreciate the market has changed, but to me it was a nicer way of doing business.

[tigsrenting]

It just shows that the sellers are delusional. OIEO in this market and they sit there for months and months. I've always thought OIEO were cheeky in any market and wouldn't touch them with a bargepole.

[Penny Drop]

Whenever I see "Fixed price" or "Offers in excess of.." I immediately think that the seller has set their own agenda against the advice of the estate agent and they dont really want to sell unless they get this amount. That is fair enough and it saves wasting everybody's time if they really mean it.

But no one in their right mind in the current climate can expect to get the full asking price or an offer in excess of anything over 10-15% less than their asking price, unless they are very lucky or have priced their house extremely competitively....

It also sometimes wreaks of desperation as if "this is as low as we can go and we wont go lower" (regardless of whether anyone can or will pay the amount and what is going on in the market).

In a seller's market these tactics were fine and they got away with the sheer arrogance - it wont wash now - and estate agents are foolish if they let buyer's set the agenda...they are potentially wasting money marketing properties that just wont shift.

[pablopatito]

But no one in their right mind in the current climate can expect to get the full asking price or an offer in excess of anything over 10-15% less than their asking price, unless they are very lucky or have priced their house extremely competitively....

Again, I don't really understand this comment. Our house is currently under offer for very close to the asking price. We priced the house according to what the estate agent and I agreed it was worth. There are serious buyers out there, and they're not stupid, they know exactly what our house is worth, so we gave it a realistic asking price to show these buyers that we were serious sellers. We received four decent offers. Everyone was happy, because there was no dicking around - we were serious, the buyers were serious, the agent was serious, the price was serious. I just didn't accept the idea that we needed to price the house 15% above what we'd be happy to accept - for me that's more insulting to buyers.

[Penny Drop]

Congratulations and good luck - this says that you clearly put a sensible and correct asking price on your house...Not many sellers seem to do so. Most seem to try their luck to get as much as they can, accepting that they may have to accept lower...

[house.mc]

Congratulations and good luck - this says that you clearly put a sensible and correct asking price on your house...Not many sellers seem to do so. Most seem to try their luck to get as much as they can, accepting that they may have to accept lower...

Seeing much the same here in Preston. An identical house didn't sell for 12 months and was eventually taken off the market un-sold. Was on at 5% below the new aksing asking price, neighbours put up the asking price and state offers over. Mad !. The question is how long will the estate agents take this and more worryingly are their still idiots out their that will fall for it.

For Sale Swarbrick Avenue, GRIMSARGH. Offers In Excess Of

£400,000

Reeds Rains take great pleasure in offering to the market this superbly presented detached family residence situated in a sought after location, which provides easy access to the motorway network and Preston City Centre. Every aspect of this wonderful property is tastefully presented throughout a... • 4 Bedrooms

• View full details and photographs REF: 200060206

[Telometer]

I'm sorry but that's b*******. A house, anything, is only worth what someone is prepared to pay for it. There are no set values for houses. It may be worth £200k now but in 3 years it could well be worth £100k.

Yes and no. There are properties that can be valued to within a few thousand; often on estates where there are loads of similar properties. Nice and easy for everybody to see what everybody else paid/pays/will pay.

And then there are properties that cannot. Unusual properties. Properties that don't fit with their peers. Wrecks. Properties with gold taps. Ask what you like and offer what you like.

[Benedict]

Again, I don't really understand this comment. Our house is currently under offer for very close to the asking price. We priced the house according to what the estate agent and I agreed it was worth. There are serious buyers out there, and they're not stupid, they know exactly what our house is worth, so we gave it a realistic asking price to show these buyers that we were serious sellers. We received four decent offers. Everyone was happy, because there was no dicking around - we were serious, the buyers were serious, the agent was serious, the price was serious. I just didn't accept the idea that we needed to price the house 15% above what we'd be happy to accept - for me that's more insulting to buyers.

Sounds sensible to me, I think in this day and age of internet information most people have very well honed ideas of general market price levels. You might get lucky finding a fool who'll pay well over the odds, but I'd much rather go look at somewhere with a sensible asking price but no room for negotiation than an overpriced place I'd have to haggle down.

Of course if there's no room for negotiation on a silly price I wouldn't even bother looking, so it's a risky strategy to employ if the property is actually nicer than one might expect as then footfall is everything.