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Offers Over Help


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#1 SW82

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Posted 11 February 2012 - 01:59 PM

Hi guys,

My wife and I have found a property we like and are wondering what the etiquette is with offers these days.

The house is in Glasgow and is currently on the market for offers over 235K. It first came on at 275K in June 2011 before being reduced a week later to 255K before hitting it's new price in mid January this year. The home report valued the property at 265K in June.

What would you offer in these circumstances? The owner no longer lives in the property and we are in a position to buy straight away. I asked him what he would accept and he was pretty coy and didn't really give any idea.

Cheers.

#2 Wig

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Posted 11 February 2012 - 02:26 PM

Offer 185k and tell them to be grateful for it.

BUYERS Market :)

#3 TTD

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Posted 11 February 2012 - 02:30 PM

How much do you want to spend?

Do you think it's worth 235k to 250k? If so, offer what you think it's worth and see if they accept. If they don't you negotiate to some point between what they want and what you offered at initially. Given that they're eight months down the line, they're very unlikley to disregard an attempt at negotiation, even if they do reject your first offer.

Don't waste your time with verbal exchanges between you and the seller. Get your solicitor to put your offer in writing and bang it over to the seller's agent, assuming you want to buy it.

I've seen many properties selling in the last few years at below their offers over prices, so any previous 'etiquette' would appear to have gone out of the window.....

No-one will pay over 250k, given the stamp duty threshold.

#4 SW82

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Posted 11 February 2012 - 10:37 PM

Cheers guys.

#5 abroad

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Posted 13 February 2012 - 09:43 AM

I think its very dependent on the area. I just put a place up for sale in West Dunbartonshire and was told by 2 EA's that OA and OO was dead. A waste of time and that people were getting most offers below what the OO was. I went straight to FP. So I think its very area and maybe even house specific. I do think its safe to say that the 30% over OO price are long gone anywhere.

#6 catmandu

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Posted 13 February 2012 - 08:12 PM

I'm interested in opinions on this subject too - many houses I see online are OO or OIRO. That's just the way they try to sell them in the slightly higher price bracket. Basically they are hoping someone with more money than sense will pile in with a high offer, and there are certainly a few such people about. I'm not one of them though, and with vendor expectations as they are, I don't expect to be buying soon - everything I see is priced at near or even over peak prices, as though they haven't been reading the newspapers recently.




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