Offers In Excess Of ?

[Zacs-Master]

Entering the property market (possibly) for the first time in 20 years. All properties seem to be advertised 'offers in excess of' nowadays. What percentage does one add?

[bhg481]

Just offer what it's worth to you even if it's less than the minimum. Houses are often put on the market with an optimistic asking price and are reduced when no-one bids.

[Zacs-Master]

Thanks bhg. Just found it was sold 2 years ago for £40k less than it's up for so we're a bit wary.

[hc4361]

Have they spent a lot of money on the property, such as an extension or renovation?

[Zacs-Master]

No hc. Anyway, off to view shortly.

[bhg481]

You can check the price that similar properties in the same area went for online. You don't need to make an offer today - have a good look, go home and compare prices and offer what you think it's worth to you. If they have spent lots of money on it, it could be on things that you don't particularly want or maybe particularly don't want eg, swimming pool.

[hc4361]

Sometimes houses are sold cheaply because the seller must have a very quick sale, for various reasons. The current seller may have been in the right place at the right time to grab a genuine bargain

[murraymints]

up here add 20 %

[hc4361]

You in Scotland, murray? If so the process is totally different.

[murraymints]

yes .. in scotland...offer 20% over bought lots down south in my time though..what's changed \/

[hc4361]

Scotland's property sales always have sealed bids, I think. Not the case in England and Wales although sellers can use that system, it's not the norm

[Prudie]

I agree hc and if this phrase is being used then they must be drawing from the Scottish system. I have never bought or sold a house without it going for under the selling price (darn sarf)

[hc4361]

Nor me, Prudie. The Scottish system does prevent gazumping, though.

[murraymints]

sealed bids have been usurped really...althoughy ....

[murraymints]

you give an offer direct to the seller ..as i did ..sale...

[Zacs-Master]

What a strange property it was. A converted golf club in a very nice secluded rural location. But....you had to become a director of a company who manage the servicing, the next door neighbour's garage had a flood prevention board outside it although the owner said it had all now been sorted (a-hem), it was all electric, the front door led to a lobby shared with the neighbour. All very odd.
Thanks for the replies and comments.

[hc4361]

Link please, Zacs.

Just being nosey :)

[Zacs-Master]

Oooh no ;-)

[hc4361]

Why not, are you buying it?

[jourdain2]

Z-M Our current house, bought 2015, had the same caveat. We dug around and discovered it had been advertised at more a few years before. Then taken off mkt. a bit, then re-advertised. They were hoping to achieve the original asking price. I flew to UK and had 3 days intensive house-viewing, including this, and found that the couple had split up when originally offered for sale. We offered less than the asking-price (quite a lot less) because prices had plummeted in France, and were pushed-up a couple of thou., but ended-up paying less than the asking price. Nothing wrong with this house - the one you viewed sounds 'interesting'.

[Zacs-Master]

Thanks jourdain. We don't live that far apart I believe.