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Just been for a second viewing on a house which was listed as 'offers in excess' of X. Really liked it (even more than the first viewing) and went straight in at X but the seller didn't want to take it off the market as he wanted to allow those that are already booked in the opportunity to see the property (and presumably make a higher offer). 

 

Obviously his prerogative and if he thinks he can get more than fair play, but should I have been more insistent that my offer was on the condition that it would be taken off the market? 

 

 

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Just been for a second viewing on a house which was listed as 'offers in excess' of X. Really liked it (even more than the first viewing) and went straight in at X but the seller didn't want to take it off the market as he wanted to allow those that are already booked in the opportunity to see the property (and presumably make a higher offer). 

 

Obviously his prerogative and if he thinks he can get more than fair play, but should I have been more insistent that my offer was on the condition that it would be taken off the market?

I would have done, whether that's right thing or not who knows.
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Surely the idea from the seller of "offers above X" is to try and get more than that price?

Sounds to me, if you hit the mark on what the sellers actually looking for in terms of value you'd get more joy. It might be worth trying to do a bit of research and seeing what other similar houses in the area went for if you haven't already to gauge what the secret selling point price would be.

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Just been for a second viewing on a house which was listed as 'offers in excess' of X. Really liked it (even more than the first viewing) and went straight in at X but the seller didn't want to take it off the market as he wanted to allow those that are already booked in the opportunity to see the property (and presumably make a higher offer). 

 

Obviously his prerogative and if he thinks he can get more than fair play, but should I have been more insistent that my offer was on the condition that it would be taken off the market?

I guess the only way he'd take it off the market is if you offered him at least what he wants. He may come back and accept your offer after the other viewings, but he's obviously holding out for more. If he does receive a higher offer I'd assume his estate agent will contact you and see if you're prepared to raise yours (which you might do if you REALLY want it)

Buying a house is a right game. I don't envy you!

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I guess you could have offered him a slightly higher amount and given him an ultimatum and then he may have thought well I might not get a higher offer...

 

 

If you offered him x he probably thought well I got an offer pretty quickly, I've got nothing to lose by holding out to see if someone offers me more

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If you're in a decent position - i.e. no chain and a mortgage in principle already obtained - you need to make that point to the seller / estate agent. 

 

As far as the seller is concerned, it's as much about finding the 'right' buyer (who isn't going to be a time waster) then driving the price up by £500.

 

There are a LOT of timewasting lunatics out there.

 

And the 'offers in excess' basically means he doesn't want to accept less than that. It's just an alternative to advertising it at £5k more and expecting to be knocked down.

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Depends how much you like the house. I put an offer of 5k under the asking price & lost it. Found another beauty for 190k & offered £188k & also lost out to that so if you really like it your most likely going to have to pay as the good ones don't hang about. I had 6 viewers in the 1st day and was sold for the asking price the next whereas the people who tried to lowball me lost out.

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Sellers market at the moment so he is quite rightly playing the field.

This!!!

If you really want the property, your going to have to offer a price where the owner is willing to take it off the market.

It's murky world buying a house, I had the seller want an extra £15k a week before signing cus he thought he was selling it too cheap. We told them to do one, but lost out on £500 in solicitor fees etc

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Depends where it is but I agree with the sellers market comment, sold a house 9 months ago and got above the asking price by having more than one interested party.

If that is the max you are willing to offer you can't do much other than hold fire, have a look at other properties and keep your options open.

On another note, where I used to live in Costock I always used to walk past a stunning house but was pretty run down and say if I had the money when it comes on the market I would love it. It's now on the market, 5 bet detached house with an enormous garden in a sought after village for £250k! The house next door to it is smaller and sold for £450k, would be shocked to see if on Homes Under The Hammer and someone makes a killing on it. Well worth a look on rightmove.

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It's a difficult call.

We have just moved into a flat in dukes drive which was our third choice place, but in the event is bigger and more appropriate to our needs. The missus has been able to keep more furniture!

However, when we went to view six other couples were looking at the gaff at the same time; really weird with so many people around, you couldn't really talk or discuss anything in private. Anyway we went to a cafe on queens road, had a quick coffee and decided to offer the asking price. We later found out that six out of seven viewers had made a bid, but most just below the asking price. After proving we had the funds our offer was accepted.

Normally, as in my four previous moves I would have gone in at least 10%+ below the asking price, but paradoxically the amount of viewers worked in our favour. I felt we had to go in higher and so it proved.

Probably buying a house and watching the city are the two most stressful things you can do, but this year both have worked out perfectly!

Good luck to anybody moving properties.

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Depends where it is but I agree with the sellers market comment, sold a house 9 months ago and got above the asking price by having more than one interested party.

If that is the max you are willing to offer you can't do much other than hold fire, have a look at other properties and keep your options open.

On another note, where I used to live in Costock I always used to walk past a stunning house but was pretty run down and say if I had the money when it comes on the market I would love it. It's now on the market, 5 bet detached house with an enormous garden in a sought after village for £250k! The house next door to it is smaller and sold for £450k, would be shocked to see if on Homes Under The Hammer and someone makes a killing on it. Well worth a look on rightmove.

Wouldn't it need to be sold at auction to be on Homes Under the Hammer?

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It is being, suggested price of £250k.

 

Yeh that maybe a guide price but in reality a savvy investor will have done their homework. Would expect something like that to go for way more then the guide price.

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you basically have two options.

 

1) you go back, offer above the asking price, tell him the offer is available for the next 2 hours and the property must come off the market immediately.

or

2) withdraw your offer, wait till the others have had a look, if he comes back to you, you know hes had no better offers and you have a the stronger position.

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Sellers market at the moment so he is quite rightly playing the field.

  

This!!!

If you really want the property, your going to have to offer a price where the owner is willing to take it off the market.

It's murky world buying a house, I had the seller want an extra £15k a week before signing cus he thought he was selling it too cheap. We told them to do one, but lost out on £500 in solicitor fees etc

I guess it depends on the price bracket but I'd argue the market is as flat as a pancake definitely a buyers market on the house I'm trying to sell I've had to reduce the price twice and still no offers

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Sounds like the seller wants to have his cake and eat it.  If he accepts your offer he shouldn't be leaving it on the market, acceptance means that you have agreed a deal.  If he doesn't accept your offer then you're free to look at other properties and make offers on them.  If you find another property then you can take your offer 'off the table'.  Leaving it there just gives the seller and estate agent the option to use it as a lever to get a higher offer from other interested parties.  If the estate agent can extract a higher offer from another potential buyer then they can come back to you with that on the table telling you that if you want the house you have to increase your offer, if you do so then it's back to the other buyer to squeeze an increase out of them.  If the seller thinks your offer is time limited then they may be more willing to accept.

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The market is obviously very unpredictable and most estate agents just guess at a price, they are not worried as long as they get their 1%+ Offers in excess is a good way for a seller. 

 

Although working for the same company agents generally work as ambulance chasers and operate independently chasing commision.

 

The agents are obliged by law to put forward any offers received right up to the point of the exchange of contracts, so sold isn't always sold.

 

A bit unscrupulous (but as offers over the agent + seller set the tone) but an option is to offer way above to secure and ease it down to an acceptable level towards the end of the process, usually based on survey - home buyers survey are a cheap way of doing this.

 

Some agents are insisting that a survey is done immediately to reduce this chance, some lenders do this free.

 

I put a higher than asking price offer in and was asked to be kept informed, drove by the house to see a sold sign up!! Emailed the agent etc to be told to offer higher. I pointed out that were actively inviting me to gazump etc.

 

Estate agents have earned their reputation- lying pond life.

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I've just bought in London and I can tell you that househunting down here was one of the most miserable experiences of my life. Found about 4 or 5 places that we really liked, and offered over asking for all of them and still got beaten. Went to see a £240k house - put in an offer of £250k - it ended up going for £275k, that's how mental it is down here.

 

Ended up getting really lucky and finding a beautiful Victorian place which was undervalued and with an owner looking for a quick sale. Stuck an offer in over asking and managed to get it accepted and over the line quite quickly. When we had it valued as part of the sale we were pleased to find out it was already valued at 5k more than we offered, and asking prices have skyrocketed in the area since.

 

Hoping the whole EU ref won't have too much of an effect on house prices, as I was banking on remortgaging in a few years and slashing my mortgage payments. I don't think it will, personally. Value might not increase at the pace I thought it would, but doubt I will lose money on it. Especially when the Elizabeth Line opens next year.

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Always found those offers above X to be bullshit. If it say offers over £150k, any sane person is just going to go in and offer that price or a couple of quid over. Nobody will waltz in and offer £160k

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About to start saving up for my deposit soon. Hopefully leaving the EU is going to ensure house prices dont keep rocketing up. House prices going up 7-10% each year but my wages go up barely 1%. The whole housing situation in the UK is grim and nobody talks about it because they already have a house and mortgage :( 

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Always found those offers above X to be bullshit. If it say offers over £150k, any sane person is just going to go in and offer that price or a couple of quid over. Nobody will waltz in and offer £160k

You'd be surprised. Common practice where I live. House goes for sale. Open house on the Saturday. Sealed bids same day. Sold next day for c5-10% over list price. Boom

Crazy stuff.

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