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Anyone have any experience of bidding on/buying property listed on the market as "offers over.."

 

I'm going for a second viewing of a flat on Thursday and tempted to make an offer, but it's listed as offers over. For starters, why would anyone offer any more than the number in question straight off the bat?

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2 minutes ago, ajthefox said:

Anyone have any experience of bidding on/buying property listed on the market as "offers over.."

 

I'm going for a second viewing of a flat on Thursday and tempted to make an offer, but it's listed as offers over. For starters, why would anyone offer any more than the number in question straight off the bat?

We offered the advertised figure when buying ours. It got rejected but it was a starting point, the agents pretty much told us what the seller wanted when we offered though and we were happy to pay that

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7 hours ago, Leicester_Loyal said:

I had my house valued as I’m doing a remortgage to pay off my help to buy loan. There is a house on my estate that’s the same build type but in a worse location and they chances the sale at a ridiculous price. My valuation was £40k lower than theirs, people are lumping the stamp duty on the price and expecting it not to be questioned.

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5 minutes ago, Costock_Fox said:

I had my house valued as I’m doing a remortgage to pay off my help to buy loan. There is a house on my estate that’s the same build type but in a worse location and they chances the sale at a ridiculous price. My valuation was £40k lower than theirs, people are lumping the stamp duty on the price and expecting it not to be questioned.

I suppose in theory I have just listed my house at £15k more than I accepted last Christmas (before it fell apart) and that is exactly the saving in stamp duty on it.  I based it on a similar house round the corner currently being sold at that price though.

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5 minutes ago, Jon the Hat said:

I suppose in theory I have just listed my house at £15k more than I accepted last Christmas (before it fell apart) and that is exactly the saving in stamp duty on it.  I based it on a similar house round the corner currently being sold at that price though.

If they are selling for that then fair play, has that house completed though or just had an offer accepted? Could still be an issue with the valuation.

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3 minutes ago, Costock_Fox said:

If they are selling for that then fair play, has that house completed though or just had an offer accepted? Could still be an issue with the valuation.

It's the same agent and they tell me it is close to completion with no issues.  Lets see.  

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2 minutes ago, Jon the Hat said:

It's the same agent and they tell me it is close to completion with no issues.  Lets see.  

Fingers crossed mate. On my estate they usually get snapped up straight away but loads have come up for sale so I think it’s gone a bit stale.

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3 minutes ago, Costock_Fox said:

Fingers crossed mate. On my estate they usually get snapped up straight away but loads have come up for sale so I think it’s gone a bit stale.

There is a fair amount on the market round here at the moment, but also plenty under offer so I am reasonably positive.

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2 hours ago, Jon the Hat said:

I suppose in theory I have just listed my house at £15k more than I accepted last Christmas (before it fell apart) and that is exactly the saving in stamp duty on it.  I based it on a similar house round the corner currently being sold at that price though.

You're selling your house even though it's fallen apart?

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4 hours ago, ajthefox said:

Anyone have any experience of bidding on/buying property listed on the market as "offers over.."

 

I'm going for a second viewing of a flat on Thursday and tempted to make an offer, but it's listed as offers over. For starters, why would anyone offer any more than the number in question straight off the bat?

Take the football approach to offers and add on 1p :D

 

Assume the agent not indicate what offer they were looking for. 

 

I've seen a couple listed which have just said offers. How ridiculous, wonder if people ever just offer a token amount. 

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So after the debacle of the first house where the sellers' new build was always being delayed, and we pulled out to offer on a chain free house so we didn't lose our buyers, now this seller won't do his paperwork.

 

Its been over 5 weeks and my solicitor is still waiting for the contract documentation from him. We thought this would be a quick sale. She hadn't even started searches because she said she always waits until she has all the paperwork together (but hasn't chased them AT ALL). We now smell a rat, why would you not do your paperwork for 5 weeks unless something is up.

 

We've decided we are 100% staying in our flat for a couple more years if this falls through now as we have been doing this since May and it's just not worth the stress. We have done everything right since day one, but people just constantly mess us around. Not worth the stress when we already live in a nice place.

Edited by z-layrex
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2 hours ago, z-layrex said:

So after the debacle of the first house where the sellers' new build was always being delayed, and we pulled out to offer on a chain free house so we didn't lose our buyers, now this seller won't do his paperwork.

 

Its been over 5 weeks and my solicitor is still waiting for the contract documentation from him. We thought this would be a quick sale. She hadn't even started searches because she said she always waits until she has all the paperwork together (but hasn't chased them AT ALL). We now smell a rat, why would you not do your paperwork for 5 weeks unless something is up.

 

We've decided we are 100% staying in our flat for a couple more years if this falls through now as we have been doing this since May and it's just not worth the stress. We have done everything right since day one, but people just constantly mess us around. Not worth the stress when we already live in a nice place.

Sorry to hear that, what a pain in the arse. Sounds like you like your current place so its good you have that as your back up plan.

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Well, the UKs credit rating has dropped this week, lenders are tightening loans again , (TSB), 15-25% deposits now or even more.

 

Those that prepared to lend more, buyers are finding they don't get approval at the last stage. More headlines appearing to suggest to look beyond the sensationalist figures of house price rises and see how long they can go on for. I'm prepared to wait 3-6 months, to see if house prices will decline (not crashing, just reducing). If not, I'll never be able to buy a house now and give up.

 

Here's the last paragraph from a telegraph article today :

 

"It’s important to tune into these signals, and other unusual sources of data, to drown out the noise of the headline figures. Much like an early warning system of an earthquake, you can feel the tremors that are about to strike."

Edited by newfox1
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We've pretty much resigned ourselves that we'll not be moving until well into next year now at best, given the current increased uncertainty and winter slow down. Equally resigned to it being next year before I'm going to see any family or friends, it's been 10 depressing months already :mellow:

Edited by FoyleFox
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On 19/10/2020 at 13:40, Leicester_Loyal said:

Couple of viewings booked for this week at properties near me, let you know how they go.

One the homeowner was late, and hadn't messaged me until after I left, so I never got to view the property. However it had rubbish and was untidy outside anyway, probably a blessing in disguise, who the hell tries to sell a house like that?

 

Second one today, estate agent failed to show up, I was greeted after 10 minutes of waiting by another fellow who had arranged to view the property, we both stood there for about 5 minutes before giving up. It was next to a park anyway and what appeared to be a derelict community/youth centre, again probably a blessing in disguise no-one showed up.

 

In summary, shite.

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Massively annoying, such a waste of your time.

 

We had a list from our agents of things recommended to do to prepare the house, all clutter, toiletteries away etc for the photos and I do it everytime we have a viewing. Everything has been stored away, can't find a sodding thing anymore mind you!

 

Some of the pictures you see, the house is a right state. Although, if you're looking at something which is being rented out, it's always the way as tenants have no vested interest in the sale.

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30 minutes ago, FoyleFox said:

Massively annoying, such a waste of your time.

 

We had a list from our agents of things recommended to do to prepare the house, all clutter, toiletteries away etc for the photos and I do it everytime we have a viewing. Everything has been stored away, can't find a sodding thing anymore mind you!

 

Some of the pictures you see, the house is a right state. Although, if you're looking at something which is being rented out, it's always the way as tenants have no vested interest in the sale.

Thankfully I'm only looking locally so it's only 30 minutes wasted per trip, could have been a lot worse.

 

Decided I'm just going to try and drive to the properties and have a look round outside and the area before actually booking viewings now, saves me wasting my time.

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Just now, Leicester_Loyal said:

Thankfully I'm only looking locally so it's only 30 minutes wasted per trip, could have been a lot worse.

 

Decided I'm just going to try and drive to the properties and have a look round outside and the area before actually booking viewings now, saves me wasting my time.

I did that the other day but they spotted me on the doorbell camera and the guy came out and was like erm what are you doing? He then let me in to view so worked out quite well in the end apart from the fact that it was too small. 

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15 minutes ago, Leicester_Loyal said:

Thankfully I'm only looking locally so it's only 30 minutes wasted per trip, could have been a lot worse.

 

Decided I'm just going to try and drive to the properties and have a look round outside and the area before actually booking viewings now, saves me wasting my time.

We did that, had a drive out to the local area.  We also did it two or three different times, so that we could see the area at various times of the day / weekends etc.  It's a lot of effort, but a house is a significant investment.  Street view on Google Maps is also really useful to check out what it looks like in a general sense. 

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On 19/10/2020 at 20:24, ajthefox said:

Anyone have any experience of bidding on/buying property listed on the market as "offers over.."

 

I'm going for a second viewing of a flat on Thursday and tempted to make an offer, but it's listed as offers over. For starters, why would anyone offer any more than the number in question straight off the bat?

We went on to the market at "offers over".  Essentially, we looked at the minimum amount that we would be happy to accept at and marketed the property at that value.  It was £10,000 below the valuation that we had got from two estate agents, but we wanted to generate a quicker sale.  There is always the chance that you get more than one interested party (we didn't in the end)

 

My advice would be to put in a cheeky bid below that "offers over" number, but be prepared to have to go up to it. 

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