Non-motoring > House sale price Miscellaneous
Thread Author: Crankcase Replies: 25

 House sale price - Crankcase
I have to put a house on the market.

The agent suggests "offers in excess of"

Would you prefer that or a straight higher price to start with?
 House sale price - No FM2R
For no good reason that phrase annoys me. I usually ignore them. The most I'd ever offer would be whatever figure you said you wanted in excess of, but probably I wouldn't bother..

I prefer; Price £x where x is what you're hoping for. I am not going to offer you more than that unless there's a bidding war, and I might offer you less depending on how much I want it.
 House sale price - Lygonos
Is a seller's market for the present (most properties near me are sold within 2 weeks) so 'in excess of' is a good idea if your property is reasonably desireable.

In a more depressed market it's irrelevant: in 2012 I bought a cottage having offered 10% less than the 'offers over' price.
Last edited by: Lygonos on Tue 10 Aug 21 at 07:22
 House sale price - Dog
>>Is a seller's market for the present (most properties near me are sold within 2 weeks) so 'in excess of' is a good idea if your property is reasonably desireable.

I'm with ^this geezer, even though he spelt desirable rong.
 House sale price - legacylad
In an area with high demand and limited availability, assuming that the home owner wishes to secure the best sale price possible, then I would certainly ask for offers in excess of.

Very few houses come on the market in my part of the world...on my cul de sac estate of 13 properties, only one has come on the market since 2011. We all receive notes on a regular basis from individuals wishing to buy.

In the immediate area two homes have come on the market in the past 6 months. Both advertised as offers in excess. Friends selling one even had a virtual tour by an agent on behalf of a Canadian who wishes to move funds overseas. Both sold for 20% + over the in excess of price.

Sealed bids seems de rigeur in my part of the world
Last edited by: legacylad on Tue 10 Aug 21 at 07:31
 House sale price - sooty123
One house we bid on last year, went to offers over after us and 2 others put a bid in. The EA rung up asking us what our best price was, how much more could I go to etc, I declined and walked away. Didn't really want to get in a bidding war, think there was something went a bit wrong as it took about 10 months to complete.
 House sale price - Clk Sec
I would go with the 'higher price to start with'.

We moved last year and didn't view any properties that were advertised as 'offers in excess of xxx', sealed envelopes?, or modern auctions.

We put our own house on the market with an agent operating from a trading estate in a nearby city. Their fees were around a third of what we would have otherwise paid, and they were excellent.
 House sale price - BiggerBadderDave
"For no good reason that phrase annoys me."

Mine is 'Arguably'. Any estate agent spiel that starts with 'Arguably' deserves a serious kicking.

And 'put their own stamp on it'. Just say what it is. A skank-hole that needs renovating.

Floor plans with metric dimensions please. It's not just fuddy duddy old men buying properties. And dimensions on the garages too please, because some fuddy duddy men are.

And stretching photos to make it look like a driveway when it's clearly a footpath. Smack them. Taking photos from 6 inches up from the ground at the start of the driveway to make it seem you'd get 4 cars on there when in reality a Fiesta would hardly fit. Smack them again.

And you know those people who convert a garage but keep the garage door and have a bit of storage there for spades and a lawnmower? That's up to them, but if estate agents still refer them to as 'garages' they should be smacked around, tied up and left in there. It's a cupboard stuck on the front of the house. Nothing more.

Deception, misrepresentation and bullsheeting.
 House sale price - Zero

>> And you know those people who convert a garage but keep the garage door and
>> have a bit of storage there for spades and a lawnmower? That's up to them,
>> but if estate agents still refer them to as 'garages' they should be smacked around,
>> tied up and left in there. It's a cupboard stuck on the front of the
>> house. Nothing more.
>> Deception, misrepresentation and bullsheeting.

No its a Garage. Because the vendors have not informed the council, and the work does not meet building regs or been inspected.
 House sale price - sooty123
Just put a straight price down, offers in excess doesn't really tell buyers much. How much in excess, 1%, 2%, 50%?

It just comes across as a clever sales tactic, straight price every time.
 House sale price - Falkirk Bairn
A son's house sold 3/4 months ago. Brand new in 2006, at that time there was a surge in prices in and around Aberdeen - he got a great price for his city centre 2 bed flat at the time..

October 2020 house was put on market. It eventually sold in May - 25% less than what he paid in 2006.

The house was in "move in condition" but it just shows the dangers of buying at the top of the market.
 House sale price - legacylad
A small stone built semi, albeit with a nice back garden and room to extend at the rear, had a viewing day 5 months ago.
17 viewings. 15 offers at the full asking price the same afternoon.
Sealed bids ensued.
 House sale price - Zero
The market has flattened/is flattening after sustained rise for 18 months. The agent is now not sure of its maximum potential value, or pent up demand in the chain - rushes of viewings with multiple offers of asking price and higher are not expected. In light of this period of uncertainty* the agent is fishing a little - hence OIEO

*it was expected to flatten as soon as the stamp duty holiday was over and covid restrictions ceased
Last edited by: Zero on Tue 10 Aug 21 at 08:01
 House sale price - Runfer D'Hills
The "offers over" proposal with sealed bids has long been the norm in Scotland, and has always been a bit of a lottery, but then the English habit of making a cheeky lower bid is also flawed.

It'll never happen, but I'd prefer a transparent fixed price system with offers and their acceptance being immediately binding on both parties.
 House sale price - legacylad
Before my current place, bought in year 2000, I was gazumped on a property. I’d paid for a survey, instructed solicitor, etc and the estate agent then tried to involve me in a Dutch auction with another buyer.
I told him to get stuffed
In hindsight I’m glad I walked away
 House sale price - Lygonos
I have never personally seen or heard of a bidding war in Scotland - bids are made and either accepted or rejected.

None of my friends who have failed to secure a sale with a bid have said the sellers have come back to them to fish for a higher bid which makes me suspect it isn't 'allowed'.
 House sale price - martin aston
The Scottish system should reduce the chance of a bidding war but I think it’s possible. In theory the advertised price (known as the upset) is the minimum acceptable price the seller will take. So if you have made the highest bid over that price the seller would probably accept it. They are not obliged to accept any offer but the bidder is obliged to honour their bid if it is accepted. I don’t think there is anything to stop a seller rejecting all bids and readvertising at a higher price or extending the date for bids but I suspect it’s seen as bad form.

It’s many years since I bought and sold in Scotland but in those days estate agents were rare and Solicitors were in control. They would have been unlikely to risk their reputation by seeking to raise the price. It may be different nowadays as estate agents are now in the market and are probably going more wheeling and dealing.
 House sale price - Crankcase
Thanks all. I also think the property market has cooled.

Annoyingly, this is my mum's house (to pay for care home fees). I didn't sell it for the last two and a half years for what I thought were sensible tax reasons. Turns out I got it wrong, and not only could I have sold it and not worried, I am also likely to get hit with some capital gains tax if we don't complete by February. I should have taken proper advice sooner. Lesson learned.

Thanks for all the comments. I suspect I'll take the easy option and go with agent's idea. If every soul here had shouted don't, then I might not.

You can tell I know nothing about selling houses. Not done it for over twenty years.
 House sale price - bathtub tom
I agreed to purchase a place in April - nothing's happened. I expected it wouldn't complete before the end of June as solicitors were snowed under (I understand up to 40% of sales failed), but hoped for completion before the end of September to save me a few grand.

My solicitor can't get any response from the vendor's solicitor, not even an acknowledgement of correspondence. It's a probate sale and I know probate hadn't been applied for when I agreed to buy it. Probate then was taking up to three months. I'm badgering the agent and asking if the vendor's getting cold feet. My next ploy will be to ask the agent to keep me informed of other properties in the hope that will spur the vendor into sticking a rocket up their solicitor.
 House sale price - Terry
The market seems to be cooling as the stamp duty savings disappear.

Go back to the vendors and tell them that you are considering pulling out of the deal due to the delay and lack of response.

In the circumstances this may stimulate a bit of a reaction - they know that if the market is slowing and they want a quick deal, they need your money.
 House sale price - Zero
Its a probate sell. The vendor may be vendors, many vendors, the probate solicitor has no skin in the game over speed of sale, and is only answerable to the beneficiaries, of whom there may be many with various views, non of them mutually complimentary
 House sale price - Manatee
Probably not complimentary or complementary either.
 House sale price - Zero
both applicable
 House sale price - R.P.
We sold and bought in March (completing on June 1st) House went on for £360,000 and was sold for the asking price within a couple of days to the first of five proposed viewings. We saw our new house before it went on the market, we paid the asking price of £410k Red hot market then. It's cooled down now though. My father's house is on the market - reduced recently and not a sniff of a buyer. "Offers in excess of" wouldn't put me off - why cut off your nose to spite your own face and lose what might be the perfect home ?
 House sale price - bathtub tom
I've just looked up the vendor's solicitor on the Solicitors Regulation Authority. He was fined for taking 15 years to deal with a probate case - I doubt if I'll live that long!

Think I'll have to cut my losses on this one.
 House sale price - MD
Horlicks to agents. Stick it on a local FB site or buy a domain appertaining to the area and DIY it.

Agents are the lowest form of life, but boy do they fancy themselves. 90% of them are wasters.

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