When looking at properties estate agents are not putting the price of the houses at a set figure ie £250,000 but state the price is ‘offers over £250,000 ‘
How does this work – and what is the real selling price of the house – do you offer £250,500 or £255,000, even higher say £ 260,000 plus or beyond.
I was interested in a property advertised by the estate agent at offers over £250,000 and put in an offer of £251,000 only to be advised by the estate agent this would not be accepted as a higher offer had already been put forward.
The estate agent would not tell me what the higher offer was so I offered £255,000 only to be told again this was not acceptable.
Eventually after a bit of cat and mouse with the estate agents I increased my offer to £ 265,000 which was accepted. “Is this how the game works in Didsbury and Chorlton?” I asked myself.
This left me in the position of not knowing if I had offered too much for the property and if any higher offers were received from other interested buyers my offer would then be overtaken and I would then lose the property.
My view on this form of advertising by estate agents as ‘ offers over ‘ is LAZY ESTATE AGENCY – the agents are really saying we do not really know what the price of the property is and this leads to potential purchasers offering more than they wished or being outbid by ‘other potential purchasers’ who may or may not exist – a least if you were at a property auction you have the opportunity to see who is bidding against you.
I spoke to my independent mortgage broker in Wythenshawe who made the point that just because I had offered £265,000 for the property my chosen mortgage lender would send a valuer to value the property and if the valuer did not value the property at £265,000 the lender only lends on the purchase price or valuation WHICHEVER IS LOWER meaning I may have to pay more as a deposit.
As it turned out I never got to valuation as I received a phone call from the estate agent to advise me that a higher offer had been received and accepted – at this point I told the estate agent I was not prepared to play the game anymore and looked for other properties for sale through different estate agents who clearly advertised what the price of the property was.
I avoided any property being sold by local Chorlton, Didsbury and Withington estate agents such as Julian Wadden (https://www.julianwadden.co.uk/), Jordan Fishwick (https://jordanfishwick.co.uk/), Philip James, Gascoigne Halman which were advertised as ‘ offers over ‘ or ‘ offers in excess of ’ – sellers beware of how estate agents advise you to market your sale as it may cause potential purchasers like me to avoid viewing your property.
In my simple view all houses should be advertised at a set price – then at least you know what the price is.