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Unread 9 Nov 19, 12:38 PM  
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mickey house
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House buying offers?

We are hoping to move in the future, and having bought my house decades ago I never dealt with the new term (well new to me) of 'offers above'.

So for instance, where a house is for sale and says 'offers above 300,000', how does this work. Do they allow a certain time period with a cut off date, and accept the best offer, or just have a price in mind and when someone offers that amount accept it. Also is there a percentage of the property price that people generally require when they state 'offers above.'

I believe Scotland have different laws, but in England can an offer be accepted by the seller and then at any point before the contract is signed the seller can legally pull out?
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Unread 9 Nov 19, 12:48 PM  
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Omega1
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Sounds like a gazumpers charter! Much fairer to do it by sealed bids over 300k.

Edited at 12:49 PM.
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Unread 9 Nov 19, 12:49 PM  
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Offers above is just another selling feature. We used it mainly because we didnt want less than the offers above figure (I.e that was the lowest wed accept) but tbh like a lot of house purchases it depends on how popular it is, how long its been on etc. Nothing is to stop you making a cheeky offer, we still got offers below our asking price.

And yes you can be gazumped, until contracts are exchanged, someone can come in with a better offer and it can be accepted!
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Unread 9 Nov 19, 01:14 PM  
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EssexSue
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When we sold in-laws house estate agent recommended offers in excess of . That worked well, there was a bidding war and we got 50k more than base price.
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Unread 9 Nov 19, 01:30 PM  
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mickey house
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Originally Posted by EssexSue View Post
When we sold in-laws house estate agent recommended offers in excess of . That worked well, there was a bidding war and we got 50k more than base price.
Wow 50k that was a lot above the base price. I appreciate it worked for you, but I really don't like the idea of seeing properties that are within my price range and then wasting my time viewing the property that won't be local to me as I plan to move a fair distance from where I now live, and then not knowing if they will accept the base price, below it or even 50k more. Clearly the latter would be just wasting my time.

Don't take me wrong because if people were fighting over my house and wanted to offer 50k more than the base price I would be delighted.

When I bought my house, it was a matter of either paying the asking price or making an offer below it (not above it), and I wish it was still the same, but sadly not.
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Unread 9 Nov 19, 01:37 PM  
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Chilli-pepper
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In the past when buying I would always discount looking at any house that was advertised as offers above. I am not interested in bidding wars, so I would just pass those one by.
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Unread 9 Nov 19, 01:41 PM  
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It was different for us as we had time on our side. That said it sold really quickly.
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Unread 9 Nov 19, 01:52 PM  
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mickey house
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Originally Posted by Chilli-pepper View Post
In the past when buying I would always discount looking at any house that was advertised as offers above. I am not interested in bidding wars, so I would just pass those one by.
That makes sense and I will will probably do the same as you and won't look at properties with 'offers above'. I guess the exception would be if it was a fair amount below our budget and what we want, then I might view it.
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