Novocastrian

I've done the research on the property's transactions and on comparables in the area. His "over" price is perfectly reasonable and is simply what he paid for it himself 2 years ago,

Tirytory

Sounds like you're in a great position then - he needs to move to avoid the hassle that comes along with an unsold property and you are anyone's dream buyers. It's been on the market a reasonable amount of time too which suggests that it's over priced unless he has had an offer which fell through..

Tirytory

But did he overpay two years ago?? Just musing. I'm not someone who thinks it's good karma to be too rude with an offer if you think it's a fair valuation..

Novocastrian

I don't think so. Property values in Newcastle have been fairly flat over the last few years. Luckily for us.

If you lifted this property from it's location along the river Tyne and dropped it to an equivalent place on the Thames, you'd likely have to add a zero to the price.

Editha

Make your offer verbally. Personally, I'd ignore the estate agent verbiage and start by offering the asking price rather than 'over', or I'd even offer a bit less. This is a negotiating process and you can always offer more if you are rejected. Be prepared to justify your low offer. In your case the fact that house prices in Newcastle are static begs the question why the vendor should expect to make any profit at all on his sale.

Novocastrian

We'll see. The place is well within our budget and I imagine he'd prefer not to make a loss (counting transaction fees).

Editha

Fair enough, and my approach always reduces my OH to a gibbering wreck, clutching his head and moaning "We're going to lose the house! We're going to lose the house!"

Pulaski

That's always the problem if you have your heart set on that one property, as opposed to just looking for "a" property. Those who get the best deals make their offer and are prepared to walk away - it is easy to forget that the seller goes through the same "we're going to lose the deal" anxiety.

Lorry1

We moved into our new house in August.

The house was for sale early in the year and sold, but subsequently fell through. The house went back on the market on an 'offers over' basis but we offered the asking price. They accepted as they had already found a house they loved so were in a hurry and we were first time buyers. There was a small chain which also works well.
I guess sometimes it works and sometimes it doesn't depending on the vendors and buyers situation. I love my house

Good luck Novo hope you get it!

Novocastrian

Thank you.

Novocastrian

Poor man. Luckily, both of us tend to be more sanguine about houses. My OH always rips them apart and starts again from scratch anyway.

Victor Meldrew

Ditto everybody else's comments. I would try offering the asking price (or slightly less?) and then move up from that until you get a mutually agreeable price.

The offer is verbal first, usually over the phone or in person to the estate agent. Sometimes they will ask you to fill in/sign a form after the offer is accepted.

As other people have said even 'offers over' doesn't necessarily exempt 'offers under' as the estate agent is bound to tell the seller of all offers.

As the house has been on for a while and it is Christmas (when everyone else is tied up with 'Christmassy things' the market goes quiet so strike now before the New Year and people start to think again of new beginnings and the market gets more active.

If the house is exactly what you want then ultimately you need to take that into account.

Novocastrian

Update: Over the weekend we decided to hold off on an offer until we'd viewed one more place which looked good. We visited this morning and didn't like it.

So the offer went in at lunchtime and we'll hear back tomorrow.

Tirytory

Good Luck!

Novocastrian

Whatever thank you is in Welsh.