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Price on Home buyer's report and asking price
abinanthanb
Posts: 174 Forumite
I recently viewed a property advertised as offers above 130K. The estate agent says that the Home buyer's report has valued the property up to 152K. Why will someone put the property on the market for such a low price? Is there a logic behind it that am missing? 
PS: He rejected the offer of 141K yesterday!
PS: He rejected the offer of 141K yesterday!
I am neither a bull nor a bear. I am a FTB, looking for a HOME, not a financial investment!
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Comments
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Is it the Scottish or English pricing system?0
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nomoneytoday wrote: »Is it the Scottish or English pricing system?
It is Scottish.I am neither a bull nor a bear. I am a FTB, looking for a HOME, not a financial investment!0 -
It is to attract interest in the property - particularly because there aren't as many house sales taking place.
Realistically it means the seller is prepared to accept any offer over £130,000. As you have said your offer was rejected, it could be that they have had another higher offer - or the seller feels they could get more particularly if there's been a lot of interest in the property. (I have seen lately that even if a property is Offers Over X amount they are unwilling to accept anything less than an amount higher than the offers over amount.)
It is up to you if you pay over the valuation. It's not really recommended that you pay over the valuation although always look at whats going on around the market in the area.
The Estate Agent is also there to get the best offer for the property so they will naturally be talking a good game when it comes to trying to sell the property.0 -
As 'iscrimger' stated, it's to attract the widest possible interest in the property. I bought my house 2 years ago with the house advertised at 'offers over...'. I paid £35k above the advertised price - happened to be what the valuation was though.
Not a big fan of the 'offers over' as a buyer, as it wastes a lot of time but as a seller it increases the number of offers/viewings you will get (although no doubt you will say no to most of the offers).The trouble with doing something right the first time is that nobody appreciates how difficult it is!0 -
Thanks for the replies guys, now it makes sense for me. :jI am neither a bull nor a bear. I am a FTB, looking for a HOME, not a financial investment!0
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Do you not watch Location Location Location? They hate the scottish system, but it shouldn't be as bad just now, as there isn't much moving.0
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Typically, the norm that the seller is after is for 10% over the offers over price. That's usually the difference between what the estate agents will set the price at offers over, and what the seller is looking to acheive.0
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On the flip side, there is no gazumping or such like nonsense
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