Is this normal? (Scotland)

PPPingu

We are looking at a house that we quite like, and it has a Home Report Mortgage Valuation Report value of X, and the property is being marketed at "offers over" that exact price - as I understand it, the banks wont lend on any value higher than the MVR, so if we offer more than X, we'll have to make up the difference in cash?
am i right, or am I missing something?

concerned43

you're correct

ellies_angel

houses around me are still selling for 20%+ over the asking price!

googler

PPPingu wrote: »

We are looking at a house that we quite like, and it has a Home Report Mortgage Valuation Report value of X, and the property is being marketed at "offers over" that exact price - as I understand it, the banks wont lend on any value higher than the MVR, so if we offer more than X, we'll have to make up the difference in cash?
am i right, or am I missing something?

You got it.

Of course, you can always offer, and they can accept, a figure less than X .....

theartfullodger

It's common in bonnie Scotland: I've bought a house for less that the price above which "Offers over" were demanded: This included getting an extremely rude response back via EA from vendor stating she'd never budge below her starting number etc. etc. etc: 5 days later I repeated my original offer, in writing, and was accepted...

You are entirely at liberty to offer/negotiate whatever price you wish (eg 5p... ). The vendor is entirely at liberty to accept whatever price he wishes.,

Mortgage, valuations - separate matter.

PPPingu

Folks, thanks for the replies!
I'm aware of the option of offering less, however this house is very competitively priced, and is going to a closing date this week, (only been on the market for a few weeks) so a low offer is unlikely to be successful.
The only options we have are:
1) offer more than X by dipping into the post-purchase rework fund
2) offer more than X and get the house revalued for the lender - current valuation is out by about 10% I'd say...