Offers Over Scotland

amandamacg

We are going to look at a property in Scotland next week and it is being advertised as Offers over £186k....can anyone advise what is considered the norm in current market conditions to offer over, e.g., 2%, 10% ?

Thanks,

cardinalbiggles

Offers over is as good as dead in Scotland at the moment.

amandamacg

So offering the asking price or perhaps £100 over it would be seen as acceptable?

GlynD

I'd be inclined to ask the selling solicitor how long the property has been on the market or if it has a closing date. If it's longer than 6 weeks and there's no closing date then I'd be thinking of "offers under" rather than OO. Also, find out if there's any other interest. If there isn't then you have a clear field.

olivetti

Offers over is still happening in Edinburgh...


What does the valuation in the homereport say?

googler

You need to establish the Home Report valuation. If your lender accepts the HR, then that figure will be the highest figure they'll lend you. If you have cash-in-hand for a larger than normal deposit (more than the minimum your lender asks for) you can perhaps offer that amount extra over and above the HR valuation.

This is one of the reasons that most houses in Scotland these days have Fixed Price or Offers in Region of pricing.

You need to establish from the selling agent if there are any Notes of Interest, and whether or not they have, or are likely to, set a closing date. You need to know when the house went on the market and when the Home Report was done. You need to know what similar houses have sold for recently in that street, the local area, and in the town/village/city that you're looking in. zoopla can be your friend here.

In consultation with your solicitor, the above will guide you as to your level of offer

In the current market, people do offer below an Offers Over price, and houses sell at prices below their Offers Over pricing.

googler

olivetti wrote: »

Offers over is still happening in Edinburgh...

Yes, but are they achieving over the asking price? Not far outside Edinburgh, it's not difficult to find houses selling at below their Offers Over price.....

googler

OP, where are you looking? City? Town? Rural, Highlands, Borders?

amandamacg

Its in a town...checked how much other properties have gone for in the same street, but the last similar one was 2006 which from memory was at the height of the 'boom'.

amandamacg

I also checked zoopla for my own house value, unfortunately its valuing my own property at £20k over what it has actually been valued at :-( Estate agents told me that although my property was in good condition, its just what houses are selling for in my area...i'll maybe do search anyway for new property, see what it comes up with.

googler

Can you find anything similar in the local area or town generally that's sold more recently...?

The zoopla estimates mean nothing. Look at Zoopla for SOLD prices only.

Did the agent tell you WHY they thought your house was valued at £X, and which houses they reckoned formed good comparison to yours? They must have based it on something other than the 2006 house? What did your surveyor put as your HR value? Is your asking price tailored to the HR value?