Offer over.......

lydriver

this is in Scotland btw

all these adverts with 'offers over', how much over?
some say fixed price - these are my favourites!
why not just have the amount they want then take it from there??

googler

lydriver wrote: »

this is in Scotland btw

all these adverts with 'offers over', how much over?
some say fixed price - these are my favourites!
why not just have the amount they want then take it from there??

How much over will depend on the Home Report valuation, and on how much you are willing to add to your mortgage if you're putting your own funds in. Most/all lenders will lend to the lower of the purchase price and the HR valuation.

bear1969

ours was offers over 135 home report was 140 and we got it for 132 this was just last month

lydriver

This is what I mean, how does it work?

I've dismissed a few I've seen because the offers over figure was the max I want to spend.

So really 'offers over' mean 'or nearest offer'?

davidmcn

It's an indication that they'd like to get over that figure. It doesn't necessarily mean that they'd reject other offers (and often they'd be perfectly happy to get the offers over amount). These days you'd be better to look at the Home Report valuation to work out what's affordable, but also bear in mind that if a property goes to a closing date you may need to bid significantly above the HR valuation to be successful.

Beancounter

It all depends on supply and demand.We sold a few months ago, were asking offers over 240K, home report value was 240K but we had an offer of 249K which we accepted. They were keen tp avoid a closing date scenario as we had a lot of interest.

Ours was the only 3 bed detached in the area so it worked in our favour. The house we moved to was o/o 240 and we paid 245.

lydriver

Thanks. That makes sense.

At what stage do you normally ask for home report, after or before viewing?

bear1969

if its on right move you can view the home report by downloading it or you can ask the estate agents for one

ellie27

I would view the home report before viewing. The home report should indicate any areas of concern and its good if you go to the house knowing these in advance and you can look at them yourself.

To me, 'offers over' means offer whatever you want, the seler will know what they want. The seller will be hoping to get over that value but often thats only if there is demand for it. The home report valuation should set a maximum that the house will sell for, unless there is high demand and the house goes to closing date.

I wouldnt think a house on the market over a few months would get over its 'offers over'

Do not just dismiss a property as its 'offers over'

We accepted an offer that was under our 'offer over' price, but we did accept an offer over it at first but their mortgage fell through and we went on to accept a lower offer.

googler

lydriver wrote: »

This is what I mean, how does it work?

I've dismissed a few I've seen because the offers over figure was the max I want to spend.

So really 'offers over' mean 'or nearest offer'?

You and your solicitor judge this by sizing up the other interest (from the notes of interest), but if the property has been on the market for a month or more ....

If the seller has lots of notes, you tend to have to bid higher against the others.

If there's none, offer what you like and negotiate from there depending on the response.

lydriver

Where do you download the Home Report? There's a few on Rightmove.
I've registered on their website but can't see how to request the report