FTB - Offers Over

scotgal30

We’ve already got £250 reservation fee down on a new build but my partner has spotted a great home in the same area that’s nearly 25% cheaper than the new build, the home 2 doors down sold in a matter of days last week, it’s a highly sought area.

The house is being listed at 181K OFFERS OVER. I spoke to the EA and the house had only been up for 1 day and has had a number of interest, The couple are having an open day today and I just wanted to give ourselves the best chance in ‘sealing the deal’

I realise we are in a good position without a chain, we’re happy to move when the current owners move which is also a plus point for them, what else could make us more appealing to the sellers? And do we start low and then offer higher? I don’t want to become part of a bidding war. We’re in Scotland if that makes any difference?

davidmcn

What's the home report value? I would pay more attention to that than the asking price. Whereabouts in Scotland too?

jennifernil

I would agree, if it is a popular area where properties sell quickly, you are probably going to have to offer anywhere between 5-15% over home report value.

If there is a lot of interest, it will go to a closing date and it will be sealed bids.

Being able to offer an early/flexible entry date may well put you in a good position.

scotgal30

Home report values at 185K I assume they’ve listed lower to gain interest? And nothing needing repaired at all.

Just east of Edinburgh?

davidmcn

If it's getting a significant amount of interest then you're likely to be looking at a closing date. If you're still interested after the viewing, best to get your solicitor on the case first thing tomorrow (if they're open) and see if there's any chance of negotiating before others note interest.

jennifernil

The HR value reflects the condition, even if repairs were needed this would have been taken into account.

Is there any way you can find out how much that other house went for, and its HR value? That would give you an idea of the percentage over the HR price you would need to offer. Your solicitor may be able to help on that.

Even just check recent concluded sales in the area to get an idea of how much similar houses are achieving.

scotgal30

The house 2 doors down was listed at 180K and is under offer at the moment, I’ve went online to see if I could look at the HR, will wait and see if the EA sent it to me but I doubt it, they have a sold sign outside but online it says under offer. I’m unsure of where to look to see what it’s being sold for, I would be greatful if you could point me in the direction.

The houses slightly differ in size and layout but both listed at similar price so I suspect about similar valuation..

scotgal30

Just got HR for the home 2 doors down it was valued at 190K so higher than the home we will be visiting! Wish I could know what it was offered....

jennifernil

Your solicitor may be able to find out more.

Otherwise I would look at the sold prices for similar houses nearby.

Our daughter recently bought a house in a very sought after area,she offered 5% over home report, and an early entry date, her offer was preferred over one that offered about £17k more but later entry.

The HR value was about 6% above the OO price.

They really wanted the house so offered as much as they could afford and were lucky that their offer was preferred.