House for sale for offers over home report help

ashley987

Hi,

My husband and I are looking to buy our first home here in Scotland. We have finally found a property we love. We viewed the house yesterday & the owners told us the house now belongs to Taylor Wimpey through a part exchange deal.

My question is, the Home Report has the property valued at £145,000 but the property is for sale for offers over £145,000. It has had 3 viewers since Tuesday but no offers.

Would it be a waste of time to offer the home report value or less? As we are new to the buying a house/making offers we are completely clueless on how to play our hand.

Any other houses we have viewed at a “offers over” price have always advertised under the valuation price.

Any advice would be appreciated.

Cakeguts

You could offer £145,005?

davidmcn

Depends on the local market - in popular places you can expect properties to go to a closing date and to sell for significantly over the HR value, in others the sellers are likely to accept an offer below the HR value. There's no requirement to "offer over" just because that's what they've asked for. Your solicitor should be able to advise.

diggingdude

Do an Arsenal and offer £1 over the asking price

getmore4less

How long till the new house is built?

What is the part ex deal?
Could be assisted sale or set price.

The closer the new build is to completion the more flexible the seller will need to be(could be TW or owner)

getmore4less

davidmcn wrote: »

Depends on the local market - in popular places you can expect properties to go to a closing date and to sell for significantly over the HR value, in others the sellers are likely to accept an offer below the HR value. There's no requirement to "offer over" just because that's what they've asked for. Your solicitor should be able to advise.

There was a post quite recently with asking prices significantly below HR for quite a few properties in the area.

Frugal_Saver

I’m also a FTB in Scotland, I saw a house last month which I really liked. It was on the market for offers over £105k, home report said £110k.

I didn’t have a clue what to offer but couldn’t go much above £110k. Solicitor was really helpful and after speaking to the estate agent explained it was popular and there was at least 5 parties interested so it was likely to go for more than HR valuation unless everyone one was in the same position as me.

I put in an offer £500 over valuation but it went for £114k. I wasn’t too disappointed in the end so realised it wasn’t meant to be.

I’m now in the process of buying a new build with H2B. I don’t think I could cope with going through that process of closed bids more than once.

Things might be different in your area though

Skibunny40

Definitely speak to your solicitor - they are the experts on the local property market and you'll need them to put in any offer for you so use them to their full potential!

happyc84

If the seller has arranged to sell the house as p/x then I would speak to the builder, they will want the property of their books fast. You might have to wait a while, might be better to look elsewhere. We bought of plan last year took 10 months for builder to complete.


Why not look elsewhere. In Scotland it can be 10 to 20% above asking price if there is a lot of interest.

ashley987

Thank you everyone.

The current owners have already done the part exchange deal with the house builder, their new home is due for completion on june 21st or the 24th, I can’t remembee exactly. I’m hoping with the house due for completion soon, Taylor Wimpy will just want it gone & be happy with us offering the Home Report Value. We also have the bonus of not being in a chain.

The house went up for sale on Tuesday, has had 3 viewings including us but no offers. There’s no negotiators in the estate agents that have the property listed until Tuesday with it being a bank holiday.

I’ll let you know how we get on on Tuesday ����

ashley987

happyc84 wrote: »

If the seller has arranged to sell the house as p/x then I would speak to the builder, they will want the property of their books fast. You might have to wait a while, might be better to look elsewhere. We bought of plan last year took 10 months for builder to complete.


Why not look elsewhere. In Scotland it can be 10 to 20% above asking price if there is a lot of interest.

Unfortunately we are tied to the area because of my daughters school. I’d hate to move her.

Owners are due to complete near the end of June. Hopefully that’ll go in our favour