Scotland home valuation and OIEO query

Keith1980

We currently live in England and are looking to relocate to Scotland. We have seen a house that says offers in excess of £155k and the home valuation report says £175k.
After speaking to the estate agent today she said that the offer should be near or over the home valuation report. The house was marketed as in excess of £155k as we did not see the home report prior to viewing. Is this correct for Scotland? We wanted to make a first offer of £156k as no other parties are interested and has been on the market for some time. Not sure if we can it can't now.
Surley if marketed at offers in excess of £155k then we can offer that or just over not the 20k over the agent are saying. A little confusing as the rules are different I'm Scotland to England. Aprechiated any help.

GavL

I’m a ftb in Scotland and have just experienced this. Not an expert in any way, but mostly all are marketed as offers over. The home report acts as a pre-evaluation instead of part of the application where valuation is instructed - as such and lenders work with this.

If it’s been on the market for some time and sellers are keen to have it off the market then you’re in a strong position. If there was a lot of interest it would likely go to a closing date.

Some areas are different as my home report is only £5k above the “offers over” but was only on the market a couple of weeks before we offered/accepted.

You can offer anything you like essentially, estate agents will tell you they’re looking for close to home report or more anyway.

Hope this helps a little - good luck!

MovingForwards

In Scotland the properties are generally advertised under the valuation of them and can sell for just over what they are marketed for or vastly over their valuation depending on the area.

Have you got your solicitor lined up as offers / notes of interest are normally made through them to the EA. The solicitors are more involved in the whole process compared to England and Wales. They so know the area and property market and can guide you as to what could be offered.

It is completely different to buying in England and Wales, I would strongly urge you to do a lot of reading so you understand how it works!

I'm still getting my head round it, but there are a lot more transactions that make it to completion than E & W

colesy

In Scotland you should make any offer through your solicitor. Ask your solicitor for guidance on what is a credible offer. They should have a good knowledge of the local market.

GavL

I also used a whole of market broker who also offered advise on the other part but solicitor noted interest and formal offer

googler

The selling EA is working for the seller, not you. They're not there to guide you on price, you should be hiring your own solicitor to advise you on this prior to them putting an offer in on your behalf.

The solicitor you hire should ideally be one versed in the local market in which you're looking to buy

theartfullodger

You can offer whatever you like: 5p if you choose.


I offered 30% below the OIEO price: Big upset, insults from seller's solicitor. I thanked them. A week later I repeated the same offer, accepted.

googler

theartfullodger wrote: »

Big upset, insults from seller's solicitor.

Insults directed at you, or your solicitor?

sheramber

It depends on what area you are buying in. Houses in Edinburgh , for example. sell for high prices.

'Offers over' below the home report value a done to get people interested in the hope they will offer more.

M son's house was advertised at offers over £160,000 . He paid £180,000