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Offers over price is higher than the home report valuation (Scotland)
emmao765
Posts: 5 Forumite
Hi all. My partner and I viewed a house today that we absolutely love, however the offers over price is 130k, whereas it's only 123k in the home report. We're both a bit perplexed by this as we've never viewed a house before which was asking for so much above the home report? We've viewed houses before which were either the same price as the home report or lower, and as far as I can figure out on google this doesn't seem to be the norm.
Is this normal and I've just never came across this before? Or an error...
Is this normal and I've just never came across this before? Or an error...
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Comments
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Is thew house in an area of high demand?
In some areas houses go for up to 20% above the home report price.
The seller is just indicating what they are looking for.
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It's not an error, you just have to decide what the house is worth to you. If it's worth that much you will need to find the difference.2
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What are they actually selling for though? If it's the sort of property/area whether everything goes to a closing date, it's highly likely that the successful bid is going to be well over the HR valuation, so the asking price could be realistic.emmao765 said:Hi all. My partner and I viewed a house today that we absolutely love, however the offers over price is 130k, whereas it's only 123k in the home report. We're both a bit perplexed by this as we've never viewed a house before which was asking for so much above the home report? We've viewed houses before which were either the same price as the home report or lower, and as far as I can figure out on google this doesn't seem to be the norm.
Your solicitor should be guiding you on this anyway.1 -
I’ve never seen the offers over price above the home report value but I know the selling price the properties are making in my area are about 10 to 15 % over the home report value so I suppose this seller is just being more honest, they want a lot more than it’s worth.2
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Basically you have to decide whether it's worth more to you than what it's value / risk is.1
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Strangely enough yesterday I just checked the sold price for a Scottish house I was interested in. It was up for sale for £265k. The home report valued it at £180k, it did need a lot of work, very dated, new windows, rewiring, etc. It sold for £385k! In the end they're worth what someone will pay for them!
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