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Offers over in Scotland?

(11 Posts)
randomcatname Fri 23-Oct-15 23:09:26

Does anyone know how much over you're expected to offer? I'm trying to figure out if we can afford to buy. I hate this system. Much prefer fixed price.

DoFliesHaveKnees Fri 23-Oct-15 23:35:02

I think it depends on which area of Scotland you are buying in, but to be honest, you should just offer what you are comfortable paying for the property.

When we bought our place, we asked what they wanted for it and paid the offers over price. My parents have just bought a house and paid a good few thousand over the offers over price.

You have to take into consideration what the property is valued at and how much you will get as a mortgage.

You hear some horrific stories of people offering stupid amounts for properties, I don't envy you at all!

Jasharps Fri 23-Oct-15 23:36:35

It really depends on the location and the Home Report value.

Unless it's in a really popular, in demand (e.g edinburgh, glasgow west end, Aberdeen etc) you shouldn't be offering over HR valuatuon which should be about 5-10% above offers over price.

Where are you looking to buy?

randomcatname Sat 24-Oct-15 00:34:29

A small town, pretty rural. Just started looking and thinking about this stuff, not in a position to move just yet but I like to have an idea. I'm keeping a close eye on things so I suppose it'll become clear. I'm just very impatient and thought someone here could give me a crystal ball grin

curriegirl Sat 24-Oct-15 07:31:57

Depends if there are any notes of interest and it goes to a closing date. Offering over really only happens with popular properties. It may be advertised as offers over but the actual valuation might be higher. This would mean sellers are keen to sell and may accept an offer less than the valuation given in the report.

whiteagle Sat 24-Oct-15 07:39:41

Go with the home report value. More than the HR value will apply to popular houses/ locations in demand. We lost out last year to a house that went for £60k (15%) over the home report value but it was a unique property that rarely comes on the market.

Salene Sat 24-Oct-15 07:42:59

We paid £24000 over valuation for our house in rural Aberdeenshire and won it by £500 , that was last year

It's a mine field to be honest

Just offer what you can afford and are prepared to pay , it's all you can do

iwannadancewithsomebody Sat 24-Oct-15 07:48:12

It would depend on where you want to buy and what type of property.

We bought ours (rural) for £35,000 under offers over price a few years ago and sold our previous home for £5k under offers over price.

There are a lot of properties for sale locally which just aren't selling and you might be able to put in a cheeky offer as they have been on the market for a long time

SayrraT Sat 24-Oct-15 11:28:58

Depends where you are, we have bought a house just recently at 6% (£10k) over the asking price (asking price was 11% less than the HR valuation). The house is in a rural area (though perfect for us each commuting 40 miles in opposite directions) and there were 2 notes of interest though the sellers just took our offer (2nd offer, the first was 3% over).

On the other hand my friend has recently lost out on two flats (in Edinburgh) where she had offered 5% and 13% over the asking price (in her case valuation and asking price were the same). The one she offered 13% over on went for at least 15% (~£20k) over the asking price, there were 13 notes of interest on that property and 12 offers.

I always think that you should offer what the property is worth to you and what you are willing to pay, you don't want to be left wishing that you'd offer a couple of thousand more. Our offer of 3% over was what the house was worth to us even though it was valued at more. Another house we'd looked at we would have paid 7% (£12k) over the asking price but they didn't give us a chance to offer and took the first offer they got.

randomcatname Sat 24-Oct-15 16:08:40

Good advice everyone, thanks.

lovingmatleave Sat 24-Oct-15 19:30:44

WE bought years ago when the market was really competitive. Our solicitor did a fantastic job of sussing out how much to put in and whether it was really worth it - see if yours can offer some advice.

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