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Original poster

Foe sale - Offers over

29 replies

Perime · 08/02/2022 19:36

We’ve looked at two houses recently that have gone ‘way’ over their valuation. I feel like we’ll never be in the running unless we look for somewhere cheaper and outbid other people massively. If you’ve bought a house in the last two years and you’ve paid over the valuation, how much have you gone over?

OP posts:
LadyCleathStuart · 08/02/2022 19:43

We were about 16k over the valuation which was about 21k over the offers over price (Scotland).

We were able to do this because we made a 16k profit on the house we sold and had some savings so we managed to buy a much bigger house. This was last summer.

LadyCleathStuart · 08/02/2022 19:44

Btw for context house valuation was 195k (cheap area).

CormoranStrike · 08/02/2022 21:03

I know of someone who sold theirs in Edinburgh and it went for about £140k over the asking price!

PartyPlan · 08/02/2022 21:05

Are you in England? Generally offers over here are used to capture a lower price bracket on Rightmove filters, to get lots of viewings and generate more offers.

Newnormal99 · 08/02/2022 21:08

I had my house valued today they suggested putting it on at £475k aiming to get offers of £485-£490k.

Like a PP said they said it sat better in the up to not over £500k bracket.

mrsnec · 08/02/2022 21:13

November last year. Offers over 200k. Went to 210. Now valued at least 225 and get letters on a weekly basis asking if I want to sell.

StartingGrid · 08/02/2022 21:14

We paid 25k over the "offers over" price, but the figure we paid was in the middle of the "guide price" they had it on for initially (they changed the Rightmove listing when the buyer before us fell through so it would go into a lower search bracket).

felulageller · 08/02/2022 21:35

O/o in Scotland means they are looking for at least 20% over.

Your solicitor should be telling you this!

LadyCleathStuart · 08/02/2022 21:40

@felulageller

O/o in Scotland means they are looking for at least 20% over.

Your solicitor should be telling you this!

I disagree. Ours went to a closing date with lots of competition during a property boom and we were about 11% over and won with the highest bid.

Our sale also went to closing date and we didn't get 20% over.

It will happen (like the Edinburgh example above) but not in all of Scotland!

Subbaxeo · 08/02/2022 21:42

We paid 5k over an offers over 425 price-we offered almost 1 year ago. We think the EA advised the seller to cancel other viewings because we were chain free. My DH grumbled like mad, but so glad we’re in our home. I just think this crazy thing has to stop sometime. How are young people going to buy in 5 years time if it doesn’t slow down?

Iamthedom · 08/02/2022 21:43

I’ve sold a house recently and the buyers went 20k over the asking price
But I had other offers at 14k over and 16k over

user1487194234 · 08/02/2022 21:47

Houses in popular areas in and around Glasgow particularly in good catchment areas just outside Glasgow are definitely going for 20% over
Take advice from your solicitor

SarahAndQuack · 08/02/2022 22:41

The house we bought went on the market at offers over 240k and we bought it for 290. I know ours wasn't the highest offer, but we were in a good position. We actually offered 330 for the house plus a bit more land that'd been up for sale, but they elected to keep the land. I know someone offered more than 290 for what we bought, but they couldn't move as quick so didn't get it.

We previously viewed a house on at offers over 300 and put in a bid of 340, which was outbid.

Chickenwing2 · 08/02/2022 22:43

Having the exact same issue. One house we made an offer for went for 55k over the home report value! We are now offering about 30k over HR values and have had several offers rejected. It's shit.

Valentine88 · 08/02/2022 22:46

We've bid on several houses recently. 30-40k over asking each time and still lost out to a higher offer. This is in a northern city, average area, terraced house etc. Losing hope that we will ever be able to afford to buy at this rate. It's just too competitive.

Kite22 · 08/02/2022 22:59

Various of my dc and dn have bought in the last year / are in the process of buying now.
What the EAs are finding, is people get caught up in the race to get a house and make offers much higher than the house is marketed at, then the sales fall through because the survey doesn't value it at the same amount, so the lenders won't offer the mortgage people then need.

So how much you offer over, depends how much of a deposit you have as to if you can pay the amount over the valuation, with your own cash.

I don't think there is a % though. The market where you are will dictate how much over things are going for.. In many places, things are no longer going for 'over' the price.

Your solicitor should be telling you this!

In England, you don't appoint a solicitor until you have had an offer accepted.

coldwaterswimmer · 08/02/2022 23:13

We bought our house a few years ago and were incredibly lucky to get it for the home report value. We had previously missed out on two properties (including one that needed renovation) where we offered 10% over home report and were hopelessly outbid. I still don't know why no one else was interested in our house - it's on the same road as the ones we missed out on!! Have you looked at new builds? Just a thought as they are fixed price and much easier to buy. I did think that was going to be our only option for a while as everything else just seemed to go for crazy money.

Original poster
Perime · 08/02/2022 23:40

@felulageller

O/o in Scotland means they are looking for at least 20% over.

Your solicitor should be telling you this!

Whit - then we'll need a rethink if that's the case. Yes, in Scotland
OP posts:
Original poster
Perime · 08/02/2022 23:46

Your solicitor should be telling you this!

In England, you don't appoint a solicitor until you have had an offer accepted.

We're in Scotland but my understanding is what @kite says above that we make a verbal offer then if it's accepted we get our solicitor to make it formal.

OP posts:
YerAWizardHarry · 08/02/2022 23:49

@felulageller what a load of rubbish. We bought our house for 2% over the o/o price less than 6 months ago

Sally872 · 08/02/2022 23:49

Overs over in Scotland is variable 20% is not standard at all.

Get mortgage approved, make offer to estate agent then go to solicitor to formalise if accepted is my understanding too (14 years ago though).

felulageller · 08/02/2022 23:52

In Scotland offers should only be made by solicitors. I've never heard of anyone doing otherwise. Before it even gets to that stage your solicitor should be putting in a formal 'note of interest'. Once sellers have a few NOIs they set a closing date and it's sealed envelopes with offers in them.

Without a solicitor they won't consider you a serious buyer.

Very popular areas eg top school catchments will go 33% over o/o.

Are you not looking at the home report values? It would be very rare to have an offer accepted under that.

thisislove · 09/02/2022 07:07

@felulageller

In Scotland offers should only be made by solicitors. I've never heard of anyone doing otherwise. Before it even gets to that stage your solicitor should be putting in a formal 'note of interest'. Once sellers have a few NOIs they set a closing date and it's sealed envelopes with offers in them.

Without a solicitor they won't consider you a serious buyer.

Very popular areas eg top school catchments will go 33% over o/o.

Are you not looking at the home report values? It would be very rare to have an offer accepted under that.

This isn’t true. At all.

Yes, you can make a verbal offer on a property yourself. If agreed then your Solicitor becomes involved.

No, not all properties go to a closing date. It will only go to a closing date if there is sufficient interest.

You don’t have to note interest but it can help, particularly on popular houses.

In Scotland you just need to be quick. As soon as you see a house view it. Don’t wait for the weekend if the agent can offer you a viewing today.

Please get your mortgage application started.

What’s the home report valuation and where are you? What’s the recent sales in the street or surrounding area for comparison? Do you have a property to sell?

DinosApple · 09/02/2022 07:16

Personally I prefer a guide price as it's clearer and what I'm used to (England). We looked at a house that was offers over just after the first lockdown and it went to sealed bids for £30k over.

Two months later we offered £30k under on a better located, better built house and were accepted.

A house near us went for £100k over the original asking price £700k. The agents increased the asking price about a month in having rejected offers made at £750-70k.

The non local agent clearly didn't know the market, but also the vendors were at fault for accepting that value in the first place.

Why waste viewers time, the agents time and your own time being rejecting pretty hefty offers 🤷.

ehb102 · 09/02/2022 07:18

We sold a 4 bed detached for £55k more than Zoopla said it was worth. It was, according to the local estate agent, a highly desirable location with much room for development and would have been bought by someone with another 100k+ to spend on refurbishment and extensions.

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