Offering over

[NoRoomInBed]

House I want is on for 88,000. It's perfect nothing wrong apart from a bit of woodworm in the attic (nothing serious). Would be a forever home. Wibu to offer 90,000 with the everything going on?

Do you get a chance to offer more if someone else offers more or is it a 'best and final offer' situation?

Can you compare with other sold prices locally to get an idea of what's reasonable? What else is available locally if you missed out on this one?

I was up that way this time last year as it happens, I like a bit of wilderness, but I don't think I'd want to live somewhere so remote, probably because I like travelling overseas and it would take forever to get there, although I suppose there are some flights to European holiday areas from Aberdeen or Inverness?

But then I am qualified to get a well paid job at the big site up there so never say never.

When I sold my house (Scotland) the estate agent said for offers over to expect to pay £5k to £10k more. It depends on the market in the area, we did well with a flat but houses were going in days in the area for over the home report value. I tried to make an offer of just over asking and the estate agent wouldn’t hear of it so I left it...they were back a few weeks later asking if our offer still stood,Eh no you told me to bolt!

Do you get a chance to offer more if someone else offers more or is it a 'best and final offer' situation?

If it goes to bids and a closing date then final offer is binding.
Bids are secret and only opened at a specific time and date.
The vendor is free to accept any- or none of the bids- usually will accept the highest. The bidder( buyer) is then contactually bound to go through with the puchase.
Most homes will in Scotland will be sold for more than the asking price - hence the wording of "offers over" in the schedule.

It is possible to sell by the "fixed price" route, but that is usually done if the sellers need a quick sale- or if there is something undesirable about the property.
You can compare sold prices in the area, details of every sale is registered with the sasine registry and the information released to the public domain after about 3 months.

Called this morning and they've had two offers already and more viewing 😭 time to think about a 2nd choice house

OP what is the valuation of the house?

Often vendors will place an "offers over" price way below valuation to entice buyers, knowing it will sell for a lot more.

Where I am sometimes people will offer over on the condition they go sale agreed and take no more viewings and accept the offer

@stressedhousebuyer yes! I HATE this!! How much over??? I can’t be bothered with this process just tell us the price you want. So many EA try to create bidding wars round here. Just tell us your price and people will say if they want to buy it. It’s so needlessly complicated and stressful.

@stressedhousebuyer apologies I meant to tag @speakout

Home report says the house is worth 88,000

In the area I’m looking (Glasgow) houses are going for 5-10% over the home report valuation. You probably need to find out the norm for your area to get some idea of what other people might be offering.

@speakout

Do you get a chance to offer more if someone else offers more or is it a 'best and final offer' situation?

If it goes to bids and a closing date then final offer is binding.
Bids are secret and only opened at a specific time and date.
The vendor is free to accept any- or none of the bids- usually will accept the highest. The bidder( buyer) is then contactually bound to go through with the puchase.
Most homes will in Scotland will be sold for more than the asking price - hence the wording of "offers over" in the schedule.

It is possible to sell by the "fixed price" route, but that is usually done if the sellers need a quick sale- or if there is something undesirable about the property.
You can compare sold prices in the area, details of every sale is registered with the sasine registry and the information released to the public domain after about 3 months.

This is a misconception about Scotland. The buyer and seller and not legally bound until the contracts/missives are signed. That’s why we have sstc sold subject to contract. My friend had buyers pull out after a week, someone else I know had to re-advertise as purchaser couldn’t get the mortgage as they had it agreed in principle then it failed at the final hurdle.

I’ve been browsing houses since I saw yours - you must look at this what on earth possessed them to put that mirror in the bathroom? Bizarre don’t you think?

www.zoopla.co.uk/for-sale/details/54592867?search_identifier=4ae6d4267d5a325e017bb861ca0e36ef