Property for sale 'offers over'

[anotherperson1]

When they say that and have a price,
Realistically what is the actual price?

It used to be that you'd knock 10% off the asking price but it seems nothing goes below these days?

If a property was up for offers over 220k what should you be offering?

‘Offers over’ seems to be the norm in the current climate. I have bid on 3 properties recently but all have sold for way more than 10% more.

I hate this new system in my area (England).

Slightly off topic but surely “offer in the region of” is much more frustrating!! What does that mean?

My house was listed with a “Guide price”. Equally vague but you see it quite often where a house doesn’t fit a standard mould.

The ignorance about Scotland comment displays ignorance of the variation within Scotland. Near me little is going over and is frequently sold for under.
Been like that for the last decade, although it was very different here when I bought my first property.

While the Scottish system has benefits in terms of conveyancing, offers over is a pain as that isn't mortgageable making it harder for first time buyers to calculate their budger

I've just had an offer accepted on a house priced at offers over £230,000. Initially offered £230,000 which was rejected, offer accepted at £235,000 but this is in a village. Would not have happened in the town we live in currently 2 miles away where houses go for over £20,000 the asking price. Madness really unless you have the cash to cover it as the surveys often come back saying they are not worth that much.

We are in Scotland do always try abs work out what the seller would accept as all prices are offers over. When we sold our last home he had o/o £125,000 and sold for £135,000

I don't understand people's irritation at 'offers over'. I mean, all sales are essentially the same, in that the vendor will accept the highest offer made that they think is actionable/meets their needs for a quick sale, or whatever, regardless of whether it's marketed at 'offers over £300 k' or '£310 k'. Many estate agents advise to price at the boundary of the Rightmove price categories, so you'll get more people seeing the alerts.

@anotherperson1

When they say that and have a price, Realistically what is the actual price?

It used to be that you'd knock 10% off the asking price but it seems nothing goes below these days?

If a property was up for offers over 220k what should you be offering?

Where I am in Scotland, "offers over" usually means you need to go 70k to 120k over the offers over price.

Totally depends where you are and what the market is like. In my current neighbourhood (in Scotland), if i really wanted the house, I'd probably need to bid about £300k.

A colleague paid 70k over asking a few months ago for one on at an asking price of 170 and in need of a lot of work, another colleague just paid 650 for one on at 575.

In short it will depend what your local market is like.

The house we bought was on at 350. We offered well below and after some negotiating bought it for 350. It wasn't worth more than that. It really depends on the house and the area. My sister's house was on for offers in the region of and then accepted an offer over asking....

@CecilyP

I'm in Scotland and was recently interested in a property which was listed for 200,000 but the home report was valued at 230,000 but sold for 280,000

If the home report was £230,000, why put it on for 200,000. In any case, why was the home report so inaccurate?

The home report isn't inaccurate. It's for the mortgage company. That's what the house is worth. So any mortgage will be based on that value and any amount over that that someone is willing to offer has to be funded separately.

@Indiana2021 We looked between Dundee, Angus and rural Perthshire. Yes I think the location of the house we've bought definitely mattered, and potentially the tricky home owner, and the shit quality of the photos. Its much nicer in real life.

It's very rural, there are houses next door in the tradition sense, but no shops walkable. However, still within 30 minutes of Dundee City centre and I think 15 minutes from the nearest McDonald's!! Not that I'm a fan, but its a mark of a town to me!

We had bid on a house in a better location, still rural, but on the outskirts of a nice village with shops etc. We went 6% over asking and were only 5th in line for it! But it was a stunning property. It will always be the one that got away in my mind, we're still waiting to see what it went for.

I mean I like our new house, but its more of a practical choice, I love the space it has, a big garden, fab views, the local school is great too. But yes, It is definitely not Glasgow or Edinburgh!

We're getting offers on our own house today apparently. 12 viewers in 2 days so we're hopeful of selling at a good price, we are in Dundee city in a desirable location though.

Where I am in Scotland, "offers over" usually means you need to go 70k to 120k over the offers over price

Wow!! Assuming that's Glasgow or Edinburgh then?

The dream house I mentioned above, we couldn't have gone higher if we wanted to, we couldn't afford the difference in the HR value that we could get a mortgage for and what it went for. No matter, its only bricks and mortar.

Forget the offers over business - it means nothing. But 10% below hasn't been a thing for ages, maybe 5% below a few years ago. But unless it's overpriced and has sat in the market for weeks and weeks then you offer nearer the ask. But research the area, check out recent sales and what the competition is and offer what YOU think it's worth.

It all depends where the OP is based. They do not say in their posting. 'Offers over' really does mean something - what it says - in most parts of Scotland. If you 'forget' that system and are house-hunting there, you're not likely to get very far. Of course, you can put in a offer that's lower than the asking price if you choose, but in a very busy market, as at present, others will probably offer more.

In some ways, the Scottish system is more logical. Would-be buyers can see the home report survey, which should flag up most serious problems, and a professional (surveyor) valuation before they make an offer.

In Scotland it’s usually always offers over. There is also a home report valuation which tends to be more than the o/o price. At the moment , there is such huge demand for property that it’s the norm to pay anything from 10-30k over the home report price, if not more depending on area.

ChebbyMcGee, Glasgow, yes. It's nuts. It has always been bad in this area but even 6 years ago you only needed to go 20-30k over the home report value of it went to a closing date (which was usually about 25k over the offers over price). I don’t know why it's gone so crazy high that going 100k over is now typical.

I don't understand why the Home Report values aren't 'catching up'. Although I guess that would just make people mortgage the higher amount and still throw the cash on top to win closing dates, and house prices would become even more ridiculous?!

We've sold our house! 5k over HR value of 180k, and we're happy with that. Someone did offer 1k more, but they hadn't sold their house yet, where the people we accepted are chain free and ready to proceed