'Offers over'- what does that actually mean?

[MacaroniShetlandPony]

I realise that it depends on location but, in general, is it 5% over? 10%?

It entirely depends on the market - in my area a few years ago, people were offering huge amounts over asking but since the oil slump most folk are offering well below the valuation.

Our new house was offers over. We offered £5k under and they accepted.

I got my house for 10% over the asking price. I might have got it for less but there was a lot of interest in it I was desperate not to lose it

The condition of houses seems so variable too. We've seen two 3 bed semis for the same offers over price, one is completely walk-in, liveable condition, the other needs gutting. Makes no sense.

It is totally region and property specific. Your solicitor should be able to advise on region but for the property it'll depend on whether the survey value is in the right ballpark, how long the property has been on the market etc.

Your solicitor will know. where I lived years ago the offers over price would be x, survey/home report would be x plus 10% and everyone knew to add another 10% on top. Just depends on market at the time.

I think with the home report people are more likely to use that as a starting price rather than the offers over so it’s kind of meaningless these days. Your solicitor will tell you if current form is to bid over or around home report.

Beware if something is really in demand bidding can go mental. Lost out on a house that went 60% over.

Can also depend on the price point within a location. Where I am lower end of market offers over price tends to be below home report expecting an offer at or close to home report. Mid market at closed bids can be as much as 20% above offers over to be realistic. Top of the market is sticky and some price reductions and moves to fixed price going on.

Local solicitor is good source for advice.

Beware if something is really in demand bidding can go mental. Lost out on a house that went 60% over.8

Cripes.

No consistency- Edinburgh appears to be still a bit silly money offers over in the school catchment popular residential areas. We’ve recently bought and sold in GW, went to a close and defo more guidance around the home report value than starting price at o/o. Ours sold for over the HR value- buyers advised to go over that in a strong market, which it is in parts of GW suburbs- it’s more the speed of sales here at the moment, turnover in a week /2 weeks tops from on the market to close Sorry, probably not helpful in any way re offers percentage

It's all been very helpful, thank you. We've still not seen anything which has knocked our socks off so we'll bide our time and put a wee bit more to the deposit. Hopefully we'll have moved or be moving by Christmas.

I once knew of a man who was asking offers over £120 000. It was on the market for 2 years until he finally sold it for ......... £120 001 .

Where we live it's getting rarer to see offers over. Most properties are now offers in the region of or fixed price. I think most people are just glad to sell their houses. Mine was on the market for a year and didn't sell so I gave up.

The offers over price is fairly irrelevant now. It’s the home report value that’s important. The price in relation to the home report will vary by area. in desirable areas houses are going for over the home report value.

Definitely varies by area, in my recent experience.

In Dundee, we sold a flat. Estate agents, said, "it will sell for around£X". Home report value was £X. We advertised at offers over £X. We were offered £X, exactly, not a penny more. (Twice - first buyer pulled out.)

In Glasgow, flats were offers over £Y, but home report value was 10% more, and we were advised we'd need to offer another 10% on top. One estate agent told us that since the previous summer, asking prices had dropped but the home report and eventual sale prices hadn't - go figure.

So, local advice on the property style you want is invaluable.

Where we are it’s around valuation, which is just a bit more than the offers over price.

It's madness in Edinburgh - friends just lost out on a (massively overpriced) ex council house that sold for £70k over asking price. We've recently lost out on two places in Fife when offering 5% over. The owner of one asked for another £15k! Er, no. People are shockingly greedy on properties that just aren't worth it.