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Original poster

House Offer

5 replies

Runner1234 · 28/07/2023 13:17

Hello,
Looking for some advice on a house offer and what the market is like around the central belt just now. I recently viewed a house, it is on for offers over 250k with a home report valuation of 255k. We put in an offer of 250k, we are first time buyers and ready to move. We don’t want to go over this offer value as we will both lose our Help to Buy ISA bonuses. We both really like the house but we feel going over the 250k we will regret the extra is will end up costing. Is this a fair offer or should we be offering the home report value? I also feel with interest rates just now the market was starting to slow down? Is this true? Any advice?
Thanks :)

OP posts:

BigBoysDontCry · 28/07/2023 13:32

I think it's a bit mixed at the moment. On my estate in the central belt, most houses selling about £300 to £350k ish they are still selling in about a week but market in general is a bit slower with reasonable offers to be made.

Unless it's a closing date situation, I'd offer your £250k and see how that is viewed. You could then get into a negotiation and I'm not sure how it would stand ISA wise for you to maybe buy stuff like white goods, flooring etc as a separate cash payment?

Do you have a lawyer? If so, what are they saying?

prettybird · 29/07/2023 11:17

Depends where specifically in the central belt you are looking. At the lower end of the market (in reasonable areas of Glasgow at least) properties are going for more than Home Report value.

I don't understand why you say you'd lose your help-to-buy ISA bonuses?

How much of a deposit do you have? The constraint of offering above the Home Report value is that you'll only get a mortgage for 85-90% of the Home Report value, so you have to make up the remainder with your own funds.

Has it gone to closing or are you just making an offer? If it's not gone to closing yet, the worst they can do is say no and then either give an indication of what they would accept or set a closing date.

LadinLee · 29/07/2023 12:37

You really need a local conveyancing solicitor, they will have a good idea of whether things are still selling for over home report valuation and if so by how much

Lovegood · 31/07/2023 11:35

A good solicitor will help you know what to offer. We have just bought a house in the central belt, we're using Harper McLeod and ours has been great- she told us what to go in for and our offer was accepted.

Suunnyd · 01/08/2023 00:10

Where is the house?

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