Been looking at a house, a nice wee cottage that fits our needs perfectly on all counts of size, location, horses and bikes. Whilst I do live in Scotland at the moment, I’m not really upto speed on the current market, particularly in respect of the offers over guff.

A few years back, it used to typically be about 10% was the going rate for the offers over … is that still the case ? Does anyone know ?

Might depend where it is. I was speaking recently to the solicitor who did our house when we bought it, and he said that prices haven’t dropped at all here, although volume of sales was down a bit. Unless it’s gone to a closing date and there will be several bids, I’d be inclined to just put a low one in and see how you go. You can always increase it.

Totally dependant on the area I’m afraid so unless you can speak to someone who knows the local market then there’s no way of really knowing. I’ve just bought a place for 6% over the valuation but I’m also struggling to sell a flat elsewhere.

Whatever anyone else says, the home buyers packs are a great idea and really do take a lot of uncertainty out of the process.

Whereabouts is it? It makes a huge difference.

It seems to me that in general the “offers over” is about 5% but it very much depends – some people are asking over inflated prices, some are not. Some areas are selling better than others. Activity is waaaaaay down but prices don’t appear to be down much if at all

Having just missed out on a house last week, I can tell you that the ‘%’ guide is useless. The seller can/will go to sealed bids, and it is however much you are willing to pay for that particular property.

You may pay wildly over the next competitive bid, or just pip him to the post. Our conveyancer told us that the winning bid was just over 20% above the ‘offers around’ asking price.

It does seem weighted to the sellers advantage, but there is nothing you can do. This particular property was in Fife if that helps?

Good luck,

18 months ago the agents had a reasonable idea of the value and would price appropriately. CKD Galbraith’s average was 17% over asking price, but they do tend to value conservatively. The market is now all over the place, so far less certainty in the valuation and therefore whether to bid over or not.

As TJ said, depends hugely on location, but also on quality, and whether other similar properties are/will be available – the market is very fickle. I would suggest offering asking price and see how it goes. If more bidders jump in you can always increase your offer. If there are more than 3 offers it will almost certainly go to sealed bids

Have a look on teh ESPC website,

Is this any help?

postcode selling price check thing

At the peak, the southside of Glasgow was average 35%-40% over asking price (we lost out on one place to someone that went 73% over the asking price).

Nowadays asking prices have dropped. There are a lot more “offers around” deals but from speaking to friends in the property business, 20% seems to be the norm at the moment.

How long has it been on the market –
less than an month? – probably not had a closing date yet – if there is a closing date you are not the only one interested – make a proper bid at the max you are willing to pay – if you win then great and don’t mug yourself about how much less you might have got away with.
more than a month, no closing date yet? worth putting in a cheeky low offer straight away, perhaps even lower than the offers over price if it’s been on the market longer than six months.

bear in mind that your offer can be subject to survey – this balances up the bias to the seller. you can bid a fair price assuming the house is in good order then negotiate a few k off if any structural stuff comes up in the survey.

Offering subject to survey is pointless as there is a survey done as part of the home sellers pack that will be freely available to you before you make an offer.

Thanks guys …. there’s certainly a lot to think about to this. Its in North Ayrshire by the way. We only looked at it last night. Its been on the market for a wee while now I think, but I plan on going to the estate agents and see what they say about it all, and then I’ll take it from there. I’ll post back any more questions.

gonefishin – Member
Offering subject to survey is pointless as there is a survey done as part of the home sellers pack that will be freely available to you before you make an offer

Completely disagree. Any survey that is part of a home sellers pack will be very basic. It will not include a structural survey, and will probably not include any rights, restrictions, covenants over buildings, land etc that would probably be sensible for the type of property that fisha sounds like he is buying. If there is not hot competition at the price you are will to pay, offers subject to survey make a lot of sense

Any survey that is part of a home sellers pack will be very basic. It will not include a structural survey…

Except that it’s not and it goes into far more detail about the property than any mortgage valuation survey. I can send you the copy of the one I had done for my Edinburgh flat if you want to see what one looks like.

…and will probably not include any rights, restrictions, covenants over buildings, land etc

Wouldn’t that be part of the missives rather than survey that all offers would be subject to anyway?

Well I went down to the estate agents. Much more to think about … as ever.

The seller appears to be looking for about 20% over the asking price, which to me is unrealistic. That market may have been about in the years previously, but I just dont see it in todays market.

Its been on the market since about May, however, it was on the market the previous year, but sale fell through because the seller is building his own place and he ran into planning issues.

Trouble is i’m in quite a weak position too as I haven’t got my house sold yet, or even on the market. And to be honest, I dont want to be in a position of my house sold, and buying this place falling through, and me left without a house. I like my current house, and other than for this wee cottage, I dont really want to move.

*sigh*

I’m getting the home report doodah sent to me shortly, so i’ll have a look at that and see where my thoughts lie after reading it.

Interesting thread cause we’ve been looking at moving north and the whole ‘offers over’ and sealed bid stuff all seems a bit random and hard to fathom. I too worry that we’d sell our house (hopefully!) and then end up watching properties come and go as we got outbid…. 20% over the asking price seems totally ridiculous to me in this market, but then I’ve always thought that a house is worth what someone is prepared to pay and if someone else can come along with that sort of cash then so be it.

Interested to know how you go 🙂

Well, I’ve read the home report and it makes for interesting reading. In terms of content, there is a lot more there than I thought there would be. Particularly about the energy stuff ( they sure seem to like their energy light bulbs ! )

The current asking is offers over ~200k, and with the 20% expectation, that makes it around 240k, which is towards the top of my max budget and I would be wanting a bit more for my money at that price.

The home report itself pegs the valuation around 220k with the comment of a slow market at the moment that houses are taking a while to sell. At 10% over the asking price its probably about what the max I would be offering should it get that far. I just don’t think the market in Ayrshire is such that can demand anything more that 10% over, particularly where this place is. OK in the cities and other highly sought after areas, but less so this place.

However, the home report brings up a few issues regarding possible damp, so I’ll need to go back and have a look at the house and the lie of the land around it and the damp proof course.

Any survey that is part of a home sellers pack will be very basic. It will not include a structural survey…

Except that it’s not and it goes into far more detail about the property than any mortgage valuation survey. I can send you the copy of the one I had done for my Edinburgh flat if you want to see what one looks like.

A mortgage valuation survey is barely worth the paper it’s printed on.

CaptainMainwaring is spot on, the survey in the HIP may be interesting but you’d be an asolute mug not to have your offer be conditional on a full structural survey (which goes well beyond a mortgage valuation survey).

Double post, sorry. Move along, nothing to see here.

Have you actually seen the home seller packs that are used in Scotland (HIPs are only applicable to England & Wales)
Here’s a blank sample

They may not be a full structural surey, but they do go well beyond a simple mortgage valuation.