Think most has been said above but we just sold in Musselburgh, in 3 weeks for over the asking price…
As mentioned, houses described:
Fixed price which is exactly what it says on the tin. Many were advertised this way, ie Fixed Price £275000 or a bit more via a solicitor conversation if you really want to close people out and are prepared to pay..
Offers Around, Like a fixed price but with a bit of wriggle room. More being advertised this way. The solicitor will give a guide value based on their view of the market, so the buyer sets a price close to this, and its OA. ie, Offers Around £275000 (may go for a little more or a little less)
Offers Over… as mentioned above, a starting price then your guess of +10 – 30%. Put your bid in and off you go. The highest bid may not get it, entry date etc may swing it for the seller… may be a bold one in the current market ie, Offers over £275000 could mean £350000 upwards to whatever someone is prepared to pay. Visiting and viewing an OO property I would always ask the seller what the solicitor has advised as a value, or what the seller is hoping for… most folk have a figure in mind…
Declaring a Note Of Interest in a property means that anything that happens to the potential sale must be communicated to you but you are not obliged to bid.
A good solicitor can negotiate on your behalf with the sellers solicitor so its not a completely sealed bid and done deal…
Upside, no gazumping, or sellers bumping the price up close to the signing date or “Missives”
Downside, as a buyer you may get frustrated putting in offers and not getting them accepted and not really knowing if your offer was in the ball park or not.
Our solicitor was pretty canny, we had 4 notes of interest and she said to keep the process moving so we set an early closing date (ie, put your bids in), to keep things going, stop potential buyers wandering off or seeing something else and it worked. With only 4 its a bit of a gamble against waiting for more but this is what we did.
I prepped loads of questions and we really tried to engage sellers, with the right approach its amazing how helpful sellers can be…
HTH