How does offers over pricing work in Scotland?
What offers over really signals
An offers-over figure priced far above the Home Report valuation narrows your buyer pool to cash-rich bidders.
A buyer borrowing at, say, ninety per cent of valuation cannot simply offer more because they like the property. The gap between the survey valuation and a higher accepted price is cash out of their deposit.
That is why aggressive over-pricing usually produces fewer notes of interest, not a higher price, and why properties that sit unsold for months tend to sell below where they would have sold in week two.
Fixed price and offers around
Fixed price suits properties with a narrow buyer pool or a seller who needs certainty and speed.
Fixed price invites the first acceptable offer to conclude quickly, which is useful for ex-rental flats, executry sales and properties where competition is unlikely.
Offers around, or offers in the region of, sits between the two and is more common outside the busiest Edinburgh postcodes.
Notes of interest and closing dates
A note of interest is not an offer and binds no one — it is a request to be told if a closing date is set.
When several notes of interest accumulate, the seller's solicitor may set a closing date: a deadline by which all interested parties submit their best written offer.
The seller is not obliged to accept the highest offer, or any offer. Date of entry, conditions and the buyer's own chain frequently outweigh a few thousand pounds.
Module 3 checklist
- Compare your asking strategy against the Home Report valuation
- Ask what comparable properties in your street actually concluded at
- Agree in advance who decides whether to set a closing date
- Decide what a good date of entry is worth to you in price terms
Common questions
- Is a note of interest binding?
- No. It records interest and asks to be notified of a closing date. Only a written offer, formally accepted, creates a contract.
About Lothian Property
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Lothian Property is an independent property information and introduction service. We are not an estate agency. We help homeowners understand their property, their options and their local market, and — where appropriate and only with your permission — introduce them to independent estate agents and other property professionals who can assist.
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