Asking price and offers

Buying a house in Scotland

Many properties in Scotland are advertised for sale at "Offers over named price" or simply "Offers over". This indicates the price which the seller believes will attract the interest of potential purchasers and sets the level below which the seller will not generally entertain an offer. Where a property is advertised in this manner, it is essential that the purchaser's Solicitor "notes the interest" of his client with the selling Agent in order to preserve his chance to offer.

If there is a lot of interest in the property, the offers can be substantially higher than the asking price. Conversely, if there is little interest in the property (and no other prospective purchasers have "noted their interest" through their Solicitor) or it has been on the market for a long time, then it may be possible to buy the property for little more than the asking price or, in the right circumstances, below the asking price.

New houses and some second-hand homes are advertised at a "Fixed Price". Generally the first offer at that price will secure the property. These properties are often attractive to purchasers for two reasons. Firstly the purchase price is known before arranging the survey and being involved in expense and secondly, it avoids becoming involved in a "bidding situation" at a Closing Date.

The Scottish "Offers Over" system is contrary to the position in England where the seller usually sets a higher price but expects to agree a lower figure at the end of the day.




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