Fixed Price & Offers Over
A property advertised at a FIXED PRICE can be purchased advertised, subject to agreement being reached on the other parts of the contract. It is sometimes possible to purchase a Fixed Price property at less than the price advertised. However the rule with Fixed Price property is that the first person that offers the fixed price secures the property. You could therefore lose out on the purchase if someone else offers the full price.
Normally properties are advertised at OFFERS OVER. The seller hopes to attract a number of interested purchasers and set a closing date at which time bidders are requested to submit their best offers. Normally the top offer is accepted. There is no opportunity to raise your offer after the closing date if you are unsuccessful. Normally the Offers Over price is set below (sometimes substantially below) the price the seller is expecting. This is to stimulate interest. Through the ESPC computer system we have access to the sale prices of properties in Edinburgh and the surrounding areas. This can give you a guide as to how much you will have to offer to be successful.
As a general rule, properties that are in greater demand have an Offers Over price tag. Other properties where there is not much competition or the seller is trying to achieve a quick sale are Fixed Price. Many new homes being sold by the builder are also Fixed Price.