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Love part of speech on instincts so top the previous offer (7)

Ross

I believe the answer is:

overbid

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'love part of speech on instincts' is the definition.
Although both the answer and definition are singular nouns, I can't see how one could define the other.

'top the previous offer' is the wordplay.
'top' becomes 'over' (I've seen this before).
'the previous offer' becomes 'bid' (synonyms. I am not sure about the 'previous' bit.).
'over'+'bid'='OVERBID'

'so' acts as a link.

Can you help me to learn more?

(Other definitions for overbid that I've seen before include "offered too much" , "Contractor's mistake" , "Higher auction offer" , "offer too much" , "Make rash offer" .)

I've seen this clue in the Sydney Morning Herald.
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