MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I watch a bit of location location but can someone actually give me some reality on house prices in scotland.
We've seen fixed price and ones with just prices.
From what i can tell
Fixed price means if you offer that price you're in like Flynn and likely to be accepted (depending on chain/conditions) etc - I assume this is based on a survey/valuation you get which you agree with
Price advertised - seems to me to be what i would call a closed tender. You advise notice of interest, they give you a closing date and you put in your best offer or what you think it is worth - i feel its price + 10-20% historically and potentially some more.
Is that right or am i barking fully up the wrong tree here ? (I never did property buying Scotland only in NZ ......)
Ta
Its a blind auction. With fixed price the first to offer the price wins. With offers over or offers around it goes to a closing date and highest gets it.
Fixed price is more common at the moment than it was as activity is down. However you can still bid under the fixed price or indeed over if its competitive ( but that is very unlikely at the moment)
With offers over there are tricks as well - if no closing date has been set - and often there is not one until a few folk are interested you can make an offer and say - this offer stands for 24 hrs only. If you don't accept it is withdrawn. This makes the seller gamble on either getting a higher offer later or accepting yours.
IIRC there are quite comprehensive home owner packs done by the seller now which takes out some of the gamble. You can offer subject to survey / valuation but some buyers won't accept that. Probably easier to get a conditional offer accepted now. If they won't accept conditional offers you either gamble or get a survey before offering.
One major difference between Scotland and England is it all becomes binding much earlier. Basically once your offer is accepted - hence either a conditional offer or survey before offering.
Local solicitors will help you pitch your offer as the market varies greatly in different areas and at different valuations - some areas are still selling fine - some are not. and the sellers solicitor will sometimes give guidance on what level of offer would be acceptable.
Its very much a buyers market at teh moment - the only people selling are those who have to. However in Edinburgh prices are not much down if any.
TJ - excellent thanks for that. Quite different really but we just want to be armed and ready before we start (if). We'd be no chain cash buyers anyway so I'd assume that may hold some weight if someone actually wants to sell 😉
Definitely make it subject to survey. I've looked at several houses recently and all have fallen down on the survey - some dodgy buildings out there! And don't be shy of offering less than the price.
With offers over or offers around it goes to a closing date and highest gets it.
Not always. I can remember my parents selling a house back in 1991 and they sold it to the second highest bidder because they were a young couple who were just starting out and my parents thought they deserved it more!
Lovely - offering less sounds like an ideal situation. Thanks for all yoru help.