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I've found a flat in Scotland that seems a bargain, but it is listed at offers over £70,000. What is the score realistically? I think it has been on the market for a while. Quite keen to go and have a look, but not if it is going to end up selling for a lot more.
Do a bit of research, find out what similar properties have sold for, get the Home Buyers report (& valuation) and then decide how much you think it is worth and offer that. Remember that not everyone is in a hurry to sell.
If its been on the market for a while then they would probably accept 70.
What part of Scotland, its quite big and location matters.
Where in Scotland? Makes a big difference as to whether or not a higher offer is expected.
Try looking on [url= http://ourproperty.co.uk ]This website[/url] to get an idea of what similar properties have sold for...
Ask local estate agents for details about what's the offer over %age...
Property is in Sutherland, £70k seems pretty good for the region. Hmm may be a road trip soon.
If you make an offer their response can often help you know how they're feeling.
Shame the Pie Shop stopped doing a residents discount 😐
Get a good local solicitor and ask them to find out what it'd take to get it off the market. The good ones should be able to talk to the selling solicitors and get a good idea of where to start at least.
[quote=robinlaidlaw ]Get a good local solicitor and ask them to find out what it'd take to get it off the market. The good ones should be able to talk to the selling solicitors and get a good idea of where to start at least.
Take it off the market? That happens when the money is in my account and not before!!
Take it off the market? That happens when the money is in my account and not before!!
Well, it's pretty normal in Scotland to get a sale agreed well before that, the money only changes hands on moving day and the deal should be done well before that. On the three properties I've bought in Aberdeen our solicitors have always been able to get a deal sorted out and an agreement on price made without needing to go to closed offers. Particularly so if it's been on the market for a while. The agreed selling price may or may not actually be above the offers over number.
Remember that anything is just a guide and it depends on the market in the area (and how keen the seller is to sell).
"offers over" is only a guide, as is the home report valuation.
As above, speak to someone who knows the local market to see what sort of price to go in at. And if they agree immediately you'll know you went too high.
Yes, bruneep it is that one. Further investigation shows it sold for £48k in 2007 so it may be a tad over priced at the moment.
Take it off the market? That happens when the money is in my account and not before!!
You're contractually obliged to sell/buy as soon as the missives are complete in Scotland, not at the point the "money is in the bank". So why would you continue to advertise something you can't sell?
Best advice would be to speak to a good local solicitor to get a feel for the market. Unfortunately there is no hard and fast rule, when we bought in December, we managed to get our new place for the Offers Over price and got 15% over the offers over (and valuation) price for the one we were selling.
Missivebeing signed is getting later and later though. Two flats sold in last 12 months both had missives signed on the morning of sale.
Forget about the offers over bit. Offer what you think its worth even if its less than 70k.
You may need to be canny though. If there's enough notes of interest, they may well say thank you very much and then go to a closing date at which point you'll need to put a sealed bid in which could differ from your verbal offer.
I would make sure that they were aware that any offer is time limited and will be withdrawn if they decide to go to a closing date. The solicitor won't like it, but it puts you in control rather than the seller.
Of course, they could tell you to do one if there has been much interest, but if there is, your going to be on the back foot anyway.
BUYING houses in Scotland is a pain in the arse.
BUYING houses in Scotland is a pain in the arse.
Not really. Make an offer, accepted, done. No chains, no gazumping etc.
bear in mind you'll spend another £70k a year at least in the pie shop and you might need to widen the doors to your flat.
Not really. Make an offer, accepted, done. No chains, no gazumping etc.
Not quite.
Decide you like a house, pay for a survey, wait for the closing date, pay for a solicitor, put an offer in. You get outbid by 3 others. Rinse and Repeat x 3 or 4
At the height of the bubble in Edinburgh, flats were going for twice their offers overs price, and you couldn't arrange finance without a survey.
Gazumping is a problem, but doesn't have quite the financial cost to it usually.
Re. offers over, at the market peak in Glasgow it was 30%-40% over the offers over price. Word is it's closer to 20% now.
Back in 2007 we bid on a beautiful place that was offers over £120,000. We put in a bid of £165,000 and lost out to a bid of £202,500 😯
In hindsight it was a blessing...
In hindsight it was a blessing...
Same here. We nearly ended up living in Newtongrange 😕
Currently going through this ourselves. Put a bid in. No response. Upped bid, time limited, noting work property needs done, still no response. Not even a counter offer, which suggests we're well wide of their expectations. In which case, why not just up the asking price rather than **** around with a guessing game. It's a load of shite. 🙄
why not just up the asking price rather than **** around with a guessing game
It's the fear of undervaluing it. A very real fear which may be the source of many of the deep pockets / short arm jokes that are often associated with those living north of Hadrian's wall. 😉
I just bid on a house in England where they were asking "Offers over £190,000".
My offer was £170k. The estate agent came back and said the buyer wouldn't go below £185k. Nobody got angry.