Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Savvy_Saver1
    • By Savvy_Saver1 8th Oct 17, 6:47 PM
    • 11Posts
    • 0Thanks
    Savvy_Saver1
    How much to offer?
    • #1
    • 8th Oct 17, 6:47 PM
    How much to offer? 8th Oct 17 at 6:47 PM
    Hi all,

    We've found a house that we love in our ideal area (which popular generally) that ticks all the boxes for us. We really want to secure it. We are in Scotland, and it's listed as offers over 285k with home value of 315k. The house got listed on Friday and has already been viewed 6 - 8 times.

    They vendors are selling as they have got divorced, so they could be looking for a quick sale, or potentially may take a while if they need to find two new houses in two chains. We are first time buyers and so can be very flexible - either fast or patient.

    This is the first time we will be offering, and are worried we'll miss out. How much should we offer?
Page 1
    • glasgowdan
    • By glasgowdan 8th Oct 17, 6:54 PM
    • 2,530 Posts
    • 2,838 Thanks
    glasgowdan
    • #2
    • 8th Oct 17, 6:54 PM
    • #2
    • 8th Oct 17, 6:54 PM
    315. And be prepared for them to say "thanks for your offer, we have other interest and will likely be setting a closing date for best offers".
    • Fiesto88
    • By Fiesto88 8th Oct 17, 6:55 PM
    • 107 Posts
    • 72 Thanks
    Fiesto88
    • #3
    • 8th Oct 17, 6:55 PM
    • #3
    • 8th Oct 17, 6:55 PM
    Nobody can really answer that without knowing anything about the property. I know exactly what I’d offer on any house in the area I live. But ask me what I’d pay for something on the opposite side of the city, in a different postcode and I’d need to look at sold price histories, information about the area, have browse through property listings etc etc.

    Appreciate it’s a bit different in Scotland though.
    • Tiners
    • By Tiners 9th Oct 17, 6:59 AM
    • 223 Posts
    • 220 Thanks
    Tiners
    • #4
    • 9th Oct 17, 6:59 AM
    • #4
    • 9th Oct 17, 6:59 AM
    Fiesto's advice is good, but I'd generally ignore the advice of certain contributors on here who have recently bought into the bubble and are now very worried about any potential fall, or even just a stall, in house prices...

    Subsequently they now spend all their time on here desperately trying to ramp up the market and encourage scare anyone and everyone, especially inexperienced FTBers, into diving in and immediately offering full asking or above.
    • glasgowdan
    • By glasgowdan 9th Oct 17, 7:16 AM
    • 2,530 Posts
    • 2,838 Thanks
    glasgowdan
    • #5
    • 9th Oct 17, 7:16 AM
    • #5
    • 9th Oct 17, 7:16 AM
    I know the market in much of Scotland, and if the OP wants a house to live in rather than think about, this is what they need to do.

    And my house is a 30-40 year home. I don't care about property values. It'll be paid off by the time I'm 43...
    • Tiners
    • By Tiners 9th Oct 17, 7:29 AM
    • 223 Posts
    • 220 Thanks
    Tiners
    • #6
    • 9th Oct 17, 7:29 AM
    • #6
    • 9th Oct 17, 7:29 AM
    I know the market in much of Scotland, and if the OP wants a house to live in rather than think about, this is what they need to do.

    And my house is a 30-40 year home. I don't care about property values. It'll be paid off by the time I'm 43...
    Originally posted by glasgowdan
    For someone who is so relaxed and comfortable with their own situation and claims they ''don't care about property values'' it's curious that you seem to be on here morning, noon and night always with the same market ramping theme... urging, encouraging, even scaring any potential buyers to pay full asking price or above for any property regardless of how little facts or information you have to go on.
    Whilst simultaneously attempting to mock, ridicule and shout down anyone who possibly urges caution or dares to suggest that a particular property (or the market in general) might be overpriced and that rampant HPI might not necessarily be such a great thing.
    • comeandgo
    • By comeandgo 9th Oct 17, 7:43 AM
    • 1,849 Posts
    • 2,479 Thanks
    comeandgo
    • #7
    • 9th Oct 17, 7:43 AM
    • #7
    • 9th Oct 17, 7:43 AM
    Your offer has to be put in by your solicitor, ask them, they know the market but I’m with glasgowdan. The houses in my area sell very quickly and go for the home report value or over. If House goes to closing date you get one chance, too low and you don’t get it.
    • glasgowdan
    • By glasgowdan 9th Oct 17, 7:51 AM
    • 2,530 Posts
    • 2,838 Thanks
    glasgowdan
    • #8
    • 9th Oct 17, 7:51 AM
    • #8
    • 9th Oct 17, 7:51 AM
    Tiners you're being a bit harsh and dramatic and I've no idea what your agenda is or why you seem to know so much about my posting history or feel that's all I post about. It's slightly unnerving. I'm not trying to affect the property market, I'm not stupid and do actually realise a poster on a forum won't make a difference!!!

    I also know a lot about Scottish housing prices after closely following it for a couple of years. I'm realistic. And first time buyers are welcome to spend years offering 70% on houses left right and centre, but they'll always be renters if they do this.

    Try and keep things on topic. If you've nothing relevant to add then move on.

    PS. Tiners I've just had a brief scan of your own posting history. Says it all really. Sorry for whatever situation you're in.
    Last edited by glasgowdan; 09-10-2017 at 8:10 AM.
    • Tiners
    • By Tiners 9th Oct 17, 8:25 AM
    • 223 Posts
    • 220 Thanks
    Tiners
    • #9
    • 9th Oct 17, 8:25 AM
    • #9
    • 9th Oct 17, 8:25 AM
    glasgowdan - No agenda here, It is though rather difficult to avoid your posting history as it's guaranteed that every new thread that's in anyway related to a ''what should I offer'' theme then you'll be there instantly encouraging the potential buyer to dive in and offer full asking price or above immediately.

    I don't pretend to know very much about the Scottish market, I do keep an eye on it just out of casual interest and I've got a number of Scottish properties saved on RM that have been sat on the market unsold for a year or (much) longer, which doesn't quite tally with your claims of how ''hot'' it is and that everything is flying off the shelves at asking price or over.

    As for keeping things on topic, I think you'll find you were the one who started discussing your personal situation in this thread, when all I initially did was offer general advice and opinion.
    • glasgowdan
    • By glasgowdan 9th Oct 17, 8:32 AM
    • 2,530 Posts
    • 2,838 Thanks
    glasgowdan
    glasgowdan - No agenda here, It is though rather difficult to avoid your posting history as it's guaranteed that every new thread that's in anyway related to a ''what should I offer'' theme then you'll be there instantly encouraging the potential buyer to dive in and offer full asking price or above immediately.
    Originally posted by Tiners
    Have a look...and compare it to yours. I am a much more diverse poster and don't jump on every house price thread the way you do. Please...seriously, just have a look at them both and compare!

    Are you a home owner? Looking to buy? Renter? Plans?
    • Savvy_Saver1
    • By Savvy_Saver1 9th Oct 17, 9:27 AM
    • 11 Posts
    • 0 Thanks
    Savvy_Saver1
    Thanks for the differing advice, always useful to hear multiple perspectives.

    I'm talking to my broker this morning about the next steps, and assuming that it will be get solicitor, note interest, and expect it to go to closing date. Anything he can do to help avoid that would be amazing of course.

    If we managed to secure it, then we would plan to live it in for at least ten years I expect, if not 20, or potentially a lot longer. It would fully meet our expected needs for decades to come. I agree on the point that if you offer 70% of asking, you'll be renting forever. Whilst there can be properties which sit on the market for years in Scotland of course, this house, and this area generally, will not be the case I believe.

    Given we plan to live there long term, I suspect our approach will be offer as much as we can afford, and hope we get it. That way, if we don't we won't be kicking ourselves.
    • Tiners
    • By Tiners 9th Oct 17, 12:40 PM
    • 223 Posts
    • 220 Thanks
    Tiners
    Glasgowdan - I'm a homeowner, bought in 2001, paid the mortgage off by 2011 and the house is currently worth over 3x what I paid for it (Not that I think the last point is a good thing at all, either for me personally or for society in general or for the wider economy)

    The fact that you refer to the ''Scottish market'' as a whole suggest your rather naive and biased v.i. opinion... Scotland is quite a big place with a whole range of different market conditions, for every property that you can show me that sold quickly for full HR valuation I'm confident I can show you one that sold for considerably below HR value, or one that has been left sat languishing on the market for a year or three.

    Here's just one recent example of my contributions, which suggest I can offer a diverse opinion when it comes to house buying advice, http://forums.moneysavingexpert.com/showthread.php?t=5721248

    Please feel free to show any examples where you've suggested a particular property may be overpriced or you've generally suggested a potential buyer be cautious etc, because all I can ever recall seeing from your previous posts is a recurring theme of urging and encouraging posters, especially inexperienced FTBers, to dive in and offer full asking price or above whilst disagreeing with, to the point of belittling, anyone who dares to offer an alternative opinion to that.
    • CheBee
    • By CheBee 9th Oct 17, 9:06 PM
    • 25 Posts
    • 39 Thanks
    CheBee
    Thanks for the differing advice, always useful to hear multiple perspectives.

    I'm talking to my broker this morning about the next steps, and assuming that it will be get solicitor, note interest, and expect it to go to closing date. Anything he can do to help avoid that would be amazing of course.

    If we managed to secure it, then we would plan to live it in for at least ten years I expect, if not 20, or potentially a lot longer. It would fully meet our expected needs for decades to come. I agree on the point that if you offer 70% of asking, you'll be renting forever. Whilst there can be properties which sit on the market for years in Scotland of course, this house, and this area generally, will not be the case I believe.

    Given we plan to live there long term, I suspect our approach will be offer as much as we can afford, and hope we get it. That way, if we don't we won't be kicking ourselves.
    Originally posted by Savvy_Saver1

    I agree I offered the asking price for the flat I have just bought (FTB) and apparently two other people also put the same offer in but mine was accepted because I am not in a chain. It was tricky because I called the EA first thing in the morning so didn't know how to gauge the situation. Either way, I am happy with the price and I guess it's what you feel it’s worth at the end of the day. Good luck
    The 'Save £12k in 2017' #...
    • topsales
    • By topsales 9th Oct 17, 9:10 PM
    • 330 Posts
    • 190 Thanks
    topsales
    Chances are it will go to a closing date and sealed bids. Having just sold a house in Scotland(Dundee) valued at 235k which then sold for 20k more I think it really depends on area. However, it seems that houses are selling at HR value plus some. Expect a closing date sometime soon and be guided by your solicitor.
    • Crashy Time
    • By Crashy Time 10th Oct 17, 1:04 PM
    • 5,018 Posts
    • 2,163 Thanks
    Crashy Time
    Tiners you're being a bit harsh and dramatic and I've no idea what your agenda is or why you seem to know so much about my posting history or feel that's all I post about. It's slightly unnerving. I'm not trying to affect the property market, I'm not stupid and do actually realise a poster on a forum won't make a difference!!!

    I also know a lot about Scottish housing prices after closely following it for a couple of years. I'm realistic. And first time buyers are welcome to spend years offering 70% on houses left right and centre, but they'll always be renters if they do this.

    Try and keep things on topic. If you've nothing relevant to add then move on.

    PS. Tiners I've just had a brief scan of your own posting history. Says it all really. Sorry for whatever situation you're in.
    Originally posted by glasgowdan

    When did you buy if you don`t mind me asking?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,544Posts Today

9,339Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin