edinburgh offers over- can we be cheeky or should we just get real?

jintyclark

My partner and I want to buy a flat in Edinburgh. We've sold our old place and have a mortgage in principal in place.The most we can pay is £165000.

Yesterday we saw a flat on at Offers Over £159 000 on its first day on the market. I realise that offers over is supposed to be at about 14% and guess that the seller is probably aiming to come in at just under £175 000.
Do you think there's any point in putting in an cheeky offer of £165000? We can move fast, which I guess is something we can offer. Or should we just put in a note of interest for now and see if anyone else comes in?

We're pretty realistic about our (lack of) chances but did fancy the flat! Any ideas appreciated.

Mutton_Geoff

How about £159,001? That fits the criteria.

Natty082

jintyclark wrote: »

We're pretty realistic about our (lack of) chances but did fancy the flat! Any ideas appreciated.

I think the sellers would need to be more realistic.... chances are most people would offer under in this market anyway!

What are similar properties selling (if they are!) for in the area? Have you searched when the seller purchased it originally it and how much for?

Caz3121

having bought in Edinburgh before you will probably find that unless they are desperate to sell or there is little interest that you will be in a situation of a closing date being set - when I last sold we had 5 "notes of interest" which resulted in 3 offers on the closing date - these offers will be what someone is prepared to pay depending on how much they want it.
Many areas of Edinburgh are looking fairly unaffected by the downturn and although the market has slowed down considerably there does not appear to be the same crash as elsewhere.
Have a look on nethouseprices.com to see what similar properties have sold for (unfortunately this does not show the original asking price)

if you are in a hurry would say look at the Fixed Price ones and maybe even get cheeky there (fixed price to me indicates wanted to sell quick)

jintyclark

Well, a week ago we put in an offer of £167000 and it was rejected. We were told the sellers were expecting £200000!!!There are still some optimists out there. On nethouseprices.com this isn't way over what flats go for in this part of town but still, it's a lot more than £159000. Suffice to say, we're still looking.