FTB in scotland Advice needed

delerium

Hiya all,

Been browsing both the site and forum to try and get some advice on this but still coming up with a big fat :huh:

Background:- I am a ftb, have a mortgage in place for 85K(incl 5K deposit) following missing out on a fixed price house, also have a bit of leeway as have another 2.5K at disposal.

Have seen a wildcard property (ie not something I would have normally considerered) and have fallen in love. It is a 3 bed ground flr flat (was looking for a house) but it is HUGE!! since we're talking Glasgow tenements here.

It's a repo and has been priced at o/o 74,995 (why they don't just say 75?)

it has 3 notes of interest that I know of 1 being mine and they have fixed a closing date to next tuesday and want only clean offers.

Properties in the area are going for much more There is a 2 bed next door at a f/p of 99,995 BUT the area is subject to subsidence in bits (used to be a quarry).

I have sat down and worked out what is 10%,12%,13%,14% and 15% over the asking price, although I really wanted to find out what it was they would want over the asking price (don't ask me why but glasgow vendors seem to have their heads in the sand about a housing downturn and are still expecting (and getting) upto 20% over the asking price (i know from bitter dissapointments already))

10% is 82,500 and 15%is 86,250

I don't want to lose it on a technicality, I suspect from looking at the nethouseprices site that the people it was repo'd from bought it in 2005 for 88K but again that's not much help since I don't know how much of a mortgage they took out or if the even had a deposit.

I suspect a developer will come in with a ludicrous offer but I would like to give it a try anyway.

There is some work needed doing (we are scottish after all:rotfl: ) they have taken the plug socket covers, the flooring, the upper kitchen cupboards and the oven but strangely enoigh left the ceiling roses and boiler/radiators (i have seen some where these have been removed too!). These things however I can fix because between me and my fil we can be quite handy and I am already an active user of freecycle so know if the money bit gets tight I can see if I can get bits and bobs from there.

THE CRUX:

Is there anywhere I can check what people are paying over the asking price?

Is there anyway I can find out what is left on the mortgage?

How much over do people think I should bid?

Thanks in anticipation

Chris_Hinds

Hey,

My partner and I were also FTBs in Scotland (Glasgow area) back in early-mid June. The house we bought was on the market for a Fixed Price after the previous sale fell through (due to non sale of an existing property). We offered £5k less than the Fixed Price and were accepted at this. As my partner works for a bank we had an assured mortgage and we're not over leveraged either (around 3.5x our joint income) so we were good candidates to buy really.

I would suggest looking at the other properties that we've been tracking on RightMove since the purchase and the way they haven't really moved at all, you could probably offer 10% over in these circumstances. Yes there are two other notes of interest but they'll be wondering the same as you are. Bottom line, do you think it's worth £82,500, £85k or £86,250? It sounds like you'll need to spend a little to make it liveable while the £99k equivalent might be fully fitted out.

Good luck making your choice

Regards

Chris

cheap_charlie

One thing I would check out before going ahead is what the factor's fees are on this property.

Tenement flats can have wildly varying fees and some of the factors see these properties as a licence to print money.

Check before going ahead would be my advice.