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

Ps should have added that I have talked to my solicitor about the subsidence and clean offer bit and we have an understanding;)

poppy10_2

delerium wrote: »

Properties in the area are going for much more There is a 2 bed next door at a f/p of 99,995

What do you mean 'going for much more'? Are they on the market for much more, or are they actually being sold for much more. There's a big difference.

delerium

I don't know if they are selling but they are


2 bed g/f exact same dimensions as the one we're looking at fp 99995
2 bed 1st flr slightly bigger fp 109000
3 bed 2nd flr slightly bigger oo127000

on nethouseprices they are all averagin over 100k

longforthesun

I dont have much to offer on advice but perhaps you could have a word with a local estate agent (not the one selling the flat). I would not say you were looking at a particular property but just ask in general in this current climate roughly how much over the asking price should you be considering. My understanding is that here in Scotland houe prices have actually risen unlike the rest of the UK so not sure if the % above offer price has dropped much but last year when we bought our house we paid 17% over the asking price.

longforthesun

Also not sure if you are aware but you will no doubt have a factors fee to pay. I have a bit of experince as used to work for a factors so if you have any questions on this I may be able to help.