Prices offer in Scotland, what would you bid??

beecher

yeah, I've heard that most are going for well under the offers over price, but it is impossible to tell without knowing your area.

bradshaw_chris

Prices are tumbling fast in Aberdeen (well Banchory at least). Some people still have high expectations which were instilled into them by the sly estate agents when they took their proprty on many months ago. However, reality is slowly starting to kick in. I've got my eye on a property that is on the market for fixed price £400k, which was first on the market for offers over £450k a few months ago. They actually only bought it in Feb 2008 for £435k. And I know he'd accept £390k for it! Be cheeky - what's the worst that can happen?

missscotia

Thanks for the info!!

The house is in the inverurie area. She was looking at a new build but slowly thinking against this as i don't want her to reserve a plot then the value of it slump and her not get a mortgage and lose deposit. Maybe being a bit wary with new builds but better that then lose money. When we bought out new build a year ago, we didn't have all this!!

She going to her solicitor next week about seeing what her house would get and she looking at £40-50k profit (the house across road from her sold just a couple of week ago within 6 weeks!) so she only wanting a mortage at £140k at a push so the payment are affordable for her. We going to view property next week to get a good look at it first. Maybe thing a over of £130 isn't stupid after all

missscotia

bumpity bump

IveSeenTheLight

bradshaw_chris wrote: »

Prices are tumbling fast in Aberdeen (well Banchory at least). Some people still have high expectations which were instilled into them by the sly estate agents when they took their proprty on many months ago. However, reality is slowly starting to kick in. I've got my eye on a property that is on the market for fixed price £400k, which was first on the market for offers over £450k a few months ago. They actually only bought it in Feb 2008 for £435k. And I know he'd accept £390k for it! Be cheeky - what's the worst that can happen?

I'm interested to know where you get the data from showing Aberdeen prices are tumbling fast.
I monitor the Registers of Scotland Executive Agency and they are not showing prices tumbling

Although I do not have data for banchory specifically, prices seem to be stagnating along since Oct 2007, if Banchory is dropping as you say there must be some areas rising to counter the balance shown in my graph below.

I've been keeping a small graph of Aberdeen / Shire and Scotland

HockeyDuo8083

I live in Edinburgh and we have just bought in Fife. property was offers over but our first offer was £5k below this. we expected it to be rejected and it was so then we offered again but with with a £1000 on offer. the agent then decided to tell us the vendors price *shock* and we left it a few days before we went back again. Again we went in below but halfway between our last rejected offer and their price.
Offer was accepted.
I have found as long as your polite and keep the lines of communication open, any offer is worth putting in. it take patience though and an iron will!

Hope this helps.

Good luck

p.s My OH is from Aberdeen and he can't believe how much property has risen. It's as bad as Edinburgh now. He owns a house in Bieldside and it has never dropped in value ove rthe last 10 years.

googler

Currently, the Offers Over price is of academic interest only.

What are similar properties selling for in the same street, the same area, the same town? Let this be your guide.

Zoopla, nethouseprice, OurProperty, etc will all give you the data up until around 2-3 months ago. This is the time lag for the solicitors to send data to Registers of Scotland, for RoS to index it, and then feed it out to these websites.

Google the street name, surrounding street names, recent sales or attempted sales to see if any data on these is still present on agents websites (sometimes it's indexed by google, and accessible from google, even though you can't link to it through the links within the agents' sites).

If you find something similar that has sold within the last 2-3 mths, the agent who sold it MAY tell you how much they sold it for..... if you ask nicely

Once you've decided how much you think the house is worth, ask the agnet to 'note your interest', and then offer that amount to the seller's agent. If they accept, job done.

If they don't accept, then one of two things happens;
They declare a closing date for offers, or they don't.

If you have 'noted interest' with the selling agent, they are honour-bound (but not legally bound) to invite you to offer if they declare a closing date. At that point, you decide if you want to increase your offer, or not.

If they don't declare a closing date, you have the option of walking away or increasing your offer until they accept.