Scotland - How much to offer

uberteeb

Me again with a little update, I've viewed a few flats, the most recent one being this evening.

Home Report says £120k, it is offers over £110k, it has been on the market since November 2010 and has had no offers.

So I'm thinking i can get this for a few grand less than £110k.

I ask the seller how much he is looking for and he says £115-116k upwards (when they bought it 5 years ago it was offers over 80k and they said they had to go around 20% this).

Phoned estate agent (not the one the flat is listed with) and asked what the deal is with offers over, she says as a general add 10%, I said even with the current market, not what I've heard, etc. She then says it depends on who is selling.

So how much should I be thinking about bidding and how much do you reckon it will go for? Again I know there is a lot of if's and but's but £110k is the very top end of my budget so theres no point in going any further if its going to be a few grand on top of that.

Thanks again.

gazebo

to be honest, without knowing any more about the actual property, I don't think anyone would be able to tell you how much it'd go for - things like size, location, building, future building, previous prices etc etc come in to play.

People can guess, but without the specifics, that's all it would be, a pure guess

johnmd

I'm looking at houses in Glasgow just now and offers over still means offers over so far, unless it's really stupidly priced to begin with.

Jo.1981

As previously covered from my experience (my husband and I started looking right at the beginning of the boom) every house we looked at a few years ago went for well over the 'offers only' price. It was madness. But lately I have seen two (one bedroomed) flats go for less than the fixed price (maybe £2000ish less) and and I know one of them was on at less than it's value.

I'm in the north east of Scotland btw.

googler

uberteeb wrote: »

Home Report says £120k, it is offers over £110k, it has been on the market since November 2010 and has had no offers. Are there any notes of interest?

So I'm thinking i can get this for a few grand less than £110k. Possibly so....

I ask the seller how much he is looking for and he says £115-116k upwards (when they bought it 5 years ago it was offers over 80k and they said they had to go around 20% this). It's irrelevant what they had to pay over asking price 5 years ago.....

Phoned estate agent (not the one the flat is listed with) and asked what the deal is with offers over, she says as a general add 10%, I said even with the current market, not what I've heard, etc. She then says it depends on who is selling. No it doesn't, it depends on who's willing to pay whatever.....

So how much should I be thinking about bidding and how much do you reckon it will go for?

What have similar flats in the same building/street/neighbourhood been selling for recently? That should be your guide. Look at Zoopla or OurProperty for sold prices.

I'm in the East, and I could show you house after house in my area that have sold for prices below their Offers Over price. The only ones achieving higher than Offers Over are the 'premium' houses - unique Victorian builds and speciality properties, rather than the run-of-the-mill.

uberteeb

No offers or notes of interest

Nothing in the same street has been sold since 2007, flats in the same block went for £102k and 93k in June and Oct 2006 respectively.

googler

Anything similar in surrounding streets that could form a comparison?