overpriced? what are my chances of securing?

aussielovell

I have put a not of interest in for a propery i have seen and i like, however solicitor and I agree that it is potentially quite far overpriced. using nethouseprices, i found that the current vendor bought it in august 06 for 100,000 but they are desperate to emigrate to spain with their families in April. Its in scotland on the offers over system at 105,000.

My solicitor has found that the closest recent price which a property has achieved is 102,000. I can pay up to £115,000 but only if the valuation comes back to say its worth that. The mortgage i have secured doesnt permit me to pay more than the valuation.

Dont want to have to pay a full survey (£300) if i dont stand any chance of getting it. I am currently the only note of interest (prob due to high price as house looks great and properties in extremely short supply where i stay)

Also, due to mortgage, i have to have an offer accepted by March and so i am scared i might lose out.

what do you recommend my best way forward to be?

lynzpower

in your area, what percentage "over" do properties go for?

I heard some horror stories in scotland recently, with properties going well over the AP.

I could never swallow those sort of losses included in the scottish system, are there no fixed price places around your way?

aussielovell

absolutely none.

typically offers over are about 20%. One flat near work was o/o 160k, had 29 notes of interest, 27 offers and went for over 240!!!!

Im slightly further out tho and speaking to the vendors, they said they have had it valued (although i think is more solicitors personal opinion rather than official survey) at 115k and think i could secure at this....i just dont think i want/can afford to go to that.

they are leaving lots of extras in the flat (ie some furniture) that i dont need but i suspect this is where they want to get the extra. Surveyors dont take this into account though do they?

I hate the offers over thing. first time buyers like me dont stand a chance!!

advent1122

Dont play mind games with percentages and offer what YOU think it is worth.
Even if that is £100,000.

aussielovell

went back for a second viewing this afternoon. basically the couple selling wants money to go to spain with even though they know that property not worth over 105. they dont seem as motivated sellers as per first viewing. going to wait another couple of weeks - if i lose it then it wasnt meant to be - i aint funding someone else to emigrate.

funny how different properties look on second viewing - isnt it?

I noticed marks on the walls, a crack in the harling, plants growing out the drains in the back garden - all in all, works needing done

will offer 105k but thats top offer but not until hand forced to do so when they get around to either setting closing date or inviting offer. Meantime - will keep on searching