Buying in Scotland - how 'fixed' is the Fixed Price

amcluesent

Seen a property on Glasgow on at a 'Fixed Price' of £178,000 which has been on Rightmove for 6 weeks.

Would an offer of £165,000 be appropriate? Hoots!

googler

What's the Home Report value?

How does £165k compare with similar recent sales in the same street/area?

How many (if any) notes of interest do the selling agents have?

What does your solicitor advise?

agrinnall

Fixed price used to be meaningful, you could always chance your arm with an offer but people often expected to achieve the asking price. Nowadays, everything is up for grabs, your offer should be based on what you think it's worth, and if the seller holds out for more then look elsewhere.

googler

If it's the one that I see with a Home Report valuation of £190,000, then I'd suggest there won't be much flexibility at £178,000 - they've already discounted it by £12,000 .....

£165k would be 86% of valuation...

ali-t

Theres always flexibility. Just like anywhere else if you don't ask you don't get.

myhouse_2

That would be very reasonable. It's not been on the market long (by recent standards) so might not be accepted, but you should expect to pay 90-95% of the price. Sometimes though it takes longer exposure to the market before vendors get realistic.

missile

I would suggest you could be wasting vendors time and your money as you need to use a solicitor to make an offer in Scotland.

Polly05

You can make verbal offers to the estate agent... Get it accepted then get lawyer involved to put offer in officially...
And fixed price doesn't mean fixed price anymore... You can offer less...

googler

If you're interested enough to be verbally discussing price with either the seller or their agent, you should be getting your sol to put in a note of interest with the selling agent.

missile

Polly05 wrote: »

You can make verbal offers to the estate agent... Get it accepted then get lawyer involved to put offer in officially...

Have you tried that ......... in Scotland?

rpc

Polly05 wrote: »

You can make verbal offers to the estate agent... Get it accepted then get lawyer involved to put offer in officially...
And fixed price doesn't mean fixed price anymore... You can offer less...

The first thing they will tell you is to go get a solicitor if you are serious.

The Scottish offers are not just £X - there are all sorts of conditions attached as the initial offer and the qualified acceptances that follow are all part of the binding contract. The initial offer might include:
-price
-entry date
-made under GSPC standard conditions of offer
-subject to acceptability of home report
-subject to windows report
and others.

If googler has his prices right, I think you are unlikely to get anywhere, but you never know. To me, after only 6 weeks, they probably want close to asking price.