Offers Over £130k

scottishgirl87

Quick query, really. Have seen a property online which we like at offers over £130k. We're in Scotland where O/O is still very much the norm. Our absolute maximum budget is £125k as that's all we can afford and also to avoid paying stamp duty. Family members are saying we should go and see this property anyway but I really don't like to waste peoples time seeing as we can't afford their asking price.

I can see online that the property has been up for sale now for 4 months and I'm lead to believe the property market can be pretty slow in Autumn/Winter months. So, would we be wasting both our time and theirs or should we just go to see it anyway and go from there?

scottishgirl87

Should add we are FTBers.

googler

Properties do sell at below their offers over prices. Whether or not this one is at the stage, after 4 mths, that the sellers will yield, nobody knows....

what have similar properties in the street or local area sold for? zoopla will tell you this, as will other house price websites.

If nothing similar has sold below 130k, you may be on a hiding to nothing....

scottishgirl87

googler wrote: »

Properties do sell at below their offers over prices. Whether or not this one is at the stage, after 4 mths, that the sellers will yield, nobody knows....

what have similar properties in the street or local area sold for? zoopla will tell you this, as will other house price websites.

If nothing similar has sold below 130k, you may be on a hiding to nothing....

It's difficult to say as it is a flat I'm looking at which is currently the only block of flats in a street made up of older style houses (as in, been there for decades) and brand new townhouses. Obviously houses, in general, are more expensive than flats. The current owners obviously bought it from new as the development isn't that old but unfortunately Zoopla (and elsewhere) don't seem to have a figure for this exact flat but I'm assuming the owners would have paid a high premium for it. It's also in what is generally a sought after area.

Part of me says we've got nothing to lose and who knows, if the sellers are desperate then we could luck out. But as I said previously I really don't want to waste their time or hopes, etc.

SleeplessinScandinavia

I would say, by all means, go and view, and express an interest (with your maximum figure in mind)

There was another thread a while ago on 'offers over' in Scotland https://forums.moneysavingexpert.com/discussion/3933063

Not sure whether much has changed in the few months since that discussion. If the property has been on the market long enough for the vendor to be anxious to sell, you may well have a 'clear field'...

scottishgirl87

And I've just actually stumbled on the fact it was bought for £150k in 2009

AFK_Matrix

What it was bought for in 2009 is of no relavance, what with house prices going steadly down. I would go view the property and if you do like it put in an offer of 120k and see what happens. I bought a property last November for 153k when the asking was offers over 160k. There's nothing to loose by offering under the price but a lot to gain

googler

scottishgirl87 wrote: »

And I've just actually stumbled on the fact it was bought for £150k in 2009

Again, go to zoopla and bring up the sold prices for the street, district, postcode or village/town/city.

In the middle of the screen above the prices, zoopla shows a %age by which the prices in the area you've selected have varied, and allows you to select a timeframe. select 3 yrs. if it shows a decrease of 8%, say, then that supports an asking/selling price of £150k less 8%, but that's by no means an exact way of looking at it....

dimbo61

Ask for a viewing and have a good look around the place, get to know the owners if possible and be NICE if you really really want the property.
Tell them you love the place but you have a MAX budget of £125K and thats it.
They may well have paid £150K for a nice new show flat but prices have dropped in many parts of the country and scotland over the last 3 years
If they wont take your price WALK AWAY

googler

dimbo61 wrote: »

Ask for a viewing and have a good look around the place, get to know the owners if possible and be NICE if you really really want the property.

If you go to see it and still like it, leave the viewing, don't discuss price with the owners, and then instruct your solicitor to put a written offer to the selling agent for what you can afford. Nothing says you're serious more than a written offer from your solicitor. If they decline that, walk away and find another flat.

SleeplessinScandinavia

scottishgirl87 wrote: »

And I've just actually stumbled on the fact it was bought for £150k in 2009

....then the 'logic' of the situation is that the vendors will probably want this money back - in terms of a selling price.

Do you know if the flat has been used as 'buy to let'? If they have been 'letting out' the flat for say £500 per month for a couple of years, then its reasonable to think the rental income would help offset any fall in price.

Just a thought..