Offer on a property in Scotland - First Time Buyer

matrix1781

Hi

I have placed an offer on a property in Aberdeenshire 10% below asking price. From what I have read and been advised properties here are going for asking price and a very little less. For a £250K property, i placed an offer of £225k. Any advice on if this is the right offer for a detached house which is close to an industrial estate, has all facilities. Are people still placing offers 10% below asking prices.

Thanks

matrix1781

By the way, the property has been on the market for more than 5 months now and the valuation was done in April. From my research the house prices have dropped more than 5% in this time period in aberdeenshire. Is this correct?

googler

If you haven't made your offer via your solicitor, in writing, you haven't made an offer at all.

You have a solicitor who is paid to represent your interests. Did he/she advise you on what to offer? Did you take that advice?

I know of one contributor to these forums who will tell you Aberdeen prices are still going up.....

According to Zoopla's approximation from sold prices, Aberdeenshire is up 1.19% over last 6 mths, down 3.43% over last 12 mths......

matrix1781

The solicitor informed me that he was going to do a verbal negotiation before putting a written offer. The solicitor reckons that my offer was much less than the going rate and asked me to reconsider. But i wanted to see what the sellers say about it.

missile

It depends where about in Aberdeenshire? Aberdeenshire is a large diverse (grampian) region and prices in the city are far higher than those in the sticks. A link to ASPC website would be helpful.
It depends on whether the asking price is realistic? Some are priced to sell others seem to be priced more in hope than expectation.

You should listen to your solicitor. He is in a far better position to advise you, particularly when you have been ecconomical with the facts.

matrix1781

Thanks Missile

The property is in Kintore which is close 9 miles from the main industrial area in Aberdeen and 11 miles from city center. It is half way between a new community and a mature community. The property is in walk in condition. I am unable to post link as I am a new user

Thanks

googler

matrix1781 wrote: »

The solicitor informed me that he was going to do a verbal negotiation before putting a written offer.

What does that mean? If your sol is definitely going to negotiate, that could result in him and the selling sol agreeing a figure different from what you want to offer.

If they're not going to do this, they're not really negotiating, merely talking about your offer.

Nothing says you're serious more than putting in a written offer.

matrix1781

sorry googler. what i meant was solicitor will inform the offer price verbally and get back to me with comments from the seller. He is not going to negotiate the price. I am guessing my initial offer will be rejected. Is there any point negotiating with multiple written offers during negotiation, especially when i am the only party that has put in an offer. The solicitor suggested that we do the negotiating with verbal offers and only put out final offer on paper.

matrix1781

my offer has been rejected and the seller didnt even come back with any indications of my offer. If i wanted to go with improved offer , should i want for a few days and improve the offer by 4.5K or something or go straight to my maximum limit of budget and say take it or leave it.

missile

matrix1781 wrote: »

Thanks Missile

The property is in Kintore which is close 9 miles from the main industrial area in Aberdeen and 11 miles from city center. It is half way between a new community and a mature community. The property is in walk in condition. I am unable to post link as I am a new user

Thanks

Is this the house? > http://www-k.aspc.co.uk/cgi-bin/public/LiveProperty/299790?ID=ACHNJOME#picture

Looks to be in good condition.
I know Kintore well. It is a quiet location with easy commute to Aberfreeze, but there are few amenities in the village. I have no idea of house prices there.
It is listed as "under offer" perhaps that is your offer?

Who is your solicitor?

I would ask solicitor to make my final offer tomorrow, on condition that it is accepted by Monday 12.00. That will put the vendor under pressure, if yours is the only offer he has had in 5 months.

matrix1781

thanks again missile. the property is in Kintore. Our solicitor is Aberdein Considine who is their estate agents as well. Not sure how much the improved offer should be though.