Buying in Scotland - what to offer!?

bananz

Hi everyone!

We are nervous FTB in the Glasgow area and would like to make an offer on this house.

http://www.rightmove.co.uk/property-for-sale/property-25969266.html

It's only been on the market for a week, but the couple are selling because the husband's job has been relocated.

I know it's on at offers over £99,995, however, due to me being newly self-employed, we can't afford to pay more than £100k. I had heard that o/o is all but dead these days, but I am conscious that it has only been on the market a short time. We do have the advantage of being chain-free and able to move quickly though.

So, what do you think we should offer and what do you think our chances are of getting it for asking price?

Thanks a million in advance!!!

19lottie82

As it's only been on the market a week and the home report says £115k, I wouldn't hold your breath, but you never know! I'd say they were holding out for at least £105k, maybe £110k.

What have similar properties in the area sold for, and how long were they on the market for?

However, being chain free is an advantage, depending on the sellers situation. Good luck!

shinyahashimoto

Make an offer...the worst thing they can do is refuse it. Home Report is 115 so maybe they only want 100k+

I would offer 90k. Increase to 95k is unsuccessful. If unsuccessful for it again, offer 100k but say you can't afford to make anymore bids as you have reached the maximum for mortgage/deposit.

krlyr

Don't underestimate the power of being easy buyers - we bought ours at a fair bit less than the asking price (though, buying in England not Scotland, I know the 'rules' around asking price/offers over is a bit different) as we were ready to roll but able to completely suit the seller's timeframe (important to him as he wasn't buying elsewhere, but going travelling, so not really wanting to commit to rentals inbetween either), plus friends of friends so he knew we were serious about the sale (he'd already "sold" it once and had the buyer drop out late in the game)

You can only offer and see, if you really can't afford more than 100k, what have you got to lose? We had a similar budget and made it clear that we were happy to go up to our max but really couldn't afford to go any higher, it just simply wasn't possible. Offering 60k for a 100k house would be laughed at, but around the 90-95k mark doesn't seem ridiculous or insulting for a house just under 100k in my eyes.
They're going to say the home report is £115k - no one's going to value their house at less than they're asking for! - but it is interesting to note that despite that, they've put it on the market at around the £100k mark. That alone would say to me that they're thinking realistically and not deadset on a certain price. I would say it's worth an offer IMO anyway.

BigAunty

When I sold my flat last year in Glasgow, I was told by the estate agents that the offers over system was very weak for flats while houses were to a degree a bit more protected, that there they had different market forces, and they recommended that we move to fixed price if we didn't get many viewings. Virtually all houses we viewed were offers over.

We ended up switching from offers over to offers around/fixed price for our flat but ended up having sealed bids on a house that we wanted to buy while other houses that we viewed in the period remained unsold or reduced in price, occasionally going to fixed price. The solicitor did tell us that houses he was doing the conveyancing on weren't achieving their valuation prices according to the home report and that ours was a rare bidding war for a house.

Only by offering a bid that you are comfortable with will tell you whether the desire to move quickly is stronger than their optimism that they will achieve a better price if they leave it on the market a bit longer.

What does your solicitor say on the matter? (ignore the estate agent, they work for the seller).

bananz

Eeek! No solicitor as yet, although have contacted a couple today. It's only really today that things have suddenly progressed to the point that we're thinking about making offers!

Thanks so much for the opinions so far though! Fingers crossed luck is on our side! x

GlynD

bananz wrote: »

Eeek! No solicitor as yet, although have contacted a couple today. It's only really today that things have suddenly progressed to the point that we're thinking about making offers!

Thanks so much for the opinions so far though! Fingers crossed luck is on our side! x

Stay calm lol. Get a solcitor and take some advice before asking your solicitor to lodge a note of interest. Find out first of all if there's a closing date on it and then make an offer.

Keep your nerve, that's what the Scottish system is all about.

bananz

Offer for £95k just gone in - eeeek! I probably should have asked the solicitor this, but how long should we expect to wait to hear back? Or is it a how long is a piece of string kinda question?! x

GlynD

bananz wrote: »

Offer for £95k just gone in - eeeek! I probably should have asked the solicitor this, but how long should we expect to wait to hear back? Or is it a how long is a piece of string kinda question?! x

It varies. The ball is in the seller's court for the moment but perhaps in a couple of days.

bananz

Well, it got rejected and I (perhaps too hastily in hindsight but encouraged by conveyancer) went back with £100k which is our max and that was also rejected with the message that the sellers are wanting £105k. Just trying to consider our options now but would be grateful for any wisdom!!

BigAunty

your options are to look at other properties in the meantime, hoping that the seller receives either no interest or low offers until such time that they see that 100k is all they are lucky enough to get.

it's supposed to be a bad strategy to up offers so quickly - looks like you made 2 in 24 hours?!

Whose conveyancer recommended a quick extra offer - yours or theirs?!