Buying in Scotland - what to offer!?

Ransoman

bananz wrote: »

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!!

Sell your car if you have one of value and buy a banger. Sell some of your other assests if you have any you can sell. £5k is not a lot extra to ask for on the property market

bananz

I'm totally regretting my choice of conveyancer now - she seemed a bit negative from the start about offering less than asking price and said nothing about waiting before making another offer and me in my inexperience and nervous state went with it! Is it ok to dump her at this stage as I feel like she's just being a chinese whisperer rather than giving us the benefit of her professional experience?

jennifernil

I do not think being chain free and able to move quickly counts for much up here. We don't really have chains as you really should not offer unless you are in a position to proceed. The negotiations start after you have offered and will cover things like entry date.

What you do need is a firm mortgage agreement and proof of it, or proof of the cash in the bank. And a good solicitor to advise you of how much and when to offer.

If you are interested but do not have a mortgage sorted your solicitor should send a note of interest while you sort the mortgage. Most banks will accept the home report valuation for mortgage purposes.

A week is nothing these days. If they get several interested parties, they will set a closing date which everyone will be notified of, then you submit your best offer.


If you want a more in-depth survey, you can offer "subject to survey"

Chose your solicitor on recommendation of someone who has used them, or use the one supplied by the bank if you are on a special deal.

As far as I know, you could expect to get it for anything up to 10% below valuation.

GlynD

bananz wrote: »

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!!

Stay calm and leave it for a few days. If it's newly on the market they will be waiting for offers. You can tell your solicitor to leave the note of interest on it with your last offer. You may find if the vendor keeps getting lower offers than your they may come back with an acceptance. It does happen more often than you think.

Noname29

I would stick where you are for at least a week and make them wonder.
If his job is being relocated maybe his company are picking up removal bill and any bridging cost they might incur. Don't underestimate the influence the employer may have , and they might encourage a quick sale.

harz99

bananz wrote: »

I'm totally regretting my choice of conveyancer now - she seemed a bit negative from the start about offering less than asking price and said nothing about waiting before making another offer and me in my inexperience and nervous state went with it! Is it ok to dump her at this stage as I feel like she's just being a chinese whisperer rather than giving us the benefit of her professional experience?

Just of interest; fixed price conveyancing or % of sale price?

The advice from GlynD is good as well.

Noname29

If this is Number 7 ( and it looks like it from the dustbin) then it sold for £90,000 in April 2007. So what has happened in the local area in the last 6 years to give an increase in market value ?

That said it does seem to be a substantial house, with good garden ground. Maggie's big mistake , selling off council houses !

Zoopla estimates value at £85k.

http://www.zoopla.co.uk/property/7-manse-road/neilston/glasgow/g78-3eu/9495309

bananz

Thanks guys. I'm partly blaming my hastiness on the fact that I'm nearly 8 months pregnant and with a strong nesting instinct lol! I also genuinely didn't know that it was bad form to make a second offer so quickly and the conveyancer gave no indication that I was being too quick off the mark! It is a fixed price for the conveyancing so it can't be that, but I couldn't shake the feeling they were on the seller's side rather than ours!!

I thought £100k was a reasonable offer considering it was purchased for £90k at the height of the housing market, although I do know that they have done work since then. It is as you say a substantial house though and it just really feels like "the one"! It's looking like we might be able to stretch a wee bit further, but it feels a bit jarring that in a supposedly buyers' market, there appears to be no room for negotiation. I'd have thought that if £105k is exactly what they want, why not just list it as fixed price and be done with it?! As I said though, we are totally inexperienced FTBs so the whole thing is a mystery to us lol!

bananz

PS - just realised our haste is partly due to viewing and liking another house the other week and it being sold within 6 days of being on the market!!

GlynD

bananz wrote: »

PS - just realised our haste is partly due to viewing and liking another house the other week and it being sold within 6 days of being on the market!!

It can happen but keep your nerve.