Buying in Scotland - what to offer!?

bananz

Well, we went back for a more in depth look around today and liked the house even more! Didn't get a chance to talk money as more viewers arrived, but there has been another note of interest. It turns out that they are actually relocating to Canada and have to be there by the end of March! I made it very clear that we can move as soon as necessary.

We now have an AIP to be able to offer the £105k they said they wanted, but what happens now they have another note of interest? We had been hoping they'd accept something like £102-3k but we're not really in a strong position to get into a bidding war. We're feeling very at a loss of how to proceed now. Please help!

BigAunty

bananz wrote: »

...

We now have an AIP to be able to offer the £105k they said they wanted, but what happens now they have another note of interest? We had been hoping they'd accept something like £102-3k but we're not really in a strong position to get into a bidding war. We're feeling very at a loss of how to proceed now. Please help!

You've answered your own question. It will possibly go to sealed bids if the other party is keen with perhaps the other buyer aware that they need to improve on 105k to secure it. For all you know, the other party has no appetite for a bidding war and might have their eye on another property or they might feel they are in with a chance as they can offer closer to the valuation and bag it.

You need to hope for the best but prepare for the worst.

We ended up paying slightly more than the valuation price to secure our house despite the flat market because there were 2 or 3 other sealed bids in. Our solictor told us then and there that it was very unusual and told us in no uncertain terms that he thought we ought to just pull out because it was generally a flat market and many properties that he was dealing with were sold for under the valuation. He thought we were mad. We never received any idea of how much more we bid than other people, nor how many final formal bids were submitted.

bananz

BigAunty wrote: »

You've answered your own question. It will possibly go to sealed bids if the other party is keen with perhaps the other buyer aware that they need to improve on 105k to secure it. For all you know, the other party has no appetite for a bidding war and might have their eye on another property or they might feel they are in with a chance as they can offer closer to the valuation and bag it.

You need to hope for the best but prepare for the worst.

Thanks BigAunty. So do you think we should still offer a smaller increase then for our next offer or go in with the full 105 and hope they'll just accept the first offer at that level? I'm seriously starting to hate this game lol! X

goodmorningsunshine

bananz wrote: »

Well, we went back for a more in depth look around today and liked the house even more! It turns out that they are actually relocating to Canada and have to be there by the end of March

Well , what did I tell you - time is not on their side !!!!!!:j They really have to sell by the end of THIS month, to have everything in place and ready to sign which I think takes around 4 weeks, although I can be corrected.:p

And, they are moving abroad - so, what about asking them, if they are going to leave any of their furniture, or if you offered the price they are looking for 105,000 would they consider leaving their furniture (some or all) - after all they can't take it with them, can they?:D

That way, you may be paying 105,000 top notch, but you will not have to go out and spend, spend, spend. Just a thought.

Keep us posted.

ps If it does go to sealed bids, if you can afford it, go 105,105. Doubles are always lucky !!! and you should know - you have Twins !!!!!

HAMISH_MCTAVISH

bananz wrote: »

Thanks BigAunty. So do you think we should still offer a smaller increase then for our next offer or go in with the full 105 and hope they'll just accept the first offer at that level? I'm seriously starting to hate this game lol! X

If they have multiple notes of interest it will go to a closing date with sealed bids.

If you want it, offer what you think it is worth, if someone else offers more, it's worth more to them than it is to you.

bananz

Thanks all - just to update, we've dumped the useless solicitor to go with a recommended one and it is like night and day! He totally took charge today and I feel much more confident in trusting him now!

Bad news is that the sellers have decided to set a closing date for 12 noon on Thursday rather than just take £105k now. So far there is only one other note of interest. We're trying to prepare for disappointment, but obviously still hoping against hope we get it!

Wish us luck! x

billyboo131

LOCAL PROPERTY PRICES

Offers in Region of £110,000

Marketed from: 06-11-2012

4 bedrooms | End of Terrace
Robertson Crescent

An attractive 4 Bedroom End of Terrace property in a well established, sought after location of Neilston. This well presented property offers generously proportioned room sizes throughout. Situated in a peaceful, pleasant setting within family friendly location. The village of Neilston is a shor...
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Offers Over £99,995

Marketed from: 13-02-2013

4 bedrooms | End of Terrace
Manse Road, Neilston, East Renfrewshire

* HOME REPORT £115,000 * END TERRACED VILLA * LOUNGE * KITCHEN * DINING ROOM / BEDROOM 4 * THREE FURTHER BEDROOMS * BATHROOM * GAS CENTRAL HEATING * DOUBLE GLAZING * LARGE GARDENS * DRIVEWAY...
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Marketed by movequick, Scotland. Telephone 0141 381 2210 (BT 4p/min).
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Sold Price History: 30 Apr 2007: £90,000
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Hello I would go back to the them and tell them there is one on the market for nearly a year at £110k and has not sold, so explain that £100k would be a fair price for some in such a attractive position. To add they paid 90k in 2007 :-)

goodmorningsunshine

bananz wrote: »

Thanks all - just to update, we've dumped the useless solicitor to go with a recommended one and it is like night and day! He totally took charge today and I feel much more confident in trusting him now!

Bad news is that the sellers have decided to set a closing date for 12 noon on Thursday rather than just take £105k now. So far there is only one other note of interest. We're trying to prepare for disappointment, but obviously still hoping against hope we get it!

Wish us luck! x

Well done,!!!! :T changing your solicitor at this stage, sounds like a good move.

Closing date for Thursday 12.00 - let me see, Oh, that just happens to be 28th Feb - last day in the month. Told you "They really HAVE to sell by the end of this month"

They really are looking for a quick sale, otherwise they would not have went to closing date so soon after putting it on the market.:D

Only one other note of interest - wouldn't like to comment on that.:(

Just remember DOUBLE figures !!!! whatever you decide to bid,
100,100 or 101,101 or 102,102 etc. (I have just deleted a sentence here, and will let you know depending on the outcome what it was)

Only thing left to say is GOOD LUCK !!!!

Can't wait to hear , I feel like I'm bidding for it myself, I'm so excited!!!:j

goodmorningsunshine

Oh forgot to say BILLYBOO131 has great advice as well, only trouble is - this other note of interest - a pain .....

would they have had time to get everything in place - I wonder ???

If they haven't you may not have any competition, the sellers could just be trying to push the price up to get top price.

Get advice from your solicitor - they sometimes have a sixth sense about these situations.

Once again - Good Luck - Oh that's twice now .....

tigershoes99

Good Luck Hope you get this house! x