How should you market a house in Scotland offers over/in the region,fixed price etc?

scotsh

Hello

Does anyone have any views on how to market a house in Scotland. I don't know what is best offers over or in the region. I know you don't really know until the house is on the market but just wondered if anyone had any views. Thanks in advance for any advice I am going round in circles.

csh_2

I was told OIRO was the best way. House valued at £95k I wanted £92k for it.
It went on OIRO in June, 2 viewings. In October after some very heated words with the EA I changed it too Offers Over £89,500. I had 20 viewings in the next 2 months and an offer for £92k.
Although the old days of O/O going to sealed bids and having people fighting over it are long gone, I do think its a useful tool if you are between RightMove price bands, to drop it just under the cutoff. My house was included in five times as many searches after the prive dropped under £90k

The people that bought my house used the First Time Buyer Scheme from the Scottish Government LIFT, so if you are in a cheaper priced house it may be worth checking the limits in your area for your house size and seeing if your house would be eligible and adding that into your marketing blurb.
In my area its up to £100k for a 4 apartment and was advertised as being available for LIFT funding for eligible buyers


ETA: my friend had her house on at FP £95k and accepted an offer of £92k after 9 days. Its all just pot luck at the end of the day........

scotsh

Thank you for replying I think ours will value around £90k so was not sure how to price it. I will have a look into the other thing you spoke about as I am not familiar with it but it might help. Thanks again.

agrinnall

I would do whatever your estate agent/solicitor suggests to start with. Mine has just gone on the market as o/o. You can always change it later if it's not getting enough interest. To be honest, with any reasonably serious buyer able to see the Home Report valuation I doubt if the marketing choice makes a lot of difference unless you live in a property hot spot such as the good areas of Aberdeen or Edinburgh.

ellie27

I am a soon-to-be-buyer, currently looking, but also will be putting ours up for sale soon.

When looking at a property it makes no difference to me whether its o/o or fp. If I am interested in the property then I would offer what I thought the property was worth to me - even if it was under the o/o or fp.

I do agree with making sure you are within the cut-off for the rightmove price search bands eg if you are thinking of £90,000ish then put it at £89,500 eg so that it will appear in the 'up to £90,000' searches, as said above.

indiegirl_2

This is interesting. I'm in the market to buy at the moment (off the ladder whilst I moved up and sold up down south). I'm going to see an o/o house that had dropped 10k in the last week on Monday. (been on the market for 4mths+)

To me, it's worth at least 5k less than the offers over price. Is it insulting offering that? Can I employ the southern system and offer 7k under and work my way up? (Or am I just going to annoy a lot of people?)

tberry6686

Depends where in Scotland you are as a few areas do buck the national trend and are still regularly going for well above offers over price and sealed bids are still quite common.

MissE001

I've just put mine on the market for FP of £95k - same valuation as the Home Report.

I had different advice from 4 esate agents and did consider O/O £89,500 to get under the £90k on Rightmove etc. I have to say FP would appeal to me as a buyer so I decided to go with that option although I know that I may get an offer for less than that.

It's the luck of the draw I suppose. I don't really understand OIRO to be honest....

MissE001

indiegirl wrote: »

This is interesting. I'm in the market to buy at the moment (off the ladder whilst I moved up and sold up down south). I'm going to see an o/o house that had dropped 10k in the last week on Monday. (been on the market for 4mths+)

To me, it's worth at least 5k less than the offers over price. Is it insulting offering that? Can I employ the southern system and offer 7k under and work my way up? (Or am I just going to annoy a lot of people?)

Hmm, I think it would annoy people . What value does the Home Report put on it? Guessing it will be more than the O/O price....4 months isn't that long to be on the market - unless the vendor has bought somewhere and is now desparate to sell.

Good luck

HAMISH_MCTAVISH

tberry6686 wrote: »

Depends where in Scotland you are as a few areas do buck the national trend and are still regularly going for well above offers over price and sealed bids are still quite common.

Indeed.

Big differences between the various Scottish markets.

scotsh

Thank you for all your replies. I don't think we would get sealed bids and think the house would value for 90k fingers crossed, so will just need decide what to put it on at.