Length of time on market

Glastoun

How would you deal with a property you wanted that had only been on the market a week, with a couple of viewings as far as you know?

One property has been on for a fixed price for 9 months, and our limit would be 5% less than this fixed price, hoping to get it for less. Another, cheaper, property has been on the market for only a week, and we would be happy to pay 4-5% higher than the Offers Over price, possibly a bit more, but don't want to get into a bidding war. Similar properties have been going for around 3% higher than their Offers Over price.

Think we prefer the second property at the moment.

But how would someone who's been on the market for a week respond to an offer - are they likely to accept, or would they tend not to be in a rush and see if anything higher comes in? Might affect whether we offer low or a bit closer to what we think the final price should be.

This is in Scotland, and while closing dates and sealed bids aren't around so much any more, I'm sure solicitors would go there if they thought they would get more money for the place.

monty-doggy

I offered 3k under on the same day it went up for sale. I viewed, offered and had it removed from market

Glastoun

Scotland is complicated by the practice of formal Notes of Interest, which can get sellers excited that 5 notes of interest will turn into 5 excited offers all x% higher than the Offers Over price.

I guess it all comes down to setting a budget and sticking to it. We'll try to scope out the seller when we're on the viewing, and we're in a good flexible buying position so that could help too.

monty-doggy

Ah didn't read the bottom of your post I agree stick to a budget, it easy to let your heart rule your finances and get in a mess!

Seabee42

I was lucky and had about ten viewings in the first week of putting my house up. I was asked by two of the viewers whether I was open to offers and I pointed out that as it had been on the market a week I would only consider reasonable offers.

My point is if only one person views in the first week they might be more willing to take an lower offer that if there had been twenty viewings. How many buyers are there in your area.

Ultimately though the seller will have an idea of what the house is worth to sell for them and re the one on for nine months clearly that is quite fixed. In fact rather than assume they would be more prepared to accept a low offer they are on for so long because they wont.

Stick to your budget and good luck.

gld73

It's not just the price - other factors may come in to play, such as how quickly the vendors want to move, and whether you're in a chain or not. Having been looking for houses in Scotland recently and so getting familiar with the array of price wording (Fixed Price, Offers Over, Offers in the Region of, Offers Around), I ended up taking it with a pinch of salt and in my own head just interpreted them all as Fixed Price like in England (i.e. some negotiation possible).

If it's "Offers Over", and straight away you put in an offer at the specified price but say you're good to go and not in a chain (or already have a complete chain below you) a vendor definitely wanting to sell, e.g. relocating with work, emigrating or whatever, may find that much more appealing than dragging it out in the hope of a few more £k and risking losing you as a buyer. If no-one else has formally noted their interest with the vendor's agents, they could just accept your offer without putting it out to a closing date for sealed bids.

Guess you don't know until you try .... good luck!

Glastoun

Ok, so the first fixed-price one was too small and priced too high for what it is, so a no-go.

But the second one was kinda perfect, and there was even talk of 'we could still be here in 20 years', so a potential long-term home.

It's priced as offers-over, and the home report gives a valuation 10% above this offers-over price. We would even be prepared to go a few K over the home report value if necessary.

Will note interest, and will try sweet talking the estate agent/owner into viewing us favourably as we tick a few boxes for them as buyers. But is it worth mentioning an informal figure to the estate agent at the moment, or should we wait until it goes to closed bidding? (This is in Scotland)

This is one we wouldn't want to let get away, so not so fussed about getting a rock bottom price.