How much to bid?

britney1boo

I have been to see a flat that i absolutely love and thought i had decided how much i wanted to offer so gave my solicitor the info on Monday. The closing date is tomorrow and im now thinking i want to up my offer. The flat is offers overs £78,500 - any advice on what my offer should be?

phlash

There's no way anyone can help you without more details.

You really need to ask yourself about what you can afford (Can you afford it with a few interest rate rises in the future?), and would you be happy paying that?

Whether the flat is 'worth' the amount stated, is another question, none of us have seen it!

nelly_2

Offer them 50 quid and 48 cans of Aldi baked beans if they turn that down say you'll throw in a Dominos mighty meaty ten inch thick crust

britney1boo

The current owner bought the property a year ago for £78k but is now moving in with her partner. I have told my solicitor to offer £91k but really don't want to lose out so that's why i was thinking of increasing my offer.

The only think holding me back is the fact that i know she only paid £78k for it a year ago so is it feasible to think with the current market that a 2 bedroom flat in Scotland could increase by more than 13k in a year?

wecanhelpu

Why don't you offer £100k?

That way the flat will have increased by £22k in a year

Wait a year, sell it on for £122k and start again

Fantastic

DanceInThe_Dark

britney1boo wrote: »

The current owner bought the property a year ago for £78k but is now moving in with her partner. I have told my solicitor to offer £91k but really don't want to lose out so that's why i was thinking of increasing my offer.

The only think holding me back is the fact that i know she only paid £78k for it a year ago so is it feasible to think with the current market that a 2 bedroom flat in Scotland could increase by more than 13k in a year?

Perhaps she has done work to it?
I don't know what the property increases are in your area but I once bought a house and had it revalued 4 weeks later and it had gone up £20,000 so prices do increase and sometimes very fast!

Malky

Depends where in Scotland you are. In Aberdeen for example, offers over for flats can be anything between 30 and 50% giving an estimated price of between £102050 and £117750

As a real example. Last year I sold my flat at offers over £58000 and sold it for £85000 = approx 46% over. The guy who bought my flat sold it a few weeks ago at offers over £85000 and sold it for £118800 = approx 40% over. A whopping profit of £33800 in little over a year.

Good luck.

BornSloppy

I wouldn't of offered that much yet...surely 85k is a better starting offer? What if no one ekse bids? Have you researched how much other flats in same road have sold for?Do that before bidding

telfordwhite

DanceInThe_Dark wrote: »

Perhaps she has done work to it?
I don't know what the property increases are in your area but I once bought a house and had it revalued 4 weeks later and it had gone up £20,000 so prices do increase and sometimes very fast!

Did you sell it for 20k more 4 weeks later?

Malky

Did you get the flat?