Glasgow, advertise at 'offers over' 'fixed price'

ellie27

We are going to put our house up for sale within the next 4 weeks or so.

2 identical houses both sold within 10 days of coming onto the market. The house directly next door sold in early February and the other a few doors down sold early April.

We do believe ours will also sell as quickly but are unsure whether to go for 'offers over' or a 'fixed price'

Husband thinks 'fixed price' indicates that that is the value we will accept so we will only generate an offer of that price. I am thinking that even if its 'fixed price' surely anyone interested in buying would start below the price? Or is that not how it works in Glasgow?

'Offers over x' again I am thinking any interested buyer would offer less than x and go from there.

This is our first home we are selling and not really clued up at all with the lingo!

Many thanks for just reading and making some sense out of this!

davidmcn

Depends on the local market, but yours sounds pretty good - in which case "offers over" would be the norm, as you'd be hoping/expecting that you'd have some competing parties and can set a closing date (with offers well above your asking price), rather than just accepting the first offer at a fixed price. Have you not had any advice from agents?

ellie27

davidmcn wrote: »

Depends on the local market, but yours sounds pretty good - in which case "offers over" would be the norm, as you'd be hoping/expecting that you'd have some competing parties and can set a closing date (with offers well above your asking price), rather than just accepting the first offer at a fixed price. Have you not had any advice from agents?

We plan to have a few agents come round to advise/value in the next couple weeks......however......we are thinking of selling ourselves, paying an online fee for getting the ad on rightmove and therefore no need for an estate agent fee. (think Vissum sales £90 first month and £35 per month after)

bitsandpieces

How confident are you in the Scottish system for selling? As well as things like offers over vs fixed price, solicitors play quite a different role in selling properties (and in some Scottish cities, SPC sites are more important than Right Move). Ignore me if I'm just telling you stuff you already know, though.

By the way, even if it's on at Offers Over pushy people like me may still offer less once it has been on the market for a bit Of course, if it has lots of interest and goes to sealed bids it is likely to go for over this price.

googler

Asking and selling prices are dictated by Home Report valuations these days for mainstream properties.

The HR valuation is used by the buyer's lender to determine how much they'll lend to them. This dictates how much the buyer is able to offer. Unless you're lucky enough to find a buyer with spare cash in hand to put in a larger-than-required deposit, none of your buyers wil be able to offer over the HR valuation.

Get your Home Report, and market at that valuation, either as Fixed Price or Offers Around..

googler

ellie27 wrote: »

We plan to have a few agents come round to advise/value in the next couple weeks......however......we are thinking of selling ourselves, paying an online fee for getting the ad on rightmove and therefore no need for an estate agent fee. (think Vissum sales £90 first month and £35 per month after)

So the longer you're on the market, the more you pay them?

If you're going to do this, why waste the local agents' time?

davidmcn

googler wrote: »

Unless you're lucky enough to find a buyer with spare cash in hand to put in a larger-than-required deposit, none of your buyers wil be able to offer over the HR valuation.

But there are quite a few buyers with spare cash - closing dates in some of the Glasgow and Edinburgh hotspots are achieving prices 10-15% above HR valuations at the moment. Depends where the OP is.

Anatidaephobia

When I was buying a house in Scotland last year, I went to an open house viewing at a house that was listed with a fixed price and, walking around the house, I overheard a number of other people questioning the fact that it was fixed price and wondering what was wrong with it. The house was no different from others on the market in the same street. I'm not completely sure why but they all seemed to have negative connotations with the fixed price. Maybe it was just because the majority of houses for sale in the area were offers over so it stood out as different.

I_have_spoken

I bought a Scottish house in 2012 that was on at 'fixed price' and I offered less...

jm2926

If they're selling that quickly then definitely offers over. I've just sold, and I was happy to go with my agent as they achieved an excellent price. I'm not convinced selling it yourself would have the same effect.

ellie27

googler wrote: »

So the longer you're on the market, the more you pay them?

If you're going to do this, why waste the local agents' time?

Yes, it is simply the rightmove advert we would be paying for, and that is payable per month. So, yes the longer its on the market the more you pay. Both houses sold within 10 days so I am expecting 2 months max which would be around £125, rather than roughly £2800 which my neighbours paid.

Why waste the local estate agents' time? I was thinking of just calling a couple out to help with a valuation. But now thinking of the Home Report perhaps that is the best valuation and there would be no need for an estate agents valuation? Does a home report valuation take into account the current market in the area, the size of garden/outlook at the back of house....?