O/o price in Scotland , what to offer? What a seller wants?

19lottie82

I'm going to see a house next week just outside Glasgow. Home report says £160k valuation.

House is on at o/o £134995 after being reduced 2 weeks ago from o/o £140k.
It has been on the market since March. No real comparisons for sold prices as it has a 2 floor extension added, but house without this have sold for about £120k

My absolute max budget is £143k.....but we are not in a chain which I guess is an advantage. I think it's an elderly couple who live there just now so I guess they are downsizing.

Any opinions on our budget and what they will be expecting / holding out for price wise? Or what we should offer? If we like it obviously, but on paper it looks ideal.

Pixie5740

You're not in a chain because you're buying and Scotland. Only those who are actually able to proceed can put a formal offer in via the solicitor. So not buying whilst selling another property doesn't really give an advantage.

Has your solicitor given you any advice about how much to bid?

davidmcn

19lottie82 wrote: »

House is on at o/o £134995 after being reduced 2 weeks ago from o/o £140k

Which suggests to me that they're not expecting more than £140k.

I wouldn't consider it ridiculous just to offer them the asking price and see what the reaction is.

19lottie82

Ah didn't realise there was no such thing as a "chain" in Scotland.

Not got a solicitor yet, just got my AIP re mortgage yesterday.

The estate agent who is arranging the viewing asked if I needed a solicitor. Is it a bad idea to go through them?

I suppose, just offer the asking price and see what they say, I guess they will come back with a counter offer? Who knows?

I will come back and let you know how it all went. 😊

Pixie5740

Get a solicitor. Offers should be made through your solicitor, not by going to and fro with the estate agent, that's not how it works up here.

Whichever solicitor you choose try and make sure they are on your lenders recommended panel of solicitors.

agrinnall

Although people may tell you it's possible to purchase without a solicitor in Scotland you would be mad to do so, especially as you know very little about the process. Say nothing more to the EA until you have got one, and let them do all the communication from now on. You really should have read up on the process before making offers, it comes up regularly on here so a search should find some useful threads.

loskie

when I bought my house in 2005 the o/o prices were crazy. Now th housing demand has calmed down somewhat i would not offer over the asking price. Not exactly sure about Glasgow but here in SWScotland folks are sill asking silly money and houses sitting unsold for months and months. Home report values seem meaningless if you look at sold prices and the number of houses stating £15k or whatever below home report value.
DO NOT feel you have to offer morethan the asking price.

googler

19lottie82 wrote: »

Not got a solicitor yet, just got my AIP re mortgage yesterday.

The estate agent who is arranging the viewing asked if I needed a solicitor. Is it a bad idea to go through them?

Get a solicitor.

One who is local to the area that you're buying in, and one who is independent from both the estate agency and solicitor firm the seller is using (they can be one and the same).

They couldn't sell it over £140k, so you absolutely DO NOT offer above this.

You're going to view it. The conversation could go like this;

If you like it, ask whoever is viewing it with you (owner or estate agent) "Would you accept an offer of £135k with an entry date of dd/mm/yy?"

If the answer is Yes, you say "I'll get my solicitor to send the written offer in, then". Then follow your solicitor's lead.

If the answer is no, you say "You didn't manage to sell it at O/O £140k, so there must be a figure between £135k and £140k that we can agree on? They say £139k, you say £136k, etc until you get to the Yes above, you say "I'll get my solicitor to send the written offer in, then"

Note that this process is NOT you actually making an offer, this is you discussing the level of offer that would be acceptable, once the written offer is tendered.

Caz3121

If it is the property I think it is based on your description - price and reduction amount/date, it was also up for sale in December 2013 for o/o £137k and looks like it did not sell (Zoopla shows the history and the furniture etc looks the same)
With a history like that, you should be in a good bargaining position
Some areas will see properties selling quick and over the HR value, others not...your solicitor would be best to advise

ellie27

I am confused....you are asking what to offer when you have not even viewed it yet??

If you do really like it, then I guess a starting point would be an offer £133,000 and see how it goes.

Remember 'offers over' is not the same as it used to be in Scotland, some areas perhaps, but obviously not in this area.

Keep us posted!

19lottie82

ellie27 wrote: »

I am confused....you are asking what to offer when you have not even viewed it yet??

yes, im just preparing myself for a "what if" scenario.

location wise it's ideal, and on paper (and photos), it looks great, but im just confused by the o/o things, as already pointed out this system isn't what it used to be, so not really got a clue about what they will be expecting / wanting.

saying that, there may be a specific reason WHY it's been on the market since march, and not sold?

i will be getting a solicitor, got a recommendation for one in the local area, so will give him a call.