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

loskie

Re all the people advising "ask the agent". remember that they are representing the vendor and have an interest to sell it so take what they say with a pinch of salt.
The housing market is fairly stable just now, stagnant in many areas so don't rush. there will always be another for sale.

Get a decent local old school solicitor (independant from the estate agent and your mortgage co) and get them to work for you.
The one here that I used also drew up wills for us free of charge as part of the service. We were mid 30's so not the first thing on our mind when buying our first home.

19lottie82

OK, so here to post update as promised......

Went to see the house on Saturday morning. It is nice enough, but needs a fair bit of work. Could do with a new kitchen and a new bathroom and the whole place needs re decorating. On that basis I put an offer in today of 135k.


They said no, they were looking for 150k. I said that was totally unrealistic and I could get a new build for that.


I said cards on the table, I can go to 141 but that is my absolute final offer, as that’s the max I can borrow from the bank. (not totally true but I would not pay more than that for it)


They came back and said the min they can take is 147, as that’s what they need to move. (bizarre as they told us they hadn’t found anywhere,and they’ve lived there for 30 years, so you’d assume they own it outright, or near enough?)

I said that may be the case, but there is no way they’ll get that, as it’s been on the market (albeit with a gap), for a year!



Anyway told them the offer would stand for a week, but to let them know we are also viewing another property on Wednesday (not true, but heyho).



The woman selling it said to my OH that there are 2 more people coming to view this week, so hopefully that will give them the kick up the !!!!! they need to see no one will pay 150 for it?



As stated the home report says 160k value, but that seems outrageous, we could get a new build for that!
I think they are just living in la la land tbh, but I'm surprised they haven't realised this by now!

ellie27

Haha! What a joke! Was o/o £140k and they couldnt sell it and now its o/o £135k and they still expect to get £150k! If they couldnt sell it for o/o £140k and had to reduce it further, I think they are mad not to accept your £141k! Good luck!

19lottie82

Yeah that's what I was thinking! I think if it's still on the market in a month I may call up and re offer £141. Tbh I think I'd pay £143 but I want to time it right and not jump in with both feet?

When I called the estate agent they said they had spoke to the owners daughter as they were on holiday (?) , but she said they "need" £147k to move, even though they told us they hadn't found anywhere else and were wanting to move nearer their family who had moved to another part of the country, but they could stay with family no problem?

Surely they can't be holding out for £150k after the house was on the market for 11 months then another 4 months?

It could be. Really lovely house once we've finished doing it up, but that's a LOT of work, and there's no way it's worth £150k!

Pixie5740

The owners could have a mortgage on the property despite being there for 30 years, or one of those hellish pre-2007 secure loans, or a mountain of unsecured debt and that's why they're holding out. Not that it means they're going to get £150k. You just don't know.

19lottie82

Pixie - Yes, you could be right.... Just a few things don't add compared to what they told us when we viewed and then when they rejected our offer though. Anyway, as I said I'll see if it's still on in a month and then consider my next move if nothing else I like has popped up.....

19lottie82

UPDATE....... well in the end we settled on a price with the seller @ 144k.
A few grand over what we wanted to pay, but there isn't anything else with the same space in our budget in the areas we need for the kids school, so I think we did the right thing.

They changed the price from o/o 135 to f/p 147 the day before we managed to renegotiate.

It needs a bit of work, but mainly cosmetic, and nothing that needs dong straight away.

We move in in 3 weeks and I can't wait to get our stuff in and make it our own :T

This is the house, in case anyone is interested!

http://www.rightmove.co.uk/property-for-sale/property-48767530.html

HAMISH_MCTAVISH

19lottie82 wrote: »

http://www.rightmove.co.uk/property-for-sale/property-48767530.html

I often forget how staggeringly cheap other parts of Scotland can be. That's a lot of house for the money. You'd struggle to get much more than a decent 1 bed flat for that up here.

ellie27

Congrats! Thats good news, hope it all goes smoothly and you get to move in 3 weeks.

The_Angry_Jock

HAMISH_MCTAVISH wrote: »

I often forget how staggeringly cheap other parts of Scotland can be. That's a lot of house for the money. You'd struggle to get much more than a decent 1 bed flat for that up here.

We got an offer accepted on a house in Bearsden the other day, the market there is insane. Looked at one house that belonged to a now deceased centenarian which was basically a spider farm that hadn't seen so much as a paintbrush for 40 years, the owners were looking for 30% over asking price!! 3 months earlier the house next door sold for less and that was newly renovated and extended.

Too many sellers with their head in the clouds, but at the same time we're seeing houses come and go within a day. We got fairly lucky.