scottish property system

googler

ediblecastle wrote: »

How might it not be in their interest to tell me the exact values that have been offered?

If they have two offers and X notes of interest, and they tell you the higher of the two offers, you'll likely bid just over that.

If they go to closing, with those two offers possibly upping their offers in light of other notes, and you bidding against all of the others, I think they would be hoping that you or one of the others goes more than 'just' over their current offers.

However, you need to bear in mind the offer price you make in comparison to the Home Report valuation. If you're going for a mortgage, your lender will lend you the lower of - your accepted offer and - the HR valuation.

If the HR is £150k, your accepted offer is £150k, and your lender wants a 10% deposit, say, you need £15k in available funds to put in to the deal.

If you offer £160k, and your offer is accepted, you need £25k, as your lender will only lend up to the valuation figure.

GlasgowExpat

googler wrote: »

If they have two offers and X notes of interest, and they tell you the higher of the two offers, you'll likely bid just over that.

If they go to closing, with those two offers possibly upping their offers in light of other notes, and you bidding against all of the others, I think they would be hoping that you or one of the others goes more than 'just' over their current offers.

However, you need to bear in mind the offer price you make in comparison to the Home Report valuation. If you're going for a mortgage, your lender will lend you the lower of - your accepted offer and - the HR valuation.

If the HR is £150k, your accepted offer is £150k, and your lender wants a 10% deposit, say, you need £15k in available funds to put in to the deal.

If you offer £160k, and your offer is accepted, you need £25k, as your lender will only lend up to the valuation figure.

I'm also looking to buy but relapsing equity from a property I own outright. If the HR is £150k does that mean that's the maximum I can borrow. The reason I ask is that the property needs about £20k of work, would I need to fund the £20k myself?

DandelionPatrol

GlasgowExpat wrote: »

I'm also looking to buy but relapsing equity from a property I own outright. If the HR is £150k does that mean that's the maximum I can borrow. The reason I ask is that the property needs about £20k of work, would I need to fund the £20k myself?

Googler's post only relates to mortgages on the property in question [and specifically in Scotland]. If you can pull finance from another property, that is another matter.

GlasgowExpat

DandelionPatrol wrote: »

Googler's post only relates to mortgages on the property in question [and specifically in Scotland]. If you can pull finance from another property, that is another matter.

Thank you.