What should I offer?

Iwantthathouse

Hi!!
Looking for some much needed advice please!

I have noted my interest in a property in Scotland which is advertised as Offers Over £140000 and has a Home Report Vaulation of £150000.

My solicitor has told me that there are three other notes of interest on this property which means that it's going to a Closing Date and we will all have to put in our sealed bids.

What should I offer? I do not want to offer anything less than £140000.

Plus the person who is selling the property has been let down twice before (the buyers finances fell through). It was his family home which he has recently inherited.

In addition, I don't have a property to sell and have a healthy deposit to put down plus a mortgage in principle.

The house next door just sold for £100000 but it had to be completely renovated, the house across the street has been on the market for months and has just reduced its asking price by ten grand to £219000. That house is walk in condition.

The house I want to buy is in need of modernisation, and has woodworm in the timber plus a few other bits and bobs which is reflected in the price.

Sorry a lot of info but trying to get A better idea of what to offer.

Any suggestions?

Thanks

fishpond

£140000.01p seems to fit the bill.

Iwantthathouse

Haha thanks.

I'm just worried about my competition and worry they will bid closer to the valuation amount

jojo9239

I'd just put down what your willing to pay if that's £150 so be it

Emmac78

If it is going to a closing date I would be expecting to pay much nearer the Home Report price than the o/o price. What part of Scotland is it in? The market in Glasgow and Edinburgh is still very good. My friend sold a flat in Glasgow last month at closing date and it went for over £20,000 over the Home Report price and that did not seem to be unusual. The flat you are interested in may not be as popular but if there is interest I can't see that you would get it for much less than valuation.

lydriver

does 140k seem really cheap for what it is?

I'd imagine houses that go to closing date will go for at least the Home Report value

Iwantthathouse

That's what I thought too.
It's in Glasgow and it's a semi-detached house which is very popular.
The estate agent has told me that the seller may not take the highest offer but will more than likely take an offer from someone who is ready to move quickly and doesn't have a property to sell. My solicitor has also said not to go crazy with an offer. I don't want to overshoot but don't want to loose out either.
At the moment I'm thinking of offering £148000. I could go a little higher but then won't have funds to fix the issues with the house.

Iwantthathouse

I think £140000 seems about right, especially in its current condition.

Emmac78

If it were me and I wanted to be sure of getting it I would offer slightly over the Home Report price. Maybe £151,000 or £152,000. It is always difficult to gauge whether people who have put in notes of interest will bid but I would expect at least 1 if not 2 of the 3 notes of interest would bid which makes it likely they will offer over or around Home Report price so you would need to be in that region too.

Iwantthathouse

I think your right!
I don't want to miss out over 3 or 4 thousand pound. Ideally I'd liked to have kept the extra money to put in a new kitchen but what's the point in having money for a kitchen if you don't have a house? Ha!

ellie27

I am in Glasgow and have been keeping an eye on properties in my old and new area for the last year and a half.

Anything that goes to closing date goes just beyond home report valuation. If there are another 3 interested parties then I think at least one of them will go £151,00 or around that. I think you need to go in around at least that price too and also stress the fact that you have no house to sell.

Good luck. Where in Glasgow is it?