How much over valuation to offer (Scotland)

remosquito

Got my eye on a specific property, had a valuation done but I'm certain it's going to go for more than what they came back with.

Is there any kind of trend for selling prices vs. valuation in Scotland?

Will it cause problems with the Mortgage company if I offer more?

SquatNow

The house is worth what you are willing to pay.

What makes you think anyone else is bidding?

Whats_my_age_again

if its any help the average where I live is about 12% above I think but it varies wildly between areas and also between different types of homes.

You will only get a mortgage based on the valuation - whether it be 70%, 95%, 100% etc. so you will have to find the 'premium' elsewhere

merlinthehappypig

We sold in Scotland in April. There is no hard and fast rule - it depends on the house and the interest shown in it, just like England in that respect really. We were told to expect 10-15%, but it was clear fairly quickly that we could get more. We actually got 20%, but were offered 25% a day later by someone else.

When we bought it we offered 2.5% over and that was accepted.

Don't assume that the house will automatically go to a closing date. Make an offer that is right for you and see what response you get. Don't get carried away and offer too much. You can always increase your offer, but they won't give you a discount! They will know what they want for the house and may come back with a figure that they will take.

As far as the mortgage is concerned I suspect that you might get problems if you offer far more than the property is worth. Again, this won't be an issue if you are putting in a decent deposit. We actually bought using equity and a personal loan (those were the days) so can't be certain about any other possible issues with a mortgage. I'm sure someone else will be along soon.

moneysavinmonkey

remosquito wrote: »

Got my eye on a specific property, had a valuation done but I'm certain it's going to go for more than what they came back with.

Is there any kind of trend for selling prices vs. valuation in Scotland?

Will it cause problems with the Mortgage company if I offer more?

what is the asking price compared to the valuation?

remosquito

Valuation came back at 25% over asking price (96k). So say another 15% on top of that would be closing in on 140k.

So the question is, do I feel crazy enough to offer that for a 1 bed house......

moneysavinmonkey

so asking 96k and your considering an offer of 140k - that's 45% over the asking?? and 140k for a 1bed in scotland?

that definately sounds crazy to me!!!!!!!!!! where in scotland are you?

I think you should have a look on nethouseprices.com or similar to find out what 1 bed flats having actually been selling for.

epz_2

moneysavinmonkey wrote: »

so asking 96k and your considering an offer of 140k - that's 45% over the asking?? and 140k for a 1bed in scotland?

that definately sounds crazy to me!!!!!!!!!! where in scotland are you?

I think you should have a look on nethouseprices.com or similar to find out what 1 bed flats having actually been selling for.

agreed, £140k gets you a nice 3 bed semi in many parts of the central belt, unless its the city center where you work and dont drive i would look elsewhere

hearts

From my experience if they are asking offers over 96k and its valued at 25% above this, then it will be around this price they will be looking for.
Your Solicitor is the one to ask. They will check previous sales and give you an idea of what it is likely to go for. Simply ask them what they think you should offer. They are usually right or pretty near it.
Phone up the solicitor dealing with the sale and ask how many notes are in.
Which part of Scotland are you in? Could you maybe give us a link to the property.

remosquito

Just been looking at the fixed price properties in the area (just outside Aberdeen). There are a couple of 2 bed flats with shared gardens and parking for 145k and 137k, and there is a 2 bed mid terraced house with garden and workshop for 150k.

The one I am looking at is far more desireable to me as it is not a flat, it has a big private driveway and garden and the adjoining house has had an extension with a garage and 2/3 extra rooms. In fact it's the only 1 bed place left on the street I think.

moneysavinmonkey

can you find out how much the adjoining property is worth + how much it cost to do the extension.

I can't believe how expensive houses are in aberdeen - that's insane!