Offers over in Scotland

jenberry

Hello,

This is mostly hypothetical for the time being but just putting the feelers out to gain some information. I am looking to buy my first house in or around Glasgow next year. I have found a house that is offers over £165,000. It has been on the market for about 3 months which seems to be quite a long time (I've seen others snapped up within 2 days!) £165,000 is the high end of my budget. With offers over, how much generally would this refer to, bearing in mind the house has been on the market a while with presumably not much interest?

Thank you

Voyager2002

Why not ask the vendor (or agent)?

Caz3121

what is the home report valuation? What have similar properties sold for recently?
Offers over % can vary by area and property type

jenberry

Caz3121 wrote: »

what is the home report valuation? What have similar properties sold for recently?
Offers over % can vary by area and property type

Thank you. It's quite a remote area so there haven't been any similar properties sold in the last few years. However, the home report valuation is £180,000. The property is a detached cottage.

paddycharlie

It is a how long is a piece of string question. Best speak to the agent and/or seller to get an indication of what they will accept.


I wend for an offers over house last year in Glasgow and offered just under 10% over the figure and it was rejected even though my offer matched the home report valuation.

theartfullodger

You can offer what you wish, including under. I did that (about 75%) for a house on sale no takers for two years. Got the bluntest ever response from agent explaining how insulted their client was. I thanked them. Repeated same offer a week later, we agreed, still own it.

Pretty sure vendor still considers me lower than scum. (Guilty)

Slainte mhath!

exiled_red

Base your view on the valuation rather than the offers our price. Find out what the market for similar types of property are going for. We bought a few months ago in Edinburgh and paid about 10% over valuation as houses were going for around that at the time. Our flat sold for about 7% over valuation. We found that this was varying wildly at the time though, we lost out on a house because someone bid 35% over valuation!! Which was madness. At the same time a friend in Fife got their house 10% under the offers over price. Speak to your solicitor about what they find properties are going for, speak to the seller and ask what they are wanting to get that will give you some idea of whether you even want to put an offer in. The closing date system is frustrating so if you see something that you like try putting an offer in before closing date is set.

The main thing is don't pay more that the house is worth for you.

Crashy_Time

Move to Aberdeen?

agrinnall

The person you should be asking is your solicitor, who should have a reasonable knowledge of the local market and can advise you based on their experience of sales of similar types of property. If you don't have one yet, get one, it shouldn't cost you any more to engage them now if you are serious about buying somewhere (even if it's not this property in the end).

thriftylass

It depends on so many factors. Is it the same standard as other houses for the same price/area etc.? The house we bought was on the market for over a year. It needed serious decorating, carpets, kitchen etc. (although we still live with some of it). They wanted offers over what other houses went for in the street (180k). We got it for 23k under.

Agree, don't pay more than you can and want to afford

googler

Hire a solicitor, you'll need one at the outset of the offer process in any case.

As a member of the local solicitor's property centre (SPC) he/she will have access to sold prices before they appear on public sites. This will give you a better idea of what they're selling for in the area if there's been recent sales.

This should guide you with regard to what it might sell to you for.