Advice required

scottish_lass

Looking for advice FTB. We have seen a property for Offers over 175000 nobody else interest needs work done on it, with the scottish system they look for a good bit over do we be cheeky and offer under the amount since its been on the market for 3months? My other problem is affordability our income joint is around £2500 a month we have only general living expenses no debts etc how much of this could be spent on a mortgage as a general rule? we have endowments and policies maturing which we could pay of part later on its just the first few years managing such high payments ?£1000 a month if we put down 10% is this stretching us or are we just being very cautious? Any help much appreciated sleepless nights are frequent these days.:beer:

bagpuss_fan

You can put in an offer for whatever amount you like (under the asking price even), they don't have to accept it!

The "offers over" system was designed for "closing dates" where everyone interested would put in a sealed bid, HOWEVER, as property isn't really moving at the min (I think it's the Northern Rock thing and the time of year) put the offer in and see. A year ago, if you really liked a house you would be advised to offer 20% over the asking price, but that was then, and now it's a different ball game altogether! It really all depends on how desperate they are to sell.

Be careful not to upset the sellers, they might take a low offer as an insult and not sell to you at all! When we bought our house, it went to a closing date and someone did bid higher than us but the seller "didn't like them because they walked through the house saying they would rip out the fireplaces, and change this and that" so we got the house!.

You could get your solicitor to put the offer in with an explanation (i.e. needs wiring/windows etc therefore offering 165,000).

As for the money side, only you know what you can afford. Make sure you get all the info, from as many sources as possible, and make an informed decision allowing for "emergencies". We've just come to the end of our "fixed rate" and our mortgage has gone up £140!!!

I hope this helps, and you get your house!!

merlinthehappypig

When we bought in Scotland in 2003, we offered the asking price. That wasn't enough, but she told us she would accept just over 2.5% above, so we bought it. Our neighbours up the road offered 5% under and got the house.

When we sold earlier this year we got exactly 20% over the asking price. We weren't insulted by any of the lower offers, but didn't take them either. I've lost touch with the Scottish market a bit, so don't know how things are now.

It might be worth talking to the agent to get their feeling, or even to the owners. They are bound to have a price in mind. At the end of the day they can only say no. Good luck!