How many £ over the asking? (In Scotland)

Capri84

If you’ve bought a house, or sold a house...

How much over the asking price did you offer to secure it? Or how much over your asking price did you receive in the end?

Lespaul1960

I personally have offered £32K over asking, and secured the property, only to then pull out after the survey. It then sold for £25K over asking.  To be fair it was priced low to start with, and probably would have been a better buy than what I did end up with!! No one has ever offered me over asking when selling.

peterhjohnson

£0. I also bought one house for way under the asking price :-)

davidmcn

You're best to tell people here that you're talking about Scotland, otherwise they'll tend to assume you're talking about England where things are somewhat different (and they don't have the benefit of a Home Report valuation).

There isn't a general answer to this anyway, it depends on the local market for whatever you're buying. If you're bidding against a dozen other people at a closing date, the answer will be "quite a lot". If you're interested in something which has been languishing on the market for ages, you may well be able to get an offer under the asking price accepted.

For a start, keep an eye on the completed sale prices of similar properties, versus what their asking price/Home Report valuation was. If your solicitor knows the local market they may well be able to offer some more useful guidance. 

And at a closing date it is to a large extent guesswork, as you don't know whether the other bidders are thinking of a similar/higher figure to yorus.

[Deleted User]

Lespaul1960 said:

I personally have offered £32K over asking, and secured the property, only to then pull out after the survey. It then sold for £25K over asking.  To be fair it was priced low to start with, and probably would have been a better buy than what I did end up with!! No one has ever offered me over asking when selling.

Wow! This is a lot. I suppose it's also relative to the valuation/ asking price of the property. For example, £32k over asking makes more sense on a property that is £500k than £80k. OP, might be best for you to get an idea of percentages in this case, so you can apply it to your own house purchase?

Lespaul1960

I was talking about England so irrelevant to the op..

Capri84

Deleted_User said:

Lespaul1960 said:

I personally have offered £32K over asking, and secured the property, only to then pull out after the survey. It then sold for £25K over asking.  To be fair it was priced low to start with, and probably would have been a better buy than what I did end up with!! No one has ever offered me over asking when selling.

Wow! This is a lot. I suppose it's also relative to the valuation/ asking price of the property. For example, £32k over asking makes more sense on a property that is £500k than £80k. OP, might be best for you to get an idea of percentages in this case, so you can apply it to your own house purchase?

Yeah, I guess percentages would be a better bet. Looking at a house that’s ‘Offers over £235k’... hoping (perhaps foolishly) that £242k would secure it. 

In my mind 7k over the asking is a lot... but in reality it probably isn’t and this house won’t end up being ‘the one’ 

[Deleted User]

Capri84 said:

Deleted_User said:

Lespaul1960 said:

I personally have offered £32K over asking, and secured the property, only to then pull out after the survey. It then sold for £25K over asking.  To be fair it was priced low to start with, and probably would have been a better buy than what I did end up with!! No one has ever offered me over asking when selling.

Wow! This is a lot. I suppose it's also relative to the valuation/ asking price of the property. For example, £32k over asking makes more sense on a property that is £500k than £80k. OP, might be best for you to get an idea of percentages in this case, so you can apply it to your own house purchase?

Yeah, I guess percentages would be a better bet. Looking at a house that’s ‘Offers over £235k’... hoping (perhaps foolishly) that £242k would secure it. 

In my mind 7k over the asking is a lot... but in reality it probably isn’t and this house won’t end up being ‘the one’ 

7k is a lot, but it works out only 3% over asking price so, in those terms, is relatively little in the current market.

LAD917

How long has the property been on the market, and (if you can tell) how much interest is there?

I've bought "Offers in Excess of" properties for ~5% less than the "OIEO" price, though usually it takes vendors a couple of months to realise that they're not going to get that price, much less in excess of it.

I've also sold property that went to best and final where I had four offers - 3.33% over the ask price, 1.33% over the ask price, and two at ask price.  I took the offer at ask price -- all cash, no chain.  That buyer did not increase their initial offer when we went to "best and final."  Credit to him, he realised the value of his all cash and no chain.  The 3.33% over ask was a significant amount of money (> £1m property), but the buyers' financing looked really tight.  For me, it wasn't worth the risk.  I'm a busy and planful person; I'm willing to pay (or sacrifice £) for certainty and speed.  The last thing I wanted was to have to re-market the property, several months down the line, after it had been sitting vacant, in winter where the best feature (an amazing roof terrace) would not be well represented.  Had I been greedy and gone for the 3.33% over ask offer, I may well have ended up with less if the sale fell through.

Bid what you're comfortable with / what you think the property is worth based on other comparable sales, and emphasise anything about your offer that makes it easy v. others.

davidmcn

LAD917 said:

How long has the property been on the market, and (if you can tell) how much interest is there?

I've bought "Offers in Excess of" properties for ~5% less than the "OIEO" price, though usually it takes vendors a couple of months to realise that they're not going to get that price, much less in excess of it.

Bid what you're comfortable with / what you think the property is worth based on other comparable sales, and emphasise anything about your offer that makes it easy v. others.

I'm guessing you're not talking about Scotland though?

Nebulous2

Capri84 said:

Deleted_User said:

Lespaul1960 said:

I personally have offered £32K over asking, and secured the property, only to then pull out after the survey. It then sold for £25K over asking.  To be fair it was priced low to start with, and probably would have been a better buy than what I did end up with!! No one has ever offered me over asking when selling.

Wow! This is a lot. I suppose it's also relative to the valuation/ asking price of the property. For example, £32k over asking makes more sense on a property that is £500k than £80k. OP, might be best for you to get an idea of percentages in this case, so you can apply it to your own house purchase?

Yeah, I guess percentages would be a better bet. Looking at a house that’s ‘Offers over £235k’... hoping (perhaps foolishly) that £242k would secure it. 

In my mind 7k over the asking is a lot... but in reality it probably isn’t and this house won’t end up being ‘the one’ 

It all depends on who else is interested, and what it is worth to them.  It also depends on the location, and what the sentiment is there.  The market is fairly unpredictable at the moment.

I've just sold, in Scotland, in the same sort of ball park that you are describing. We got £11k over asking, with 5 offers. That has to be put in the context that our local market has been tough recently, with a lot of property selling under valuation. The comment from the property manager at our solicitor was "The property market never ceases to amaze me."  

Fortunately it was in our favour. It doesn't always land like that.