How many £ over the asking? (In Scotland)

Capri84

Yup. Hoping 7k over the asking (3%) coupled with the fact we are good to go with no chain behind us, might swing it in our favour. 

If not, we’ll wait and see what comes up in the coming months. 

jimjames

davidmcn said:

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?

No mention in the OP about which country it relates to so if there is a different it might be worth the OP stating where they are looking to buy if that does impact it

davidmcn

jimjames said:

davidmcn said:

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?

No mention in the OP about which country it relates to so if there is a different it might be worth the OP stating where they are looking to buy if that does impact it

The other replies refer to the fact they're buying in Scotland (we know this from their previous threads).

comeandgo

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’ 

What has your solicitor suggested? They usually know the going rate.  When my daughter bought her house the offers were at 10% over.

mrlegend123

I wouldnt pay over the asking price (already inflated anyways) - never

[Deleted User]

I think the situation might be different in this respect between England/ Scotland. In Scotland, offering more than the asking price is very common, if not necessary (@davidmcn and @LAD917 seem to have better idea of the specifics).
OP, do you have a valuation from the home report, and if so, is it the same as the asking price?

Capri84

Deleted_User said:

I think the situation might be different in this respect between England/ Scotland. In Scotland, offering more than the asking price is very common, if not necessary (@davidmcn and @LAD917 seem to have better idea of the specifics).
OP, do you have a valuation from the home report, and if so, is it the same as the asking price?

Yeah, the home report value is the same as the asking price. 

The house actually sold last summer for £225k and is now valued at £235k. I got the impression there had been a relationship breakup, hence the quick return to market. 

Other than paint a few walls, the pictures are almost identical to those on the listing that was up last summer for the house. They’ve not added any value other than painting their own colours on the walls. To be honest, the garden is worse now and is one of the places you could really add value. They’ve not done any of it. *shrug*

So yeah, home report of £235k is what it’s listed at offers over for. Wondering if £242k would snare it for us - but there’s just no science to it really. It either will, or it won’t. Very strange system. 

[Deleted User]

Capri84 said:

Deleted_User said:

I think the situation might be different in this respect between England/ Scotland. In Scotland, offering more than the asking price is very common, if not necessary (@davidmcn and @LAD917 seem to have better idea of the specifics).
OP, do you have a valuation from the home report, and if so, is it the same as the asking price?

Yeah, the home report value is the same as the asking price. 

The house actually sold last summer for £225k and is now valued at £235k. I got the impression there had been a relationship breakup, hence the quick return to market. 

Other than paint a few walls, the pictures are almost identical to those on the listing that was up last summer for the house. They’ve not added any value other than painting their own colours on the walls. To be honest, the garden is worse now and is one of the places you could really add value. They’ve not done any of it. *shrug*

So yeah, home report of £235k is what it’s listed at offers over for. Wondering if £242k would snare it for us - but there’s just no science to it really. It either will, or it won’t. Very strange system. 

It really is. There's no way of knowing unfortunately. It would be much worse to stretch yourself financially and resenting it. You seem set on £242k which is a good thing. I feel similarly about the price I've decided on - I'm reluctant to budge from there as it's already a lot more than the valuation. 

Yes, may well be a breakup, or maybe they are taking advantage of the current market (seems unlikely though, since they only moved in last year). It sounds like it's already overpriced given they've added £10k and haven't done much to show for it. The sellers on 'my' property have been there 2 years and seem to have done a lot to the place, including a new roof and adding insulation to the walls. They've added £28k to what they originally paid but at least the additional price is justified.

Capri84

Yeah, I mean of course they won’t want to make a loss so the £10k markup will cover their costs and not leave them short. But they might be expecting stupid ‘10% over asking’ style offers where they end up making £30k for owning the place for 7 months. They won’t get that out of me as I can already see there’s money needing spent on the place. They would have seen that when they bought it too, but they’ve obviously broken up and not bothered. Wouldn’t surprise me though if they just expect the markup without even bothering to do any of the work. 

Would love to get the keys and get stuck in, but I’m not paying someone £30k for buying a few tins of paint and holding the keys for 6 months. 

GlasgowExpat2

I think it very much depend whereabouts in Scotland you are buying. I live in the West End of Glasgow and properties typically go for more than 10% over the home report, which is normally 10-15% above the offers over price