How many £ over the asking? (In Scotland)

theoretica

Have you managed to find what the asking price was last summer?

[Deleted User]

Capri84 said:

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. 

Totally agree, and I think given the context that they've only lived there less than a year makes your offer all the more reasonable. 

LAD917

Scotland or not, the home has a value - which is what a buyer will pay now.  What the vendors paid is irrelevant.  I'd also say the same thing if they had paid £245k a year ago.  Sometimes people get excellent deals and pay below market.  Sometimes people pay over market.

Friends of mine bought a property for £525k and were claiming they got an amazing deal because the vendor had paid £520k eight years prior.  Maybe they got an amazing deal, and maybe they didn't, but what the vendor paid is no evidence either way. In their case, it turns out the vendor was an investor / cash buyer from Russia who had never seen the property.  When I look at the property history for the building, it's clear that this vendor got taken for a ride.  He paid £520k when other comparable properties were selling for £400-425k.  The friends of mine also failed to mention that a similar-sized property in their building traded for £485k the same month they bought theirs. That vendor had paid £325k around the same time as the Russian investor.  Someone else's lack of profit doesn't mean you got a deal, and someone else's profit doesn't mean it isn't a deal for you.

Anyway, the OP seems like they're taking a sensible approach - they've offered what they believe the house is worth to them, which is the only sensible approach regardless of country or market conditions.

Capri84

theoretica said:

Have you managed to find what the asking price was last summer?

It was OIEO £230k and sold for £225k

Now they want Offers over £235k but it’s obviously more of a sellers market now than it was last summer. 

But they have done little/nothing to the house comparing the two brochures. 

We’ll see. Will put an offer in later this week and see how it plays out. An interesting learning experience at the very least. 

theartfullodger

I viewed a house, offers over.  Offered well under 15% from memory. Rejected in the most direct, rude manner ever by estate agent, on instruction from vendor.

Thanked them politely.  Waited a week.  Same offer, in writing, via solicitor.  Accepted promptly.  Bought 2001, sold 2020.

Highlands.

Caz3121

Daughter bought Midlothian at the end of 2020. There was a lot of interest and closing date set within a week of being on market (5 notes of interest when deciding the final figure to submit). Went in 16% over home report and just scraped it...house was not really a FTB property so people may have had a bit more £ to add in.....they had a large deposit and were <70% LTV

MovingForwards

I offered the OO price, sellers came back and said they were looking for 4% more and I agreed. It was still under the HR valuation. 
Personally I still think I got a bargain and I've been here nearly a year now.