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asking 10-20k under asking price
JulieRight
Posts: 24 Forumite
there's a flat for sale in Edinburgh. I want it. but it's over my budget. however, it's been on the market for some time now, around 6 months. it's a fixed price, which is unusual for scottish properties as most are offers over. I checked the home report and everything looks in order. I can only assume it hasn't sold because it's too expensive. so, what are your thoughts on making an offer 20k under fixed price asking price? I haven't contacted the estate agent or solicitor yet..the flat is on the market at 170,000. due to the current market uncertainty, is it worth going in 20k under that price? if the seller doesn't accept, can I keep upping my offer until they eventually accept, which will probably mean having to make a series of lots of offers, each one a bit bigger than the last, until they accept?? what would the solicitor make of me putting in lots of offers, unitil the seller accepts - is it common practice in scotland? I don't want to be in the position of making an offer higher than what's necessary for the seller to accept, which is why i think going up in small amounts each offer is a good idea, to avoid paying over the odds for the flat when I don't have to ...thanks.
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what is the value on the home report? (and how old is the report?)0
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Would the solicitor charge you more for putting in consecutive offers? Each offer will be formally made with your intended move-in date and all the other T&Cs they propose so I would assume it would take them more time per offer therefore more charge to you?
The seller will have their own solicitor too who won't want to play ping pong with offers either so probably the best way forward if you are really confident is to take a punt at 150,000 (back it up with an argument as to why you believe it's a good offer) and see if the seller opens negotiations.
Also - are you dependent on the sale of your own property? If you have the money ready to pay then they may go lower than if you are reliant on your own sale.
This could be best answered by your own solicitor - what they will do for you and what they know about the seller.
If it's purple bricks then the rulebook is out the window, many solicitors won't deal with them and only engage after the bid stage.
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