scottish offers over advice

david.mcdee

If a house is on sale for offers over £100,000 but hasn’t sold due to being overpriced. Can you put a below offer in like £95,000 in, if it’s not sold after 6weeks?

Kat_9Lives

Hi well I'd say and this is only my opinion (I'm not a hot shot estate agent in my spare time) that 6 weeks isn't all that long and the sellers might be expecting atleast 10% over the ask... so to cut a long story short £95k might be a bit of an insult when they expect £110k+

However every area is different, if there's alot of similar property for sale and its not moving or its alot cheaper as you suggest this one is overpriced, the selling agent may press them to be more realistic.

They say shy bairns get nowt! I'd discuss it with your solicitor get a reaction from them see how they think a lesser offer would go down.

If £95k isn't accepted you could always wait, if it is overpriced it won't sell and they may need to move and will accept less...

Alot of if's and maybe's there - sorry I couldn't be more helpful but Good Luck with it!

poppy10_2

david.mcdee wrote: »

If a house is on sale for offers over £100,000 but hasn’t sold due to being overpriced. Can you put a below offer in like £95,000 in, if it’s not sold after 6weeks?

Of course you can

Halfmad

Personally I'd put an offer in with at £95,000 and give them a week to get back to you. There's no reason to give them 6 weeks, you might see a house in that period that you'd like to go for, but you're essentially tied yourself into a contract for that time.

Mrs_J_3

The offers overs is very dependent on wehre you are looking to buy. Generally you're looking at something in the region of 20%, but it all depends on the area. Traditionally the West End of Glasgow sells for 30% over the offers over, but that's a bit all over the place at the moment and I know people who accepted offers of 69% over the offers over.

There's no harm in asking for less than the offers over, but you'd be unlikely to be taken up on the offer. I would recommend that any offer is subject to survey, as a house is only worth what you are willing to pay for it.

StrawberryJam_2

depends on the urgency of the seller, the length of time other properties in the area are taking to move. 6 weeks isnt long, I have seen properties reduced in price on the market after longer time, also seen properties go to a fixed price

If you were seller would you accept? depends if you need the sale sooner rather than later.
Go for it!

immy

What is the going marketed rate for that type of property?

Go view the property, ask the seller what his expectations are....he will probably say looking for 10-15% over the price. Try and work into conversation if he has had much interest in the property or had any surveys done on it by potential buyers.

If viewings are looking lean, then id be looking to offer 95k in the present climate. This will probably get refused. Wait a few days and increase offer by a few K to see what reaction that gets.

Usually the seller will come back and say they will decline ur offer but if u offer slightly higher they will accept.

david.mcdee

theres about five or six houses in the area all came on to the market at the same time and only one has sold. the house needs work done on it, but i will try a lower offer and see what happens.

thanks for all your help in making my mind up.

LilacPixie

Depends on the area. where we are looking there is one that needs major work @ o/o 100k work is minimum of double glazing, re wiring central heating ner kitchen and bathroom cause its pretty much a shell. we cheekily offered 86k and were knocked back, sol says seller looking for 110k+. Another same street that is pretty much ready but not my taste decor wise at a fixed 124,500 but also has a seperate garage and isn't moving been on around 6 months. The one next door was also fit to move right into was on o/o 118k and sold for 118k All are 3 bed terraces.

Its always worth an offer but be prepared to get no where.