whats a fair price to offer?

ickledee

We have just been for a second viewing of a property we have fallen in love with The property is on the market at O/O £134,995 and the current occupiers bought the property for £125K in May 2006. We are in Scotland and are FTB's. Any advice or suggestions on what to offer would be much appreciated

Many Thanks

baileysbattlebus

I would offer what you think it's worth, though I understand the rule of thumb in Scotland for O/O is about 15 to 20% over. Do you know if there is a lot of interest in the house, or are you the only interested party?
what's the market like where you are, Scotland is about the only place where prices are rising, apparently.

What the current owners paid for the house is irrelevant, we paid £93.5k for our house, if anyone cared to look, but that was 13 years ago and would have no bearing on what we sold it for.

Isn't there another house you could fall in love with that fixed price?

ickledee

Thanks for the reply

The market actually seems to be quite slow just now, properties seem to be on the market for ages just now.

he flat is just really quirky. We have viewed so many properties and this one just has the wow factor for us, we love it. There are a few similiar sized properties in the same location on the market just now for FP £145K which is making us think that its slightly overpriced given the typical 20% over.

The property has been on the market for 3 weeks. There have been several viewings but no offers.

We were thinking about offering 10% over which would be £148,500 and saying that we can be completely flexible with the move in date??? they havent found a property yet although did say they were going back for a second viewing on a property that they did like.

Prudent

I think it depends where in Scotland you are. Some areas are doing better than others. I live in Clackmannanshire and looking at house prices here, I would only offer £130,000 for it. I have been following houses prices just 20 miles away (thinking about a move for work) and would still need to offer 20% over there.

ontheslide

...i'd offer the price they paid if you really like the place...

the consensus is now toward falling prices... if fact falling faster than ever before according to this mornings reports...

..price the risk into your offer... otherwise you'll assume all of the risk and gain none of the reward...

kmmfc

I would put in a formal offer and put a closing date on it of 5 days (maybe less or more depending on what you think). That way, it'll force the seller to make a decision.

Without knowing any details of the house, I'd put in an offer of £138k - £140k.

All the best.

ickledee

Thanks again! - we are in the southside of Glasgow

ickledee

we also asked the seller if they had a price in mind...she said they had no specific figure in mind, shrugged and said 'I s'pose just the usual, 20% over or whatever' so really didnt seem to sure.

beecher

I live in Shawlands - it isn't a flat near to Slater Hogg you're talking about is it....... It is the 'quirky' bit which made me think so. I can't give any advice really - it used to be far easier when you had a survey done before offering, as at least then you had a valuation. It looks a cracker though if it is the one I'm thinking about and I'd think £145k wouldn't be too bad at all - 1 bed flats are still sticking at fixed price of £135k where I am just up the road. They're probably expecting a bit more than that to be honest, but don't go mad!

ickledee

Haha - small world It is that exact flat!! - we love it! Did you look at it yourself?

beecher

ickledee wrote: »

Haha - small world It is that exact flat!! - we love it! Did you look at it yourself?

No, don't worry - I'm not competing with you! Someone mentioned it to me and I had a nosey at the spec.

Do remember that it is a ground floor one bed flat which has been converted to be a 2 bed, 2 living room flat - I think I'd find it hard not to be swayed by the 'wow' factor, but it does have a small kitchen compared to flats which are traditionally 2 bed, and it is quite strange the way the stairs are at the window. Plus you're on a very busy road obviously, with no parking. So don't go spending mad money on it - I'd be tempted to offer £145k and see what they say and to be honest in the present climate I wouldn't be sure that you'd get anywhere near that when you do come to sell.

What does your solicitor say - I found them to be good in telling me when I was being daft and attempting to offer too much!

Also - just remembered - that Slater Hogg is moving down the road I think (unless they're opening a second office). I'd find out what - if anything - is going in.