Selling in England, Buying in Scotland - Q's

beecher

mitchaa wrote: »

How does your relative know it was the lowest bid?

If i received a bid of £200k from couple x who had to sell their home in order to buy mine and £199k from couple Y who were FTB, then i'd probably sacrafice the £1k and go with the FTB's, so yes you're right highest bid doesn't always win but in the majority of cases it does.

If the difference was £10k, i'd hold off and go with couple x.

There is a general rule of thumb in Scotland, walk into any estate agent, ask anyone that has bought a home or bid for a home in Scotland and im sure they'll say somewhere in the region of 10-25% is the norm. That i would say is a general rule of thumb (Shall i do a google )

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They were told that there's was the lowest bid by the estate agent.

There is no general rule of thumb anymore as fixed prices are now being cut several times, before moving back to offers over where I live. In Bishopton, they're just staying on offers over as vendors aren't accepting realistic offers, and I don't know about Erskine or Helensburgh. That's why property bee gives a far better picture than any anecdotal, and out of date advice any of us might give.

I've managed to avoid closing dates both times I've bought, even though the market was in a frenzy at the time so the OP is probably best to just find a solicitor in the area who they trust and follow their advice.

mitchaa

beecher wrote: »

They were told that there's was the lowest bid by the estate agent.

There is no general rule of thumb anymore as fixed prices are now being cut several times, before moving back to offers over where I live. In Bishopton, they're just staying on offers over as vendors aren't accepting realistic offers, and I don't know about Erskine or Helensburgh. That's why property bee gives a far better picture than any anecdotal, and out of date advice any of us might give.

I've managed to avoid closing dates both times I've bought, even though the market was in a frenzy at the time so the OP is probably best to just find a solicitor in the area who they trust and follow their advice.

Ive no experience with FP properties in Scotland, how does it work?

Is it just like the usual English/Welsh system??

I.e FP of £150k, 1st bid £144 rejected, 2nd bid £146k accepted, or does the £150k FP mean exactly that?? Seller wont accept anything less??

I hope to god FP housing takes over in Scotland as the OO business is an absoloute nightmare if you are a buyer, (If it goes to closed bid anyway)

My example of the £410k bid on a £300k OO property to use as an example, the 2nd highest bid could been in at £310k meaning buyer has just wasted £100k. There's no protection which i dont like.

beecher

mitchaa wrote: »

Ive no experience with FP properties in Scotland, how does it work?

Is it just like the usual English/Welsh system??

I.e FP of £150k, 1st bid £144 rejected, 2nd bid £146k accepted, or does the £150k FP mean exactly that??

Depends on the market - I've heard of people offering less than the FP recently and having it accepted, but that would've been unheard of until recently. It is all anecdotal though - I don't know what the 'norm' is if there is such a thing. My neighbour had his flat on sale for FP of £129,000 (a year ago he'd have got nearer £140,000) before going back yet again to offers over but surely no-one would offer more than £125,000?

Sorry OP - this is surely confusing you even more!!

twinklefish

Noot wrote: »

Thanks for your advice Kat_9Lives and twinklefish
I take it once a property goes to a closing date the offer is binding if the seller accepts?

Where I am, solicitors are advising that offer are made subject to survey and this includes closing dates. Once an offer is accepted, you would then have a survey done. If anything came up in the survey that you were not happy out, that's an opportunity to renegotiate or back out. A contract is only in place once a letter of offer and a letter of acceptance of offer have been exchanged between the buyer and the seller. Than you have a legally binding contract which will cost you lots of money to get out of!

Tx

twinklefish

mitchaa wrote: »

My example of the £410k bid on a £300k OO property to use as an example, the 2nd highest bid could been in at £310k meaning buyer has just wasted £100k. There's no protection which i dont like.

I'd have thought the value of the property was more pertinent than what anyone else had bid? Assuming you have been sensible and submitted an offer subject to survey (which appears to be the norm these days) if the survey value is a lot less than your 'winning' bid or there are issues with the property, you then have the opportunity to back out having only lost the price of the survey.

Remember, a seller does not have to accept any of the offers at a closing date. I viewed a house that went to a closing date but I suspect they didn't like any of the bids they got as it was fixed price 2 weeks later.

Tx