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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Scottish property...

51 replies

nineyearoldsarerude · 22/07/2011 10:31

If in Edinburgh a property was being marketed as offers around £260,000 (home report value), do you think it would be reasonable to offer £249....or £245...Or are they both insulting??

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ClaimedByMe · 22/07/2011 10:37

Its hard to tell, how long has it been on the market, are there any notes of interest?

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nineyearoldsarerude · 22/07/2011 10:44

It has only just gone on. Hoping noone else likes it but what are the chances?!

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rattling · 22/07/2011 10:57

Am following Edinburgh property market as hoping to move next year. Obviously depends on the type of property, area etc. but most seem to be priced below (the 2 bed flat type that we will be trying to sell are all well below) home report value.

Do you have Property Bee? Gives you details the history of properties on ESPC, rightmove etc. You can compare similar properties - see how long they have been on the market, how the prices have dropped (or not).

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OhBuggerandArse · 22/07/2011 11:01

Depends a bit where it is - some parts of town still much more buoyant than others.

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ClaimedByMe · 22/07/2011 11:04

In scotland its normally offers over and you are expected to get 20% over im unsure what offers around means, if they are desperate to sell you mite get away with your offers.

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nineyearoldsarerude · 22/07/2011 11:07

Yes, that is what I was thinking too. I have seen lots of properties drop their prices but when it is one you really want you just imagine that lots of other people will want it too and bump the price up. It's not PERFECT though. We just really want it but can't really afford 260 (and are taking a risk making an offer at all as ours is not on the market yet...).

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OwlMother · 22/07/2011 18:40

It really depends where it is. We were told that the market was fairly flat and missed out on the first property we offered on by a LOT!!!

The one we had accepted had eight offers and we had to go to 30% over the offers over price. Solicitor should be able to give you a good read.

Vaguely whereabouts?

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nineyearoldsarerude · 22/07/2011 20:08

Tis Trinity. I wish house prices were more obvious!

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OwlMother · 22/07/2011 20:18

I don't know much about round there, we were further over - Comely Bank, Craigleith kind of way.

I would say it was worth asking your solicitor, or maybe mortgage advisor. Our surveyor was also really useful, we didn't need to commit to full surveys until after our offer was accepted, but they did drive bys, looked at the Home reports and offered an opinion based on that.

Are the vendors open to offers? I was surprised to find that in both cases we were told that they wouldn't look at offers until a closing date was set, they had lots of interest so knew a closing date was inevitable.

Good luck - don't envy you in the slightest, a less transparent system could not exist!

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nineyearoldsarerude · 22/07/2011 20:22

I'm not really sure if they are open to offers. I feel like making one anyhow (if I can prod my husband-who really likes it too-to help me do something about it). We haven't spoken to anyone yet but hopefully next week...

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lollystix · 22/07/2011 21:39

Offers around means they'd be happy to take about £5k less but if u want it and it's just gone on then just offer then the £260. They will be valued at £260 on their home report no doubt. However we were valued at offers around £270 when we went on Market last May 2012. Market was similar to now (flat) and the stamp duty was our prob. We hacked away to fixed price £265 and then £259 but only when we dropped to £249995 did the phone ring 2 hours later. This property u like will be in the same position and the vendor will know it so IMHO of Edinburgh I would wait and make them sweat. After 4 weeks go in with £249995.

Offers over nowadays is when they Market it as under the valuation in the hope of a bid war. They would still only expect about 10% over max nowadays - no longer the bonkers 50% over as standard - them days are long gone.

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lollystix · 22/07/2011 21:40

Oops meant 2010.

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CURLYMAMMA · 22/07/2011 21:42

I've been advised a good offer is home report value. So probably offer less. Depends on where it is and how many other folk want it.

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nineyearoldsarerude · 22/07/2011 21:43

We'd much prefer to get it for under the stamp duty-I agree that it's a tricky price to sell at. Question is whether to bide our time or just put that offer out there now(and leave it to fate as to whether there's a higher bidder). My husband is procrastinating so we'll probably end up biding our time by default.

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lollystix · 22/07/2011 21:49

Wait....unless it's seriously underpriced they will be very lucky to get an initial offer. Remember your £10k reduction off the price to them is actually £19k more to you=new bathroom and kitchen.

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Labradorlover · 22/07/2011 22:08

Over £250, 000 and it's 3% stamp duty. So depending on the property it may attract offers just under that level. However, offers around could also be taken as about the lowest price that they'll accept. Changed days from the 90's.......
Go and view and find out the circumstances for the sale and any other interest before putting in an offer straight away.

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nineyearoldsarerude · 22/07/2011 22:37

We have viewed but we were first viewing! Another couple turned up while we were still there but not sure how keen they were. The sellers have bought another place already but said they would be flexible with dates..........for highest offer. Would be very risky for us to offer too much not knowing how much we'll get for ours. Guess it might be best to wait and see if it's popular, but I just want to have it!

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lollystix · 22/07/2011 22:39

Have you not sold yet? Current state of play in ed is that sellers solicitors will not accept bids from folk who haven't sold theirs due to state of Market.

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nineyearoldsarerude · 22/07/2011 22:50

REALLY? But these folk have obviously bought first too. So not sure that can be true. But if it IS true we're dead!

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lollystix · 22/07/2011 23:03

But they may cash available Tobit elsewhere. When we sold last year our sols told us this was the case. Were now in rented (like lots of folk in Edinburgh) whilst we look for somewhere. We viewed a few weeks ago and the folk there said they had lots of interested parties but as these interested parties hadn't sold theirs there was nothing that could be done. They had their eye on something to go to but had to sell first.
Can I ask (please don't think I'm meaning this rudely) but are you new to Edinburgh?reason I ask is cos as you know system is different here. The sellers sols will want to conclude missives in 2-4 weeks of sale and you would then be committed and it's for this reason you need to have the money. In the olden days it wasnt a problem to buy first as people could sell just like that. We sold our first flat in 2 hours. It took 2 sale attempts with success after 6 months on our second after the crash.

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lollystix · 22/07/2011 23:03

To buy - not Tobit - sorry. Bloody I phone.

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nineyearoldsarerude · 22/07/2011 23:08

Houses in our street have still sold very quickly (one very recently)-tis the only reason we are considering it!
But you're right, these are older people and could well have extra money to buy before they sell. Whereas we don't! Best option would be to get ours sold first-absolutely. It is complicated by me being keenest to move and having a husband who will procrastinate about getting house ready for market unless he really HAS to (ie by committing to buying).

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OwlMother · 22/07/2011 23:13

Lollystix is right, only buyers who have cash or have sold are likely to be considered. Apparently the number of cash buyers has trebled as people do what lollystix says, sell then live in rented. In the past people would not have considered doing this as the market would move on and their money would be worth less (iyswim) but that worry has gone.

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lollystix · 22/07/2011 23:15

Yeah i have one of those too. Was pregs with ds3 when dh said he would get flat ready and on Market when I was 8 months (I refused to do it as was trying to get him to start helping). Needless to say ds3 was 8 weeks old when I (not him) engaged the solicitor, did the mammoth clear out and got it on the Market. He did sweet FA despite him being the one bleating on about moving. Cut to the chase and do it yourself. Do you have a solicitor? Start there

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OwlMother · 22/07/2011 23:15

Sorry, didn't see your last post!!!

One of the most frustrating things we found when looking was older people downsizing - cash rich and in a better position to move quickly.

Things sound positive with regard to being able to sell yours though.