Offering below asking price - Scotland

[squadronleader87]

Hi, can anyone advise on the fixed price system in Scotland?

We’ve recently accepted an offer on our home and are looking to move quickly. We’ve seen a couple potential houses. Both are new builds on small private developments and are the last property to be sold.

They are both listed at fixed prices but have been on the market for almost a year. Is it worth making lower offers?

[S0ph1a]

Yes of course. If they were worth the asking price then someone would have bought them in the last year.

Do you plan to live there for a long time? Because If you are planning to move again within a few years, you probably won’t get back what you paid. Are you ok with that ?

Get advice from your solicitor who will know the local market.

[DavidBowiesNumber1]

Look at how house prices have performed in the area over the past year. If they've been rising but this house has stayed the same price then maybe don't come in low but if they've dropped then definitely do so.

[JT05]

We did offer less, because the house had sat on the market for a while. The elderly owners were in no hurry and refused to admit to the amount of work needed.
After some months, their solicitor had a ‘realistic’ price conversation with them and they reluctantly accepted our offer. They did want an extended completion date. They just couldn’t let go!

[squadronleader87]

Planning to stay in this house for considerable time, so not too worried about future resale. Property in the area seems to have stalled, market buoyant elsewhere. I guess there is no harm in trying.

This is the first time I’ve bought and sold at the same time, quite stressful!

Thanks for the quick responses!

[DavidBowiesNumber1]

In that case I'd give it a go, the worst they can do is turn your offer down then it's up to you if you want to increase it.

I'm 10 days away from completion on my sale, it's been fairly straightforward and I'm not buying another property, that's been stressful enough though so I don't envy you selling and buying!
Good luck with your offer

[KevinTheYuccaPlant]

Definitely worth offering below, I had an offer accepted at 15% below offers over price last month in the Highlands.

[GransGloves]

If you're not embarrassed by your first offer, it's too high.

[Fishlegs]

If you're not embarrassed by your first offer, it's too high

Do you think that’s still true if the property price is listed as ‘Offers over £...’ ?

We have seen a house we like, that has generated a lot of interest, and are mulling over how much to offer initially.

[GransGloves]

Fishlegs no, in your situation I wouldn't make an embarrassing offer. It does depend on the circumstances. If the house is in a slower area and been on for a while or there's any signs the seller is very keen to sell then I would enter into a negotiation starting with a low offer. That doesn't apply to all of Scotland though and in popular areas where things move quickly and for a premium a low offer isn't going to get you anywhere.

Have you noted interest? That might move things along to a closing date. We've made a few embarrassing offers at closing date because we were in a good position - nothing to sell and could complete quickly etc but when we were buying (in/around Edinburgh) houses were generally selling within days/weeks for massively over the offers over price and they still are. Standard minimum is 20% over offers over price in much for the capital. We eventually secured our house at closing date by paying a premium at a closing date with 5 bids, 2 weeks after it went on the market (not in Edinburgh in the end).

[Fishlegs]

Thanks GransGloves, all advice noted with interest.