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?
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.
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!
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
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).