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Offering over

63 replies

NoRoomInBed · 09/07/2020 17:15

House I want is on for 88,000. It's perfect nothing wrong apart from a bit of woodworm in the attic (nothing serious). Would be a forever home. Wibu to offer 90,000 with the everything going on?

OP posts:
CoRhona · 09/07/2020 22:31

God that 7 bedder is horrible but the view is AMAZING!

speakout · 09/07/2020 22:34

Here is a good property in the same area- 11 bedrooms for £350K

www.rightmove.co.uk/property-for-sale/property-56171353.html

NoRoomInBed · 09/07/2020 22:35

Yes I seen that one 😊

OP posts:
bridgetreilly · 09/07/2020 22:40

Disclaimer: my only experience of the Scottish system is Location, Location, Location.

But I think YANBU to offer over the asking price. That is how the system works, right?

indecisivewoman81 · 09/07/2020 22:41

Wow!!!

Just showed my DH. Now daydreaming about relocating to Scotland and owning a house on the beach!

A mid terrace house 3 bed is roughly £300,000 here

speakout · 09/07/2020 22:44

OP your soliciter needs to spek to the selling agent - they can talk informally, and you will also get a sense of interest.
You could go in soon with a good offer, but the sellers are just as likely to wait if it is new on the market.
If there are several interested parties then the sellers may want to go the whole process and set a closing date.
If you register interest with the selling agent they will keep you up to date with developments.

House selling is quite different in Scotland. Blind bidding, closing dates, no gazumping.

Seeingadistance · 09/07/2020 22:46

OP, how quickly is the market moving in Thurso just now, and what are similar houses selling for?

If the market is quite slow, and other houses have gone for £88k, or less, it might be worth offering at or even below asking price.

PurpleFlower1983 · 09/07/2020 22:47

Bargain!

Raella50 · 09/07/2020 22:48

We live in England and offered over so it does happen! We just really wanted the house.

Passmethecrisps · 09/07/2020 22:49

10% over is a good go. That’s a sensible offer within the Scottish system. The problem with our system is that a desperation to get the house inflates offers so do your research over what similar houses in similar places are going for and keep the heed

NoRoomInBed · 09/07/2020 22:50

Houses are selling pretty well just now.

OP posts:
Callipygion · 09/07/2020 22:51

Daydreaming about moving to Scotland (again!) now. Was watching that Local Hero film the other day and that set me off again too!

Isn’t it very cold up there where you’re looking OP it’s about as far north as you can get! I did fancy somewhere nearer Edinburgh - my daughter is at uni there - but I think too dear for me. Your area looks much more do-able!

Passmethecrisps · 09/07/2020 22:55

Sorry - I totally misread. I had read offers over £80k and offering £88k

Having looked at the house it is nice. Looks well kept. Is the shed/outhouse asbestos?

Your offer is worth a punt. What’s the worst that can happen?

NoRoomInBed · 09/07/2020 23:15

It is cold like the middle of summer today and we actually hit 16 then it pissed it down and now have the fire on 😂 in the winter they sometimes shut the snow gates and we can't get food deliveries to the shops. It makes for great sledging and snowmen.

OP posts:
Sarahplane · 09/07/2020 23:20

In scotland flats/houses are generally advertised as offers over. The offers over price is always less than the seller is prepared to accept for it so if its advertised as offers over then definitely offer more.

Sarahplane · 09/07/2020 23:22

@Gooseygoosey12345

Couldn't buy a shed here either! Think we'll be looking for job transfers to Scotland Grin
you have to pick the right bits of Scotland. You couldn't get a shed in Edinburgh for tbat either.
NoRoomInBed · 09/07/2020 23:31

If you guys want even cheaper try wick

OP posts:
NoRoomInBed · 09/07/2020 23:34

www.zoopla.co.uk/for-sale/details/54108633?search_identifier=d8ad077095ad0d3ab9ba35c52f109e4b

45k anyone?

OP posts:
Passmethecrisps · 09/07/2020 23:36

That sum wouldn’t get a huge amount anywhere whether it be Scotland, England, Wales or Ireland. There are small pockets of everywhere with these sorts of Affordable properties left but not many.

2bazookas · 09/07/2020 23:45

In Scotland the property market was completely shut down during covid and has only just re-opened. Estate agents here take no notice of early website hits because they know that every neighbour and friend is taking a peek.The only "interest" they register are from people who have formally told them, we're interested .

The Scottish property business works in a very different way from England and Wales. For a start every property is independently professionally surveyed and valued, and any interested party (including mortgage lenders) has free access to the full report. So
the market price is normally very close to the valuation . If several people express an interest, the selling agent will fix a closing date, at which all can submit a closed bid via their lawyer. Each bidder must be told how many "interested parties " there are and from that can guess how much competition there will be. In other words, an attractive property will almost always attract bids higher than the asking price. That's why the OP is thinking of offering more.

 OP, as an experiuenced and successful  buyer in Scotland I never tell anyone  (especially the seller or their agent) what kind of bid I'm going to offer at closing date. Because  if that gets about, some rival can outbid me by a trivial amount.   Do tell the seller and their agent (and repeat it in the formal bid) anything that makes you a more attractive  buyer ( cash buyer, no chain, willing to complete when it suits seller).  What you need to do now, is be sure you have your lawyer and mortgage lender  lined up, and ask the lawyer to formally notify your interest to the  selling agent so that you can made a bid at closing date. 

I'm not at all familiar with Thurso , but I take it you've checked out the selling prices of nearby properties here

www.rightmove.co.uk/house-prices/kw14/howburn-road.html

It looks as if they don't come on the market very often (a welcome sign of stability) and it's a nicelooking well presented house in (googlemaps) a well kept neighbourhood, handy for schools and open spaces.

Only you know how much you can afford and how badly you want that house/location. When I know there will be other bidders, my tactic to make my bid as generous as I feel comfortable with. And keep it between me and my lawyer until closing date. Resist any wheedling queries from the agent or seller because if you tell them "My bid is 90 K" they have an incentive to tell other interested parties to elicit higher bids than yours.

Good luck; and don't forget to ask the selling agent how many formal expressions of interest they have.

OP I take it you've seen the nearby selling prices here
www.rightmove.co.uk/house-prices/kw14/howburn-road.html

TreadLightly3 · 09/07/2020 23:48

It’s lovely, good luck!

sst1234 · 10/07/2020 00:52

[quote speakout]Here is a good property in the same area- 11 bedrooms for £350K

www.rightmove.co.uk/property-for-sale/property-56171353.html[/quote]
And they say North of England is cheap. Compared to this North of England is like Manhattan - in terms of property prices.

FizzPopping · 10/07/2020 06:41

Have you seen the home report for the property? There will be a valuation figure in that. With it being advertised at offers over £88,000, the valuation may be £90k or more so this is the figure to consider when thinking about your offer. It will also highlight any issues with the property or urgent maintenance needed that you should factor in with your offer which is maybe how you know about the woodworm? Have they had a specialist report/quote for that?

Offering over the home report valuation isn't uncommon for a popular property but bear in mind it is the maximum figure a mortgage will be based on so anything higher than that you'll need cash for in addition to your percentage deposit if that is relevant to you.

Properties don't always go to a closing date, it depends on demand and you can have your solicitor make a conditional offer i.e. you offer £90k based on no other viewings being premitted. We've had success with this approach.

Best of luck, let us know how it goea

Onemorerep · 10/07/2020 07:48

OP while it's not uncommon for properties to go to closing dates, that doesn't mean you can't make an offer now if the seller is open to it.

I sold my flat recently and a closing date was about to be set when someone made an amazing offer to take it off the market so I did. We've also just put an offer on a house. We were comfortable going quite a bit more than both asking price and home report value to secure it but our solicitor said not to offer that in the first instance as it would show our hand if they rejected it and wanted to set a closing date, as well as giving the agent and sellers the opportunity to try and push other buyers up. We offered home report value the day after it went on the market with the thought they'd counter offer and we'd know what they wanted us to pay but it was rejected (which wasn't unexpected since it was perfect walk in condition and only just on the market). A few days later they came back and accepted it having had a change of heart. Turns out they already had an offer accepted on another property and were coming under pressure to move sooner rather than later. Saved us a fortune and avoided a closing date. You don't know what the seller's circumstances are - ask your solicitor to speak to the estate agent and test the water before making any offer or revealing what you'd be prepared to pay.

Lobsterquadrille2 · 10/07/2020 07:56

I want to live in Scotland. My two bedroomed flat is worth £350k. I was looking on Right Move last night for properties in this area - just depressing.