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Original poster

Closing Date Scotland what to offer?

63 replies

Wendygoesfar · 15/08/2018 00:29

Hi, we are keen on a property that has quickly gone to closing date.. it is in neither Edinburgh or Glasgow, a smallish commuter town. We don't want to miss this chance as not much comes up like it in the area but what is a sensible offer?

Do we simply ignore offers over price and focus on HR? 5% over? 10% seems crazy (though not at the rate tenements are selling).. any advice would be great. Thanks!

OP posts:
Rosemary46 · 15/08/2018 00:33

Is the value in the HR the same as the offers over price ?

What have similar properties in the area gone for ?

Do you know how many people have noted interest ?

What does your solicitor advise ?

How much do you want it?

Original poster
Wendygoesfar · 15/08/2018 01:01

Offers is £15k less than HR.. it's neighbours haven't sold recently but it varies locally from just under HR to over it so it's just trying to guess what it's going to go for.
We want it, while we're ready to go upward of HR we don't want to over offer though as it seems silly to just throw money at it so it sticks there have been at least 3 other notes of interest..

OP posts:
Original poster
Wendygoesfar · 15/08/2018 11:29

Anyone?

OP posts:
BawbagBiggins · 15/08/2018 13:00

Between 5k and 10k over HR depending on your budget (says my property manager other half)

Original poster
Wendygoesfar · 15/08/2018 13:05

Thanks @BawbagBiggins we had thought 5% which would be over £10k so hopefully that'll make winning bid!

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museumum · 15/08/2018 13:11

Ask your sols. It totally depends on area. When we were looking out sol advised one area was selling for 10% over HR and the other for closer to 5%. We lost out on one that went 15% over but we are in Edinburgh. Local sols are the best way to know.

BawbagBiggins · 15/08/2018 13:14

Fingers crossed for you Smile

Original poster
Wendygoesfar · 15/08/2018 13:23

Thanks! we've been advised that ours will sell 10% over but it's extremely rare that this area would!

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KevinTheYuccaPlant · 15/08/2018 18:40

Really depends on area and what your situation is. MIL's house just sold one in Thurso, home report £115k, went on at offers over £115k, had 7 offers ranging from £116k to £124k, but the £124k had a lot of conditions attached to it (basically if they didn't get an offer on theirs, their offer was withdrawn) and they accepted £118k with mortgage offer agreed in principle and nothing to sell themselves.

Original poster
Wendygoesfar · 15/08/2018 18:56

It's on for offers over £235k with HR £255k.. I can't see anyone going to £280k-ish which is 10% but you never know.. the vendors like us, were in a good position and they were enthusiastic with us.. it's not always the highest bid but it's so hard to not just get it way wrong! Time shall tell.

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Ellboo · 15/08/2018 22:43

How many notes of interest were there? If more than 3 or 4 then 10% over Home report seems common in Edinburgh anyway (yes I’m bitter).

howabout · 15/08/2018 22:52

We're not in Edinburgh, but properties in the £250k bracket are going for £290 ish if lots of bidders. Unfortunately in closed bids by definition you pay more than anyone else was prepared to ie too much. I guess the question then becomes how much too much are you prepared to pay to get what you offer on?

Original poster
Wendygoesfar · 15/08/2018 22:53

3 notes.. I would be genuinely surprised if they got an offer of 10% it's certainly not worth that to us but maybe to someone else.. are you still looking @Ellboo?

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Piffpaffpoff · 15/08/2018 22:57

Remember to state your ‘position’ in your offer - they don’t need your life story but fact such as if you have already sold, if you have finance in place etc etc. I have heard many sealed bid tales from friends when selling where they have not necessarily gone for the highest bid but for the ‘best’ one.

Good luck!

HouseOfSix · 15/08/2018 23:02

We bought in a commuter town to commute to Edinburgh, o/o £450k and we offered £485k and won. There were 4 other bids, loads of notes of interest so it was a popular property but even at that was under 10% above. In a different price bracket I could imagine it going for 10% above or more - the £250 to £350k bracket is extremely bouyant in most commuter towns.

You have to go with your gut (how much you want that house) and your finances, given you won't be able to borrow above the HR value.

Thinking about this is giving me horrible flashbacks to bidding in Edinburgh and being bid number 11 of 18 etc. We offered £550k on a flat in the Grange with HR value of 500 and we were outbid by £80k. The house was not even in habitable condition - it had no heating, kitchen or bathroom Shock

Good luck - fingers crossed you get it!

Original poster
Wendygoesfar · 15/08/2018 23:16

Thanks for the replies, we have viewed twice (vendors doing viewings) and been told by them they are looking for "the whole package" we are flexible on moving, a young family etc.. I think we are mostly concerned that we don't bid too much!

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Ellboo · 16/08/2018 07:49

There is also the option to then reduce your offer after a full survey of the valuation comes back low (friends have done this successfully). Obviously vendor might go back to another offer though.
We are still looking - but outside Edinburgh now!

PrimalLass · 16/08/2018 07:52

Surely they won't have a survey now because there is a home report?

Original poster
Wendygoesfar · 16/08/2018 08:22

We hadn't intended to do a survey past the HR.. we were advised by solicitor that it's not necessary unless there is a particular concern - which the isn't

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Original poster
Wendygoesfar · 16/08/2018 08:23

Good luck @Ellboo we've been looking for over a year, it's quite disheartening at times.

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nononsene · 16/08/2018 08:55

This is a question that only people with relevant local knowledge can answer as offers vary depending on area. You really need to get advice from your solicitor.

Rosemary46 · 16/08/2018 09:29

If you’ve been looking for more than a year and you really like this property, I’d throw in an extra few thousand.

The Pp who said that you will have to pay more because its gone to closing is right I’m afraid.

Original poster
Wendygoesfar · 16/08/2018 09:57

Thanks all, we have consulted a solicitor as well @nononsene this was more of an opinion base rather than taking it as fact. We are considering all of this, I appreciate the advice from everyone.

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Oddbutnotodd · 16/08/2018 10:03

I’ve heard of people bidding an odd amount over so say your max is £285 k offer 285,075 say. If you plan to stay for a while a few thousand now (if you can afford it!) will be worth it in the long run. It’s obviuosly a popular property so could go well over the HR. Agree with the pp.

Good luck with your offer!

MoreProsecco · 17/08/2018 13:40

Had your closing date been yet, OP?

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