Offers over advice - Edinburgh

[SwishSwishBisch]

I haven’t played this game before, having only moved here from England fairly recently and renting until now. I’m in a strong position (chain free + cash), but looking to buy in a very sought after area. My solicitor has said the market is now more like 5-6% over HR valuation, but I’ve found a flat I love and I’d really like to secure it without going overboard. Does anyone have any advice on how they’ve battled - and won! - similar purchases? Closing date has been set for next week.

Hi OP - you'd be better posting in Scotsnet .

I'm from Edinburgh- which area are you looking at?

I had no idea there was a Scotsnet! Thanks for letting me know. It’s Stockbridge

We paid 10% more and put in a random number rather than a rounded one incase it gave us the edge!

If there is a closing date set that means other people are interested in it too and I'm afraid it may well go for in excess of 5% of the HR valuation. Your solicitor will have access to the price for recently sold property and should be able to advise you on what to offer.

Prices in Edinburgh are crazy however, chain free with cash would put your offer above other offers. It's really tricky because you have to just go with what you are happy to pay. Don't get caught up in paying way over the odds if you then always wonder his much you've wasted. There are lots of properties in Edinburgh and sometimes you need to play your hand a couple of times before you get a feel for it. Good luck

Assuming you're on ESPC - have a look at what's happening in the area over the next week or so.

Where I am (North/West - further out of Edinburgh ie suburbs) - there is very little coming on, nothing is moving much & places which would have gone massively over HR value are going to fixed prices, even houses.

If this really is the place for you, then put in your best offer.

Closing dates means competition and anything can happen.

If you really want it you put in your best offer and hope for the best.

Thanks for the input. I’m trying not to get swept up in the stress of it all, will be sitting down to do my sums properly later and hopefully approach my offer with my head and not my heart!

You could find next month you're offering even more for a property you like less.

Chains aren't a huge issue in Scotland. Stockbridge is a very popular area and I suspect any property there will go well over asking. Have a look at the home report and if you feel it is worth what they are asking then decide what you want to pay and put in an offer.

I paid 10% over HR Val and my buyers paid 16% over. But that was in 2021 crazy days.

Your solicitor sounds like they could be right. Mine was good at advising me on what to offer.

My advice would be to put in your best offer. There’s no way of knowing what the other bids will be and if someone is hell bent on getting it they may well offer way over. Last time we sold we had someone offer 25% over, but the next offer down was 15%. It was mad.

If you put in your best offer then you’ve done all you can and at least won’t be kicking yourself for not offering more of the winning bid was close.