Another “what would you offer” thread (Scotland)..

[Stripeysocks8]

First thing - I’m in Scotland and the buying/selling process is different to England. The seller has a home report done which states the value of the property (used for the mortgage). The housing market in my area has been slow but seems to have picked up recently.

I went to see a nice house today - 3 bedroom with internal garage, nice new-ish build development. Walk in condition (although I would still want to change walls and floors!), garden is nicely done and has a deck area.

The value on the home report is £270k. Local estate agents have said around here you would probably offer 4%-5% over the HR value.

Here is the problem. The exact same house on the same street, also in perfect condition was put on the market in September and the sale completed last month for £270k (in Scotland you can check sold prices pretty much instantly). The only difference is the sold house doesn’t have a decking area but it’s still a lovely patio.

A few weeks ago I went to see another house exactly the same, but different area of the development. Needed decorating/garden does as it had been rented but still walk in condition. It went to a fixed price of £260k and is now under offer so I assume the sale price was £260k.

So how much would you offer, if you were me? I’m thinking £273k - maybe £275k if they pushed for more. But I’m pretty sure they will be expecting closer to £280k/£285k?!

Some areas are 10-20% over the home report.

Even at 5% more you're talking £289K rounding up which is what the sellers will be expecting, especially because there is decking which costs a fortune.

I don't know anyone who sells for under the home report.

Yeah my area definitely isn’t that much over HR and things are taking a while to sell.

I’m in the process of selling another property (inherited) in the same place - was on the market for about 6 weeks and we only got the HR value for it.

Maybe if I started at £275,500.. that’s 2% over I suppose. Gads I hate buying/selling!

Is it going to a closing date so you need to put in best and final? If not and you’re the only ones offering tbh I’d offer 270k on the basis of the sept sale. They’ll probably reject it and then you go up to what you are comfortable with - set your ceiling and don’t go over, that 275k- 280k seems reasonable.

Unless there's a closing date start at £273K If they reject it then you can increase it.

I expect they will reject it.

I guess it depends how much you want it and are looking at it as a longer term home and willing to stretch your budget a bit more.

If it's not gone to closing date, I would be tempted to submit an offer of £273, then there is some scope for you offering higher if the first offer is rejected.

Do you know if there's much interest? It sounds as if there's a few houses in the estate for sale lately, so possibly people who missed out on the other may offer on this one.

Good luck!