What’s the situation in Scotland?

[nicolamurrays]

Made an offer on a house in Argyll yesterday. It’s valued at £215, we offered £238 verbally, will make formal offer tomorrow. That’s £23k over/just over 10%. Should this be enough? In Glasgow it wouldn’t be but given the dip in June? Should we be okay?

You would be best asking locally as it’s very variable - try scotsnet - think things going about valuation here but I am out of the gossip on that at the moment

No one here can possibly answer your question, as Argyll is a big place and the housing market varies . You need to use a local solicitor ( in the same town or maybe the next one ) who will advise you what to offer.

Has your verbal offer been accepted? I think that’s unlikely if you only made it yesterday / Friday , so why would you go ahead and make a written offer ?

Is £215k the home report value or the offers over price?

@N0Tfunnyhr value. And no, we made it yesterday and estate agent is seeing them today and will tell them. I imagine it’ll go to a closing date.

Our house was offers over £195k. We offered £201k and got it.

Was that recently @its5oclocksomewheresurely?

It really depends on the local market and that is something your solicitor is best placed to advise. I know someone who has sold recently near me in suburban Glasgow for 20% over asking but we are in an area where houses get snapped up very quickly because of school catchments. Good luck - has it gone to a closing date?

Why do you think it will go to closing ? How many notes of interest and offers have they had? Just ask the agent - they need to tell you if you ask.

Look online for other properties in the area that have sold recently and see what they went for. Did they go to closing?

Remember the agent is working for the sellers and not for you. If you made a verbal offer yesterday, they should have phoned the sellers and told them yesterday - its a bit odd to wait a day.

How well does your solicitor know the agent ? Please tell me you are using someone local and not in Glasgow or Edinburgh !

@N0Tfunnythey had 4 viewings the day we went and a verbal offer already. When I told the estate agent our verbal offer, he said he’d tell them the next day and to make it formally via our solicitor. So yes, we made it yesterday an hour after viewing the house and he said he’d tell them today as he was seeing them in person. Haven’t heard anything. Our solicitor is in Glasgow as that’s our local one. And thank you for your replies ☺️

So two offers and how many notes of interest ? If they are going to set a closing date soon, there’s no point in you showing your hand by putting in a written offer on Monday.

If they have several notes and two offers ( yes verbal counts ) they really should set a closing date for this Friday or maybe next Wednesday at the latest.

You need to get your solicitor to call them on Monday and find out what’s happening.

Is your offer subject to selling your own property ?

You probably know this already but just checking - you do know that your mortage ( assuming you need one ) is based on the HR value? So you will need cash for that extra £23k + transaction costs etc . Lots of buyers seems to think that they can borrow ( say ) 85% of what they offer. Or put in on a credit card .

@N0TfunnyI think it was 5 as of yesterday. I did tell him how much we were offering and he said to offer it formally… I don’t want to miss out 😖

We’re going to get in touch with our solicitor first thing tomorrow.

Yes it is subject to that which the estate agent knows. Will this negatively impact our offer?

Thank you, I did know that and we have that extra £23k etc.

As others are saying - Argyll (and Scotland) is hugely variable. You need local advice / input.
One of my lads is buying a flat in Perthshire and has over accepted at asking, despite it being 'offers over'.
I've bought £10k/5% below valuation/asking on my current house 12 years ago, but it goes on market next week and I've been told everything locally is going 10-20% above valuation at present....

So it's judgement time...

If they have 5 notes then they defo should set a closing date asap. And if they have set a closing date, you DON’T offer now, don’t show your hand .

Even if you do, they won’t accept, why would they, it makes no sense. They might as well just wait and see what offers they get in 7 or 10 days .If you are willing to pay £238k today, you are not going to offer less at closing, are you?

So I hope your solicitor phoned them today to find out what’s happening.

If your offer is subject to the sale of your existing property then yes it’s less attractive than an unencumbered offer. But it depends on the circumstances of the other offers, the sellers timescale, how hard your place will be to sell etc.

Remember that the estate agent isn’t working for you, they work for the seller. They shouldn’t lie to you but they can imply things IYSWIM.

The person who is working in YOUR best interest is your solicitor. It’s a shame you are not using someone local who knows the market - you can’t expect someone in Glasgow to know the market in Dunoon or Oban .

It’s not legal doing it that way - you have to have a solicitor in Scotland who offers the sellers solicitor the offer in writing. That is how it works. Verbally is English law NOT Scottish

How did you get on @nicolamurrays ?