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Welcome to Scotsnet - discuss all aspects of life in Scotland, including relocating, schools and local areas.

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Original poster

Buying and selling in Scotland

158 replies

Onebabyandamadcat · 07/03/2021 07:25

Ive seen lots of threads about buying and selling but I know up here it's a bit different from the English system so thought I'd start a new thread if anyone else wants to join.

We've spent the weekend getting our house sorted to sell. Estate agent is coming tomorrow. This was our first home so I've never sold a house before so don't really now what to expect. Two houses I've loved have been put on the market and sold in the past fortnight. Irrationally worried ours won't sell and also that it sells too quickly and we don't find somewhere we like to buy 😣. Anyone else?

OP posts:
I0NA · 06/04/2021 09:40

Of course if they accept this morning then get your solicitor to do a written offer today. She should say that she has proof of funds ( assuming that’s the case ).

elscar · 06/04/2021 09:44

@newtoedinburgh

We achieved 10% over home report value on ours- my frond got 20% over so you just never know!

ESPC sold section and google sold prices in Edinburgh (take you to the land registry) to get an idea of what similar properties have sold for in the area- that's what the seller will be basing their figures on

Original poster
Onebabyandamadcat · 06/04/2021 10:30

Thanks everyone offer is in so just need to wait and see

OP posts:
Stroma · 06/04/2021 11:52

@Onebabyandamadcat Fingers crossed for you!

MadeForThis · 06/04/2021 15:30

Dsis is searching and bidding on houses just outside Edinburgh at the minute. Has offered on several houses but lost.

She's looking at Home Report values of around £140k. Able to pay up to £151.

Properties are selling fast and out of her price range.

newtoedinburgh · 06/04/2021 16:17

@elscar thanks! Yes it seems like the market is quite hot at the moment. Or has Edinburgh always been like this? I have only bought and sold in London before which feels different somehow.

I0NA · 07/04/2021 08:42

@Onebabyandamadcat - how did you get on ? I’m assuming your offer expires today sometime?

Original poster
Onebabyandamadcat · 07/04/2021 13:00

[quote I0NA]@Onebabyandamadcat - how did you get on ? I’m assuming your offer expires today sometime?[/quote]
They got a few more offers yesterday so are going to closing next week. I've left my offer sitting but don't think they'll take it - I think they'll be offered more. No harm in leaving it sitting while we keep looking.

OP posts:
elscar · 07/04/2021 14:57

To be honest it’s always been a pretty hot market- you would be lucky to get a home at home report value (or even fixed price!) we were first time buyers in 2007 and it was the same then...!

BlueThursday · 13/04/2021 12:38

Joining in if ok and wishing good luck to all you buyers and sellers

We are in the middle of it all too and have accepted an offer 14% over asking price.

It’s been a total whirlwind; a lot of gin has been drunk!

Original poster
Onebabyandamadcat · 13/04/2021 17:36

Went to closing date on the house we wanted today. We were beat by £10k 🤦 the price houses are going for round here has reached utterly crazy levels. Just need to keep looking

OP posts:
MadeForThis · 13/04/2021 19:00

When it goes to closed bids do you find out exactly what the wining bid was?

BlueThursday · 13/04/2021 19:05

I’m sorry @Onebabyandamadcat Sad

The market is nuts just now

Original poster
Onebabyandamadcat · 13/04/2021 20:08

Thanks @BlueThursday we'll find something.

I didn't find out the exact price but was told "around £10k"

OP posts:
I0NA · 14/04/2021 09:19

@MadeForThis

When it goes to closed bids do you find out exactly what the wining bid was?
No, as @Onebabyandamadcat said, your solicitor will usually get an indication of the price.

Of course you can find out the exact price paid from scotLIS, but that will take a few months .

Original poster
Onebabyandamadcat · 16/04/2021 17:05

Going to see two more houses this weekend. Fingers crossed and positive thoughts please folk - starting to worry we'll be moving into a tent 🤦

OP posts:
Original poster
Onebabyandamadcat · 22/04/2021 16:51

Just bumping this to see if anyone is willing to give me some answers. We just lost out on a house I absolutely loved. Home report £155k and we offered £171k but it still wasn't enough.

Our house needs new windows and has an old boiler. It sold for £138k (£8k over home report) a few weeks ago. I'm at a total loss as to how much more I can possibly throw at a house. What sort of price over home report are homes going for? Feel like our buyers got themselves a bloody bargain now.

OP posts:
onethingonly · 22/04/2021 18:59

@Onebabyandamadcat I feel your pain. We've just had our first experience of being outbid...we offered 23k over HR and 28 over asking price. It's crazy just now. We're struggling to even get a viewing (even though we've accepted an offer on our own property). We saw a house on Rightmove that went up last night, phoned today for a viewing and it had already had an offer accepted 😱.

Original poster
Onebabyandamadcat · 22/04/2021 19:09

@onethingonly

*@Onebabyandamadcat* I feel your pain. We've just had our first experience of being outbid...we offered 23k over HR and 28 over asking price. It's crazy just now. We're struggling to even get a viewing (even though we've accepted an offer on our own property). We saw a house on Rightmove that went up last night, phoned today for a viewing and it had already had an offer accepted 😱.
It's so hard isn't it? I'm really really down about it all tonight. Terrified that were selling this house cause it's just not quite right for us but generally is ok and we end up in something worse cause we can't get anything decent. And are stuck there cause the prices have to crash - this level of increase isn't sustainable - and we'll be in negative equity. Tomorrow's another day - fingers crossed for both of us!
OP posts:
onethingonly · 22/04/2021 19:18

It's a rollercoaster for sure! We're considering new builds now but even then they're all reserved or not available until Spring next year, so will have to go stay with family for a while if that's what we choose! We've only been looking a few weeks though so trying to stay positive and on the "what's for us won't go by us" mantra 🤞🏼.

TheRuralLife89 · 22/04/2021 23:39

I hear you! We've just moved into our new home after nearly a year of viewing places, getting our hopes up and then being outbid every time. We couldn't afford to go much over valuation and I was becoming seriously despondent about it all.

In the end we managed to buy a lovely house for £10k under valuation! I still can't believe it. We lost out on it the first time we bid but the sale fell through. Then the second lockdown happened. In the first weeks the market seemed to slow down...I don't think many people knew they were still allowed to go for viewings so the house got little interest that time around. Plus the updated home report identified some new issues (nothing hugely serious but enough to make people hesitate).
We chanced it with a low offer and I think the seller was fed up of the whole situation by then so accepted.

Could you give yourself a bit more breathing space by moving into a rental or with family so you don't feel rushed? So much of it is down to chance...finding something at the right time and circumstances aligning in exactly the way you need them to.
The right place is out there for you though, just hang in there!

Original poster
Onebabyandamadcat · 23/04/2021 06:31

We've managed to negotiate a long time before we need to move out - end of july (FTB buying our house and in no huge rush). We've got a cat so rental would be difficult and then we'd be tied into a rental contract. I've never rented so don't really know the ins and outs. We could move in with family though while I love them to bits I don't think long term that's be good for anyone's mental health 🙈.

We spoke last night and have done our figures again. We can offer a max of £18k over home report. Considering we're not looking at anything over £175k surely to god 10%+ over home report will get us something. Just need to keep our fingers crossed I guess

OP posts:
Ijustcalled · 23/04/2021 07:09

Totally relating to this. I’m full of sellers remorse. Sold our house in 5 days and now panicking as absolutely nothing coming up on the market. Family would have us but not for months on end, rental market also seems to be dead and we have a cat too.

TheRuralLife89 · 23/04/2021 08:17

Good luck with it all, it's completely wild out there just now.

I0NA · 23/04/2021 08:49

@Onebabyandamadcat

Just bumping this to see if anyone is willing to give me some answers. We just lost out on a house I absolutely loved. Home report £155k and we offered £171k but it still wasn't enough.

Our house needs new windows and has an old boiler. It sold for £138k (£8k over home report) a few weeks ago. I'm at a total loss as to how much more I can possibly throw at a house. What sort of price over home report are homes going for? Feel like our buyers got themselves a bloody bargain now.

How many notes of interest were there ? Do you know how many offers they received?

Because right now , if there’s a lot of notes, you probably have to go higher than the 10.3% you offered . Even on this thread, you will see that the lowest figure mentioned is 8%, then 14% and many people have said 15% upwards.

Obviously if there’s few viewings, no notes and no closing date set then you might get a lower offer accepted.

Sorry I know that’s not what you want to hear.