need_my_wedge
Has Now Found His Wedgie
I understand the process is a bit different to England. Is there a recommended amount to offer above the listed price, or do properties go for listed price?
Buying houses in Scotland
- Thread starter need_my_wedge
- Start date
Definitely a good bit over up in Inverness and further North, I sold my holiday house last year for 70 over asking / valuation.
Val
Ryder Cup Winner
It's pot luck
Some areas would be different, when we brought the first house up here the over over was 10 to 20% now it could be as much as 40%. More places go firvan asking price, but depends onnthe demand.
CliveW
Tour Winner
It all depends on where, what it is and what price range. In normal times 10% over asking price was the norm, but recently it's more like 20%. Having said that, I have recently sold a 1970s bungalow which went for more than 25% over asking price with more than 30 viewers and a dozen offers come closing date. I have also just sold a farmhouse with stables and 2.5 acres for less than valuation.
Less than valuation, very unusual at the moment, what’s the reason for that do you think?
Robster59
Tour Rookie
It depends on the area. We're in the process of moving house, and we got 12.5% above the home report. We tried to buy a bungalow in the area, and they were going for anything up to 20% above the home report. I think everyone is going mad at the moment trying to buy a house and get a mortgage before the rates go up.
In the end, we bought a house in a different area, again about 12.5% above the home report.
The way it seems to work is the seller has a home report, and it goes on the market at £10-£20k below the home report. But offers are made based on the home report.
e.g. House for sale at £300k would have a home report of £320k but the selling price could be anywhere between £355k and £385k (or possible more!)
I hate the system, it does my head in.
In the end, we bought a house in a different area, again about 12.5% above the home report.
The way it seems to work is the seller has a home report, and it goes on the market at £10-£20k below the home report. But offers are made based on the home report.
e.g. House for sale at £300k would have a home report of £320k but the selling price could be anywhere between £355k and £385k (or possible more!)
I hate the system, it does my head in.
CliveW
Tour Winner
The house is dated and required upgrading. Also location.
Upgrading is an expensive business at the moment ?
fundy
Ryder Cup Winner
winner of understatement of the year contender......
Jimaroid
Journeyman Pro
As above, in this part of Fife it's about 10% to 20% but with some going beyond that around here the past year or so. It' crazy in some places. St Andrews is just stupid with offers over the already overpriced market.
The solicitor you deal with can give you a guide on what general going rate is and you can also look up the sales stats for the area to get a guide on what houses are actually selling for in the postcode.
I've almost given up trying to find a new place for us now. Upgrading the current house is an impossibility because finding tradesmen comes with slimmer chances than winning the lottery.
The solicitor you deal with can give you a guide on what general going rate is and you can also look up the sales stats for the area to get a guide on what houses are actually selling for in the postcode.
I've almost given up trying to find a new place for us now. Upgrading the current house is an impossibility because finding tradesmen comes with slimmer chances than winning the lottery.
Very true on the tradesman front, it’s getting the right ones you can trust as well, that many cowboys out there.
CliveW
Tour Winner
I have used "Rated People" in the past and found them extremely reliable and affordable.
IanM
Journeyman Pro
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- May 18, 2009
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- Monmouthshire, UK via Guildford!
There's a perception in England that the system in Scotland is better due to the way contracts work...however the offer and bidding process is a minefield.
Brads
Active member
I’ll be moving in the next six months and am dreading it.
I detest the offers over system and will be refusing to use it when I sell.
Fixed price , first come first served
I detest the offers over system and will be refusing to use it when I sell.
Fixed price , first come first served
IanM
Journeyman Pro
- Joined
- May 18, 2009
- Messages
- 12,285
- Location
- Monmouthshire, UK via Guildford!
Never mind the houses, just seen the lovely old Kwackers on your pic!
KenL
Tour Rookie
Could you not be throwing away a fortune potentially?
Doon frae Troon
Ryder Cup Winner
I would not.
My friend recently sold at 20%+ in a matter of days.
I sold a family property early this year at £ 40,000 over asking [home report] price.
We had 39 views and 11 bids over the asking price in 10 days.
It is a very busy market ATM.
need_my_wedge
Has Now Found His Wedgie
I've got 7 years left on this mortgage and am looking at options to sell up and go mortgage free. Doesn't sound like a good time to move to Scotland though 
KenL
Tour Rookie
I've got 7 years left on this mortgage and am looking at options to sell up and go mortgage free. Doesn't sound like a good time to move to Scotland though
I might move to the North East of England at some point (not allowed to say why on here).
How does buying a house in England work please?
