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Author Offers over . . .
Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
24th Oct 07 at 20:59   View User's Profile U2U Member Reply With Quote

Why are flats/houses alway sold with "in excess of" etc ?

Im looking at flats but how I am I supposed to realisticly say to myself how much I can afford when the listed prices arent much to go buy ?
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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24th Oct 07 at 21:13   View User's Profile U2U Member Reply With Quote

Surely you can find out the amount of which you can afford without needing to look at the prices of flats. You make the calculations on what outgoings you can afford to have from your income.

Unless of course you mean the costs to heat the place etc as this will fluctuate depending on the size and therefore price of the property.
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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24th Oct 07 at 21:16   View User's Profile U2U Member Reply With Quote

you see a mortgage advisor who will say realistically how much you can borrow and afford overall.

Then you take this figure, and see whats around you and what you can get. Job done.
Fee
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Registered: 16th Nov 05
Location: With AK
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24th Oct 07 at 21:40   View User's Profile U2U Member Reply With Quote

I think he means when he's looking at places he doesnt know what price band to look at since offers are made way in excess of what the properties are on the market for

for instance we bid on a house in aberdeen that went for £110k over the asking price
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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24th Oct 07 at 21:41   View User's Profile U2U Member Reply With Quote

If thats the case then, My Bad
John
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Registered: 30th Jun 03
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24th Oct 07 at 22:42   View User's Profile U2U Member Reply With Quote

People are normally expecting a roughly set percentage above asking price, (for the most part, exceptions exist such as fee is talking about)

Its normally between 15-30%, depends on the area.
mav
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Registered: 19th Jun 01
Location: Scotland
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25th Oct 07 at 01:09   View User's Profile U2U Member Reply With Quote

10-15% above asking price is normal...But could go upto anything really.
Fee
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Registered: 16th Nov 05
Location: With AK
User status: Offline
25th Oct 07 at 08:13   View User's Profile U2U Member Reply With Quote

speak to a solicitor....they will know how the market is, what the norm is and past sale prices
Robbo
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Registered: 6th Aug 02
Location: London
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25th Oct 07 at 11:07   View User's Profile U2U Member Reply With Quote

Scottish house buying sounds so complicated!
Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
27th Oct 07 at 12:23   View User's Profile U2U Member Reply With Quote

Yeah I mean what Fee is saying
VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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27th Oct 07 at 20:01   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Gregor
Why are flats/houses alway sold with "in excess of" etc ?

Im looking at flats but how I am I supposed to realisticly say to myself how much I can afford when the listed prices arent much to go buy ?



It's because it's a property in Scotland. They sell houses differently to how it's done in England.

Agents can't put forward offers that are Less than the asking price, which is what would happen in England. Prices will start for example o/o £88,000 with a view to acheive £95k.

Strange isn't it!


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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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28th Oct 07 at 11:20   View User's Profile U2U Member Reply With Quote

one we went for..

o/o 210k, went for 330k or so
Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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28th Oct 07 at 13:01   View User's Profile U2U Member Reply With Quote

How do valuations work in scotland then in terms of lending, how do mortgage lenders ensure they aren't getting into negative equity straight away because the buyer is willing to pay well over the odds?
John
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Registered: 30th Jun 03
User status: Offline
28th Oct 07 at 13:49   View User's Profile U2U Member Reply With Quote

If your house is valued at about 200k for instance, for some reason up here you will ask for offers over 170, 175.

You may get a bit more or a bit less, again things like AK are talking about do happen but aren't the norm.

In a certain area there will be a quide % over the asking price so everybody knows what you want anyway.

Then if you can't sell you lower it to a fixed price bit under what you originally thought it was worth.

The mortgage lenders will only give you what its actually worth, not what you or the seller think its worth.
Robbo
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Registered: 6th Aug 02
Location: London
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28th Oct 07 at 15:30   View User's Profile U2U Member Reply With Quote

Why can't youse just do it the simple way like us English folk?!
John
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Registered: 30th Jun 03
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28th Oct 07 at 15:46   View User's Profile U2U Member Reply With Quote

Your way is worse tbh.

Say you want 200k, people come in with offers of 170 etc, thats rubbish.

Also from the programs i've seen on the tv its much easier for somebody to come in at the last minute and get the house instead of you, or pull out much later.
Robbo
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Registered: 6th Aug 02
Location: London
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28th Oct 07 at 15:47   View User's Profile U2U Member Reply With Quote

Yeah but you price it higher liek a car to allow for haggling space...

 
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