Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
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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 ?
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
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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.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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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.
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Fee
Member
Registered: 16th Nov 05
Location: With AK
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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
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Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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If thats the case then, My Bad
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John
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Registered: 30th Jun 03
User status: Offline
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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.
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mav
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Registered: 19th Jun 01
Location: Scotland
User status: Offline
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10-15% above asking price is normal...But could go upto anything really.
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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speak to a solicitor....they will know how the market is, what the norm is and past sale prices
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Scottish house buying sounds so complicated!
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Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
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Yeah I mean what Fee is saying 
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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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!
Corsa 2.0 16v Vegas - Sold
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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one we went for..
o/o 210k, went for 330k or so 
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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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?
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John
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Registered: 30th Jun 03
User status: Offline
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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.
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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Why can't youse just do it the simple way like us English folk?!
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John
Member
Registered: 30th Jun 03
User status: Offline
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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.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Yeah but you price it higher liek a car to allow for haggling space...
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