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drukuk

Unsure Of The Scottish System

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Hi,

I spotted a house for sale in Scotland which is very badly damaged inside due to burst pipes, the price is for offers over £100,000 which in my opinion is too high

I am told by the sellers lawyer that one other party is interested i do know 3 other parties were put off due to the extent of the damage, they have further viewings but I've heard nothing from them since last weekend when it was the first open viewing.

My present house is payed off so i can easily raise the cash needed on my existing house, i supose the problem with other buyers is that you may find it difficult to get a mortgage on the damaged property

My questions are,

What is the average pricein this present climate people pay when it states offers over.

Can i put a verbal offer in firstly with a reduced price, if so is this my last chance gone and could someone else put a slightly higher one in or will the seller start negotiating.

If i put an official offer in can the same as above happen.

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Hi,

I spotted a house for sale in Scotland which is very badly damaged inside due to burst pipes, the price is for offers over £100,000 which in my opinion is too high

I am told by the sellers lawyer that one other party is interested i do know 3 other parties were put off due to the extent of the damage, they have further viewings but I've heard nothing from them since last weekend when it was the first open viewing.

My present house is payed off so i can easily raise the cash needed on my existing house, i supose the problem with other buyers is that you may find it difficult to get a mortgage on the damaged property

My questions are,

What is the average pricein this present climate people pay when it states offers over.

Can i put a verbal offer in firstly with a reduced price, if so is this my last chance gone and could someone else put a slightly higher one in or will the seller start negotiating.

If i put an official offer in can the same as above happen.

Offers over % depends on where you are. I'd see the o/o price as nothing more than what the seller is hoping for. What's it worth to you? You can put in any offer you want - yes even less than the o/o. If you have the money, in the current climate you have the upper hand. The problem is that most sellers haven't realised this yet which is leading to a buyers strike.

Don't get drawn into a bidding war. If you are going to make an offer, make it time limited. Then walk away if not accepted. There's a very good chance the property will stay on the market for a while yet and the "other party" revealed as nothing more than the standard lie that EA's etc tell to panic you into buying.

So why are you even looking at buying right now? Your house is paid off - I'd hang on to whatever spare cash you have.

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You should offer what you think it's worth - that can be under the Offers Over figure if you really feel strongly. Houses are selling at below the Offers Over asking prices, as well as over them.

You should hire a Scottish solicitor to make your offer in writing. The offer forms part of the contract, and if accepted, you want it to be correct. Standard form is for a limit date to be included so that you're not left hanging on, and the sellers should accept, decline or negotiate within that limit.

If your offer is too low at first, the sellers action will depend on what other interest there is; if they feel there's significant other interest they could defer acceptance or rejection of your offer and declare a closing date for offers. All interested will be given the chance to offer, and if you wish to increase your offer in light of interest from others, you can do so.

Does this help?

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Just remember - its not like England where you can go round offering when you don't mean it... if you offer in scotland it is binding if accepted.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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