Sergio Garcia Posted April 2, 2008 Share Posted April 2, 2008 Afternoon folks, Starting to think about buying my first house and am just wondering about houses that are offers over etc, is there a general rule of thumb of how much over you should offer or is it just dependent one individual cases Cheers for any help Link to comment Share on other sites More sharing options...
Godfather Posted April 2, 2008 Share Posted April 2, 2008 it all depends where you are looking, if for say it Edinburgh it is usually 20% over the asking price, if its teh lothians it could be between 10 & 15%. Always ask your solicsiter for guidence in this, they will keep you right. Hope this helps Link to comment Share on other sites More sharing options...
N User Posted April 2, 2008 Share Posted April 2, 2008 I started a thread asking similar a couple of weeks ago. People were very helpful. I just bought a house fixed price last week \o/ Fixed price was best for me because of the mortgage I was able to get. Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted April 2, 2008 Share Posted April 2, 2008 Ive had experience of offers going up to 30% over. Basically, its always going to be a decision between how much you can afford and how much you want the house. Link to comment Share on other sites More sharing options...
N User Posted April 2, 2008 Share Posted April 2, 2008 http://www.hmfckickback.co.uk/showthread.php?t=8263 Link to comment Share on other sites More sharing options...
Sergio Garcia Posted April 2, 2008 Author Share Posted April 2, 2008 cheers for this advice guys, house is in lanark, shall have a wee look at the thread you started Kenif to see what other info i can gain. Link to comment Share on other sites More sharing options...
Uberjambo Posted April 2, 2008 Share Posted April 2, 2008 Bide your time. Therre are many on a fixed price now. Keep watching and offer under on one you like which is not moving. Do not offer over unless it is a property you really want and there is alot of interest. Good Luck Link to comment Share on other sites More sharing options...
Sherlock Posted April 2, 2008 Share Posted April 2, 2008 Best waiting for CC to spot this thread....... and buy gold instead. Sorry CC. Link to comment Share on other sites More sharing options...
Godfather Posted April 2, 2008 Share Posted April 2, 2008 Try this mate, just pop in the postcode or street name if you know it and it will give you a rough guide to the value of the house for that area.http://www.nethouseprices.com/index.php Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted April 2, 2008 Share Posted April 2, 2008 Afternoon folks, Starting to think about buying my first house and am just wondering about houses that are offers over etc, is there a general rule of thumb of how much over you should offer or is it just dependent one individual cases Cheers for any help Properties are struggling to sell nowadays mate as the market is changing rapidly. You wont need to bid too much over and above to get a decent property now, and there are tons of fixed price properties on the market place also, at least with that you know what your dealing with and its a first come first served basis. I've noticed a real downturn in business of late because of the financial climate and have done only 50% of mortgages this year compared to this time last year. People generally are scared of buying just now, and the sellers are desperate to sell, so you might be able to nick an offers over property for around the offers over asking price if your lucky. Some things to consider mate are Do you have a deposit? If so your gonna need around 5-10% to open up some of the better deals, but preferably 15-20% for the really competitive ones (well, as competitive as they actually get just now). Is your credit rating clean? If not then your deffo going to need a larger deposit as lenders simply dont want this kind of business anymore, their fingers have been badly burnt in the past. Also, what is your income? (dont post this on the site) Lenders dont operate on income multiples anymore and work on an affordability basis, they look at your incomings against your outgoings and decide if there is enough depsosable income to actually afford the mortgage payments, as well as the ancillary insurance products and general household bills as in council tax. A loan of ?100,000 over 25 years would be ?651.88 based on 6% interest rate, over 30 years would be ?605.40 and 35 years would be ?574.48. If you need anymore help then gimme a shout and I'll see what I can do. Link to comment Share on other sites More sharing options...
Sergio Garcia Posted April 2, 2008 Author Share Posted April 2, 2008 Cheers for all the advice guys, answered a good few of my ponderings in this thread. Link to comment Share on other sites More sharing options...
coppercrutch Posted April 2, 2008 Share Posted April 2, 2008 Bide your time. Therre are many on a fixed price now. Keep watching and offer under on one you like which is not moving. Do not offer over unless it is a property you really want and there is alot of interest.Good Luck Simple advice is always the best. Amazes me how many people want to give their money away when it comes to buying a house. Would you do the same with a car ? What is the difference if neither is selling and the vendor is desperate for a sale.....? If you are desperate to buy bargain and bargain HARD. You could easy work out saving yourself 10's of thousands. Also take Mr Mitchels advice about mortgages. Totally different ballgame to what it was even 6 months ago. He clearly know what he is talking about. BTW have a look at the estate agents thread for an interesting debate on the subject !! May take you a while to read through but both sides of the fence have some good arguments. Read it and make your own mind up whether you want to buy now or not. Think for yourself. Don't just believe what everyone tells you is 'true'. Myself included. Make up your own mind. Good luck. Link to comment Share on other sites More sharing options...
moz Posted April 2, 2008 Share Posted April 2, 2008 Just so happens that mine is up for sale at the moment mate......and the estate agents keep telling me that properties are selling at the asking price but they are taking longer to shift. For where we are we are again told that the offers over thing is anywhere between 7 and 10 %.........I would always budget for 10% over at least tho...... Link to comment Share on other sites More sharing options...
Rick Grimes Posted April 2, 2008 Share Posted April 2, 2008 worth chatting to the owner about where they're moving, why etc. they may slip up. the lassie selling mine let slip she'd already bought, was moving in 3 weeks and couldn't afford to bridge for long. a bid of 1k over the offers over price and a refusal to budge saw it sorted. this was 5 years ago when i'd missing places due to not going 30% over as Baps mentions. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted April 2, 2008 Share Posted April 2, 2008 Simple advice is always the best. Amazes me how many people want to give their money away when it comes to buying a house. Would you do the same with a car ? What is the difference if neither is selling and the vendor is desperate for a sale.....? If you are desperate to buy bargain and bargain HARD. You could easy work out saving yourself 10's of thousands. Also take Mr Mitchels advice about mortgages. Totally different ballgame to what it was even 6 months ago. He clearly know what he is talking about. BTW have a look at the estate agents thread for an interesting debate on the subject !! May take you a while to read through but both sides of the fence have some good arguments. Read it and make your own mind up whether you want to buy now or not. Think for yourself. Don't just believe what everyone tells you is 'true'. Myself included. Make up your own mind. Good luck. I'll slip you that tenner when I next see you Link to comment Share on other sites More sharing options...
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