r/Glasgow Tools

Title
Author	meepmeep13
Comment	It entirely depends on the market interest in the property and the circumstances of the seller. If they need a quick sale (because they're trying to close on somewhere else) then they might be open to a reasonable offer. If, on the other hand, they have no time/money constraints and there's a bit of interest, you're going to have to offer way over valuation to prevent them going to a closing date, as there's really no good reason for them not to do that. > We want that house, but we don't want to overpay for it. If you really want somewhere, you're going to have to overpay to be sure of getting it. But there's enough stuff on the market that it's better to bide your time until you find the right place that you can also snap up quickly. The best thing to do is to get your agent to make a reasonable but low offer and then to see how they respond. If your agent is any good, then they should be able to get back to you with an idea of whether the seller is going to be open to a reasonable offer in your budget range, or whether there's loads of interest and it's going to be going to a closing date. > I have lived in a few other countries and even though I never bought a flat, the prices are always fixed, and you bid down. If you bid the selling price, you get it. It's just a reflection of the current Glasgow housing market. In other places or at other times it would be as you suggest. I think people fixate too much on market value, though. What is it worth to you? Remember you'll be paying significantly more than that value over the life of your mortgage, the value will go up and down over the mortgage life by significant amounts, so all that really matters is if the monthly payments are ok for the property you'll get, and that you're sufficiently protected from negative equity in the event you must sell and can afford the repayments when the interest rate increases. > We have good monthly salaries, but our deposit is sort of small Remember you only get a mortgage on the home report value. Any overpayment beyond that has to be covered directly by you in addition to the deposit.
Reddit Link	https://www.reddit.com/r/glasgow/comments/blf90l/what_strategy_do_you_recommend_when_bidding_for_a/emny1n7/
Created	Mon 6th May 2019 7:05pm
Status	()

It entirely depends on the market interest in the property and the circumstances of the seller. If they need a quick sale (because they're trying to close on somewhere else) then they might be open to a reasonable offer. If, on the other hand, they have no time/money constraints and there's a bit of interest, you're going to have to offer way over valuation to prevent them going to a closing date, as there's really no good reason for them not to do that.

> We want that house, but we don't want to overpay for it.

If you really want somewhere, you're going to have to overpay to be sure of getting it. But there's enough stuff on the market that it's better to bide your time until you find the right place that you can also snap up quickly.

The best thing to do is to get your agent to make a reasonable but low offer and then to see how they respond. If your agent is any good, then they should be able to get back to you with an idea of whether the seller is going to be open to a reasonable offer in your budget range, or whether there's loads of interest and it's going to be going to a closing date.

> I have lived in a few other countries and even though I never bought a flat, the prices are always fixed, and you bid down. If you bid the selling price, you get it.

It's just a reflection of the current Glasgow housing market. In other places or at other times it would be as you suggest.

I think people fixate too much on market value, though. What is it worth to you? Remember you'll be paying significantly more than that value over the life of your mortgage, the value will go up and down over the mortgage life by significant amounts, so all that really matters is if the monthly payments are ok for the property you'll get, and that you're sufficiently protected from negative equity in the event you must sell and can afford the repayments when the interest rate increases.

> We have good monthly salaries, but our deposit is sort of small

Remember you only get a mortgage on the home report value. Any overpayment beyond that has to be covered directly by you in addition to the deposit.