r/Glasgow Tools

Title
Author	SirPanic
Comment	Not too sure about Govanhill specifically, but I was recently looking in a bubble that extends from west end-merchant city, with a bit on the north/south too. General rule seemed to be... Home report was higher than "offers over" by either £10k or 10%, whichever is the higher number. Actual sale price follows the same rule. £10k or 10% higher than home report. Some flats went for £5k over home report, so the £10k rule isn't absolute. However my mortgage advisor and solicitor both told me quite bluntly if you're not offering at least 5k over home report, you're wasting everyone's time. Whole process is a bloody nightmare. Be wary about properties that go to a closing date too. If you make an offer and they take it off the market then it's yours. If it goes to a closing date people tend to overplay their hand because they know they're in direct competition so you get people offering stupid amounts of money. One flat I looked at in Tradeston went for 50% over home report with 9 offers in. Absolutely mental. You're almost never going to win a closing date unless you're offering way more than the place is worth. Which is fine if that's what you're willing to pay and you feel you're going to get your moneys worth, but it's not ideal if you've got a budget and you're trying to get as much for your money as you can by squeezing as close as possible the line when looking at prices.
Reddit Link	https://www.reddit.com/r/glasgow/comments/c03u7b/how_much_over_home_report_value_did_you_pay_for/er0orsx/
Created	Thu 13th Jun 2019 11:01am
Status	()

Not too sure about Govanhill specifically, but I was recently looking in a bubble that extends from west end-merchant city, with a bit on the north/south too.

General rule seemed to be...
Home report was higher than "offers over" by either £10k or 10%, whichever is the higher number.

Actual sale price follows the same rule. £10k or 10% higher than home report.

Some flats went for £5k over home report, so the £10k rule isn't absolute. However my mortgage advisor and solicitor both told me quite bluntly if you're not offering at least 5k over home report, you're wasting everyone's time.

Whole process is a bloody nightmare.

Be wary about properties that go to a closing date too.
If you make an offer and they take it off the market then it's yours.

If it goes to a closing date people tend to overplay their hand because they know they're in direct competition so you get people offering stupid amounts of money. One flat I looked at in Tradeston went for 50% over home report with 9 offers in. Absolutely mental.

You're almost never going to win a closing date unless you're offering way more than the place is worth.

Which is fine if that's what you're willing to pay and you feel you're going to get your moneys worth, but it's not ideal if you've got a budget and you're trying to get as much for your money as you can by squeezing as close as possible the line when looking at prices.