This kind of bears out what I surmised about it being a lottery and a
bit of a scam. For those buyers at £100k were really scammed by having
to pin the tail on the donkey blindfold. I don't think the system is
fair at all. Sure, they secured their property at 100k, but it would
tend to push all the prices up. Therefore, not only is the system
unfair it is also inflationary.
Sealed bids are for properties that have more than one person interested.
There is also nothing stopping a person making an offer on a property when
it's offers over, and sometimes people (like me that were running out of
time before we were due to move!) will take the offer rather than go to
closing (when bids are asked for). Normally if a seller hasn't had any notes
of interest after a few weeks (or really needs to shift their property) they
will put it on at a fixed price.
Have a look at www.espc.co.uk for edinburgh properties.
| "Owain" wrote
| > move to Scotland
| No - no - no -no !!!!! :-)
| Well - move to Scotland, yes - but only buy FIXED-PRICE.....
| A friend of mine has been - for 6 months - trying to buy a flat in and
| around Edinburgh.
The Scottish system works well providing the ratio of buyers to sellers is
reasonably well matched. There is simply a shortage of property in
On 10 Aug 2003 05:50:59 -0700, email@example.com (Phil) wrote:
A prospective purchaser would go to www.myhouseprice.com and find out
exactly how much the other properties in the street sold for. Note
this is the registered sale price at the Land Registery. This then
gives an ideal figure on which to base an offer.
When someone goes to an auction they should have in their head a
figure which represents value to them and above which they will not be
tempted, same when bidding for a house.
On Sun, 10 Aug 2003 18:36:05 GMT, firstname.lastname@example.org wrote:
Just dont try to buy a valuation using a Visa Delta Debit card -It says
you cannot pay in GBP using such a card . First time I have ever heard
that one !!!!!!
Remove YOURPANTS before E-mailing Me
What's the difference from England? Most put in an offer too. So you've
got to know either what they sell for or what it's worth to you. The only
difference is the starting point - on one you go higher - the other
*The closest I ever got to a 4.0 in school was my blood alcohol content*
Dave Plowman email@example.com London SW 12
What type of flat is she looking for? As she's not got one I'm assuming she
wants a desirable tenament or lower colony flat rather than a modern flat.
FWIW, I've just went through the same process, and it looks like the housing
markets cooling a bit. I did do quite a bit of research though, and this is
what I'd suggest.
1) Get a solicitor that will provide you with lots of information from the
ESPC database. One or two properties are no good. You need to be able to
look over the prices for your street and the streets next to it for the last
year (this is to give you an idea of the average offers over price and the
average selling price).
2) Decide on the areas you want to live, and concentrate on them. View the
flats that come up for sale in those areas, note the offers over prices,
have a look at the flat to get a good idea what it's like and put in an
offer, or find out how much it went for when it sold. Also look at similar
flats in the same area that you wouldn't want to live in (for example, too
much work needing done to it) in order to give you an idea of the difference
between the 'average' offers over price for the area for the condition of
3) Bear in mind that solicitors generally put a property in at about 10%
under what they 'think' it will survey for (for the average seller). If they
have a seller that needs to shift a property quickly (e.g. if they've bought
another property), or if the seller's not in a hurry, they'll move these
prices down or up to either attract more buyers or less (but more expensive)
4) Generally on the properties I offered on (and did my research on),
tenament and colony flats went for 36-37% over the offers over price. I also
found that modern flats go for around 20% over the offers over price.
5) The property we bought we offered 64% over the offers over price. The
reason for this is we'd looked at 2 others in the same area and had prices
for streets in the area and could see that the property should have been in
at offers over 20K more than it was, and it was on;y in at that price as the
owners needed to sell quickly (indeed was concluded 5 days after going on
the market). Indeed this was bourne out by the survey which valued the
property at 4% under what we'd paid for it. Knowing what that flat would go
for in that area set our bid, not the offers over price.
6) Don't get a survey done before putting in an offer. There's nothing worse
than valuing or surveying a property and putting in an offer only to miss
out on it, as it's money for nothing. When you've missed out on 2 or 3 you
really start to resent it. Besides, on most properties you'd probably feel
better getting a homebuyers or structural done before parting with your
cash. Offer subject to satisfactory survey. Our solicitor was adamant that
no survey was necessary prior to winning the bidding war.
And lastly, good luck!
FYI the Registers of Scotland (Can't remember the website - I'm sure a
quick google would find it) will do a property search for about £5.
This provides the actual selling price of all properties on a post
code for the last six months. Covers quite a wide area in a town.
Great if you are butying or even if just curious.
lr> This looks like a handy site (esp for buyers outwith the ediburgh area),lr> though for the edinburgh / lothians / fife area the ESPC's database is farlr> more up to date,
In other areas of Scotland, the other SPCs are the best source for the
Also, the SPC databases will contain more details of the properties,
so making it easier to estimate how each relates to the one you are
Mail me as snipped-for-privacy@MYLASTNAME.org.uk _O_
On Tue, 12 Aug 2003 17:37:01 GMT, firstname.lastname@example.org wrote:
No - this is £1 per property with £2 minimum. The Registers of
Scotland gives _all_properties in the post code area for the last 6
months. So it depends on whether you are interested in a particular
property or an idea of the prices in an area.
Of course. (It was a company move, so not my money :-)) The obvious next
question of course is, what did the valuer say ? I can't honestly remember.
This was in 1990 just as prices were coming off the boil. I think most
parties were trying to talk the house up. We could have lost it, but as it
was the first one we'd decided to make an offer on, it wouldn't have been
the end of the world.
What was particularly noticeable was the size of house and plot that was
being built in the 70s in fairly middle-of-the-road areas in Scotland,
compared to England. By the 90s, it was the typical Barratt boxes 3 feet
apart and 20 to the acre, sadly.
p> Well - move to Scotland, yes - but only buy FIXED-PRICE.....
Well, that is like saying `buy from someone deseprate to sell and get
in quick'', yes it is good if you can do it anywhere, under any
system, but it's luck more than anything. (I did buy fixed price in
p> A friend of mine has been - for 6 months - trying to buy a flat in andp> around Edinburgh.
That is unrelated to the system. The housing market in Edinburgh is
just very very active.
p> The system in Scotland is positively Kafkaesque in its design.
Dead simple. Make an offer, top offer wins.
Compare that to the English system where wheter you get the property
depends on comples political manouvering by all the agents, sellers
and buyers involved in a chain.
p> 2. There are no rules or guides - solicitors have been hopeless -p> their advice has been largely based on rule no. 1 - see above.
Get a better solicitor. Mine managed to give reasonably good
predictions of the selling price of the couple fo properties I put
bids in for before I got this one (in both cases I bid below the
prediction on the off chance, so wasn't supprised I didn't get them).
p> 3. After nearly twenty flats - she, and all her family - would givep> anything to have the English system with gazumping, chains etc
Why? They would still be looking at flats, but putting in bids, doing
all the followup work and _then_ not getting it. The advantage to the
closed bids system is that the decision is simple and quick.
Actually the big advantage of the Scottish market is that solicitors
are by nature cooperative, where estate agents by nature fight like
ferrets in a sack. The result is that in each scottish city there is
one place you can go and look at almost all of the property for sale
in the entire region, and one publication with all those details in. I
can't believe anyone manages to find a home in England where each
estate agent keeps their litle list to themselves, it must be a full
time job just finidng out what properties are up for sale.
Mail me as snipped-for-privacy@MYLASTNAME.org.uk _O_
"Richard Caley" wrote
| p> The system in Scotland is positively Kafkaesque in its design.
| Dead simple. Make an offer, top offer wins.
It's worth talking to the vendor about date of entry before offering; I've
known (I once worked in an estate agency office) an offer that had the date
of entry the vendor wanted be accepted in preference to a higher one that
was less convenient.
| I can't believe anyone manages to find a home in England where each
| estate agent keeps their litle list to themselves, it must be a full
| time job just finidng out what properties are up for sale.
I was looking at a Mid-Wales estate agent's website recently and couldn't
believe how little information they gave; not even the full address of the
property, and certainly no schedules downloadable as PDF, no online mapping,
etc. I wonder what they actually do to justify their commission, when I
think you can get a listing on espc.com from £99.
It's always worth remembering also that these things are negociable to a
certain degree. Place we just bought we had a 3 month move in date (to give
us time to sell our place) and seller was happy with it (though property
been empty for 2 1/2 months now). I think with these things the seller would
come back and say you won the bid, however could you move in blah date
instead, and a bit of negociation ensues.
£190 for edinburgh one currently (for 6months if you need it)
o> I was looking at a Mid-Wales estate agent's website recently and couldn'to> believe how little information they gave; not even the full address of theo> property, and certainly no schedules downloadable as PDF, no online mapping,o> etc. I wonder what they actually do to justify their commission, when Io> think you can get a listing on espc.com from £99.
From working indirectly with EAs in England, Wales and NI, my
impression is that their primary aim in life is to get you into their
office so they can sell you something. Hence giving you information is
a Bad Thing, all they want to give you is a tease to get you to talk
Property handling solicitors in Scotland are happy to get the
information in front of you (of course, presented to the sellers
advantage). That's especially true in Edinburgh with the, I think,
unique open-house viewing system which means that there is no one
attempting to sell you the property at all. Very pleasent.
Mail me as snipped-for-privacy@MYLASTNAME.org.uk _O_
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