Just seen another horror story

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wrote:

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.
MM
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'Offer's over' is becoming much less now. 'Fixed price' can be seen in all the estate agents windows
Ophelia Scotland
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On Sun, 10 Aug 2003 14:26:16 +0100, "Ophelia"

Oh, that surprises me. I always thought that the "offers over" and sealed bids system was the only legal way of buying property in Scotland.
MM
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wrote:

Not now:)
Ophelia
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wrote:

in
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.
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"Phil" wrote | "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 Edinburgh.
Owain
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On 10 Aug 2003 05:50:59 -0700, snipped-for-privacy@philandlaura.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.
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On Sun, 10 Aug 2003 18:36:05 GMT, snipped-for-privacy@freeserve.co.uk 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 !!!!!! Stuart ---------
Remove YOURPANTS before E-mailing Me
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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 usually lower.
--
*The closest I ever got to a 4.0 in school was my blood alcohol content*

Dave Plowman snipped-for-privacy@argonet.co.uk London SW 12
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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 the flat. 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) buyers. 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!
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On Sun, 10 Aug 2003 23:42:32 +0100, "L Reid"

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.
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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 far lr> more up to date,
In other areas of Scotland, the other SPCs are the best source for the same reason.
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 interested in.
--
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On Tue, 12 Aug 2003 00:08:59 +0100, "L Reid"

You get this same from this site for only 2 www.myhouseprice.com
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On Tue, 12 Aug 2003 17:37:01 GMT, snipped-for-privacy@freeserve.co.uk 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.
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wrote:

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.
--
John

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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 Edinburgh hahahahha!).
p> A friend of mine has been - for 6 months - trying to buy a flat in and p> 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 give p> 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.
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"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.
Owain
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date
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)
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Try French agents, even less information, particularly regarding where the property is.
--
Chris Green ( snipped-for-privacy@x-1.net)

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o> I was looking at a Mid-Wales estate agent's website recently and couldn't o> believe how little information they gave; not even the full address of the o> property, and certainly no schedules downloadable as PDF, no online mapping, o> etc. I wonder what they actually do to justify their commission, when I o> 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 to them.
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.
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