fixed price houses

[FishDUDE]

hello,

what is the story with fixed price house? do you have to give the price or can you offer? i'm in scotland by the by - so normaly its offers over.

just asking as i'm planning on moving to a wee 3 bed semi for a fixed price of £110,000 and am selling our flat which is offers over £69,000.

now another question, our flat has been on the market now for 5 days and had 1 viewing and 2 offers, both from developers, first for £75,000 the next for £77,000. I think i should wait for a week or 2 to see if a retail punter is intrested - what do you think?

[JagoPlasma]

i presume fixed price means thats a price they will accept. as you say in scotland its different, basically everyones house is an auction and your not allowed to start below the initial asking price.

so maybe fixed is the "buy it now" of house selling

[doopydug]

Well, when I bought my house I offered them 10k below the fixed price and they accepted (Fife).

Where abouts are you?

It all depends on the local market and trading conditions

[unique]

i suggest you speak to your solicitor about it as they can lookup what other properties in the same area went for, advise the market position, etc, and perhaps give some advice about the right price to bid

most properties in scotland are "offers over" and most prices listed are about 25%-30% less than the amount they realistically want, and ultimately get, which makes it very difficult for buyers

fixed price properties are usually looking for a quick sale, or they have previously been on sale with an "offers over" price and it didn't sell, so they put it on at a fixed price (which is how i got my flat). depending on how long it's been onsale at a fixed price, and the interest in the property, and current and recent prices of similar properties in the area will depend on how much you might get it for - thats where the solicitor can best advise. you might get away with knocking off £5k but probably not much more. my friend managed to get his flat at about £15k under asking price, but the property was about £225K fixed, and there is a bit less availability of customers at the higher end of the market (it's just a 2 bedroom flat), but at the cheaper entry level side of the market there are so many buyers trying to get what they can, and sellers are normally reluctant to take less than asking price on a fixed price property.

with my property, it went onsale at a fixed price and in the morning after the first showing at that price there were 5 other people putting in the same fixed price offer. i'm not sure how long it had been onsale previously (i only recently upped the sum of money i could spend, so i wasn't looking in the price bracket before), but obviously it went from no interest to big interest just because of the fixed price. i got in there first as i gave my solicitor notification in the evening so he could get my bid in first thing in the morning before anyone else had the chance to speak to thier solicitor in the morning, prepare the documents and put in a bid. but in your case, the more you delay, if it's still on sale, the better chance you have of getting it - but if you leave it too long the property could sell to someone else, who may even get it under the fixed price

have you thought of putting your own property on at a fixed price btw? if you have those offers you could try £80k - some people will only look at properties if they are for sale at a fixed price as they want to avoid the bidding wars. your solicitor would give the best advice on this. you could even ask the developers if they would pay £80k and you would take it

[miceri]

Here in Sweden we use a term called 'Accept Price'.

Which is effectively the asking price that you are willing to accept if their is not subsequent bidding upwards. It means no bids lower than this, but obviously it doesn't stop several people from bidding higher and higher.

when we bought our new house a few weeks ago, the sellers had a starting price. We were the only interested party, so we bid that. But they backed off a little, telling the agent that they were expecting bids and a little more cash in reality. So we actually upped our own bid slightly, to go halfway fom the asking price to their 'accept price'. They took the bid in the end.

I wish people would put realistic figures as asking / starting prices to avoid this confusion. Yes, we can all accept more money, but please tell us what you will not accept also...

Good luck, semms to me like you might have reached the ceiling for selling your current house.

[Paul_HDLover]

Im in Edinburgh and last year offerred 5% below the fixed price and got it. Happy days as it was valued at the fixed price so instantly made £10k.

The way I look at these things is what do you feel its worth and if it was yours what would you be happy to accept. I think generally when a property is on at fixed price its at the top end - unrealistic side of the owners expectations so depending on the type of property I would always test the water with a 10% less offer and give them 24 hours to respond. If that fails you can be fairly sure a 5% will seal the deal (Generally).

[geomuss]

why wait for a punter?

if the developers are giving you a price you find reasonable then sell.

you can offer under the fixed price, but you risk losing it for the sake of a couple of grand!

how long has the other property been on the market?

maybe been on a while and has not sold, so now went to fix price?

it seems that you like the house, so offer the fixed price and take it from there!

it really is a sellers market just now, as you know with trying to sell yours!

[shodan]

Take the 77G and be done with it!!!

[JagoPlasma]

do they have an equivilent to www.houseprices.co.uk up there?

[Paul_HDLover]

www.ourproperty.co.uk is free and covers the whole of the UK. Forget myhouseprice.