I've not been involved in the Edinburgh property market for
a good few years, I'm worried by this....

L Reid writes:
Subject: Building Warrants - Buying Flat Without
Date: Thu, 10 Jul 2003 18:35:19 +0100

:
:
As we're paying 64% over the o/o price for the property, I want
the paperwork done and above board before we buy it.

Is this a typo?

You are paying 64 percent over the offers over price?

So (all but) two thirds more than they were asking?

Is this the way of the market at the moment? Did you deliberately go
over-the-top to land a unique gem, or do you believe that others
bidders weren't (going to be) too far behind?

When I were a lad (or some such) the offers over price was meant to be
a reasonably serious statement of what the sellers thought the
property was worth. It would be round about where the valuation
ought to be. Properties sold at around a 10% premium on that.

What sort of valuation did you get?

In another message, you say....

Thankfully the days of having to survey every property before
putting in an offer seem to be behind us, as our solicitor
recommended against getting any surveys done before getting a
place, and just made getting a satisfactory survey a condition of
the offer. Out of the last three properties we bit for (2 colonies
and a comely bank flat), one had 7 notes of interest, 6 offers and
no survey done prior to offering, one had 12 notes of interest 7
offers and no survey, and the latest had 6 notes of interest, 6
offers and 1 survey (valuation). When we got it, we got a
homebuyer survey done, rather than buy a copy of the valuation.

I'm not surprised that people are reluctant to survey if o/o prices
are barely half what they should be!

Robert.

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