Understanding the asking price

The “asking price” plays a pivotal role in the Scottish property market, serving as the initial point of reference for buyers and sellers alike. It represents the amount that sellers hope to achieve from the sale of their property. However, it’s essential to recognise that the asking price may not always align with the final sale price. Sellers often aim to secure a higher amount than what is initially listed.

What other pricing terms exist for property?

In addition to the asking price, various pricing terms are commonly used in property listings. Each term has its own implications for negotiation and sale. For instance, “offers over” indicates that the seller is hoping for offers above the listed price, while “offers in the region of” suggests a more flexible pricing approach, open to negotiation. Understanding these terms is crucial for both buyers and sellers to navigate the property market effectively.

Making offers

When making offers on a property, buyers must consider multiple factors, including the asking price, property condition, and market demand. While properties frequently sell for amounts above the asking price, buyers should work closely with their TSPC solicitor estate agent to devise a competitive offer strategy tailored to the specific circumstances of the transaction.

Impact on mortgage

It’s also essential to understand the impact of the asking price on mortgage eligibility. While mortgage lenders consider the Home Report valuation of the property, they may also take into account the asking price during the assessment process. However, any amount offered above the Home Report valuation must be covered by the buyer’s finances, separate from the mortgage amount. This underscores the importance of accurately assessing the property’s value and negotiating effectively during the buying process.

Ready to begin?

Ready to embark on your property journey? Connect with a TSPC solicitor estate agent today to leverage their expertise and find your ideal home.