Closing date (Scotland)

vegasvisitor

Hi

I am a seller and have set a closing date of tomorrow as we have 2 notes of interest on our house. The estate agent will call me shortly after the given time, she said she will then go over the offers with me (and that they will come in very near to the closing time).

How much info will they give me? Will I know who gave what offer, etc. Obviously we have met both parties involved during viewings, it's even making me nervous as I'm going to find it hard to decide, and will feel bad both parties, but one in particular who has been quite open with us about buying the house.

Also we're keen to see what our sale price is going to be. We have our house on at guide price £2k under home report value. Any thoughts on what is likely to happen? I didn't sleep too good last night and I guess tonight will be the same :j

googler

You're paying them. They should tell you everything you want to know.

vegasvisitor

Someone I know suggested that the bids may be 'anonymous' as they'd seen it done on tv like that before?

I had though they would say the names and the amounts, entry date, the lot basically? I was expecting that level of info, was I wrong to think that? I haven't spoken to the agent since yesterday, she said she'd call me as soon as the bids were there.

Owain_Moneysaver

The offer letters will be from the prospective buyers' solicitors in a fairly standard form of "we offer to buy on behalf of our clients Mr and Mrs Brown ... possibly the buyer's address ..." together with the amount, probably the proposed date of entry, and some legal verbiage.

As the seller you are not bound to accept the highest, or any, offer.

vegasvisitor

Thanks for that, seems the name will be disclosed then. I wondered also if I'd be playing guessing games about which is which!

I know I just have to be patient. We'll know tomorrow afternoon what the offers are. I'm sort of wondering if they would still offer under (commonplace here to offer £5k under etc in current market). They only have one chance though really so I guess they won't be cheeky about it if it's what they want. Hope I get to sleep tonight, too exciting for me. I bet it's worse for the potential buyers though!

sandiep

Bet that they're sleeping even worse!

One question thought that you might not want to hear - how long ago were the notes of interest put in? Because if one of them is old don't be disappointed if it doesn't actually generate an offer letter.

Don't be emotional about this, be pratical. You aren't going to get any rewards from anyone for selling to the "nicer" people, simply choose the one that presents the best package to you be that financial, or speed, or the one that you think isn't going to mess around (ie mortgage sorted). the underbidder will go away and find themselves another house so you can't count on them being around if the first one drops out.

And get missives signed quickly. Some solicitors are really dragging these out now, but when we sold our house (Feb) both solicitiors had missives all signed and tied up within 10 days of the offer being accepted.

vegasvisitor

Thanks Sandiep

Notes of interest were Monday and Tuesday of this week, so really quite sure they'll both offer, as they have told the estate agent yesterday that they will be in the position to offer. One wanted it to be asap, the other had only 2nd viewed monday and note of interest tuesday, so they wanted a few days to get things in place.

I know, I do feel sorrier for them, they will of course be more nervy than us. I guess I just have to be patient, and hope it works out nicely, and of course that the offer we choose (assuming either are acceptable) will go through ok.

jennifernil

Normally once they offer and you accept then that is it. Unless there are conditions on the offer, it is firm, and once accepted it is binding on both parties. If either wishes to withdraw then it will cost them/you.

vegasvisitor

I believe either party can still withdraw before missives are concluded. After that point it becomes costly if either tries to withdraw.

We have a concluded missive on our purchase so we definitely won't withdraw.

googler

Solicitors in the larger Scottish cities are tending to use standard offer clauses these days, and the offer letter is also standardised.

Google "(your city) standard offer clauses" and the documents with the detail you seek shouldn't be far away....

googler

Google "edinburgh standard clauses 2009 edition" and the pdf with the standard offer letter on p3 is the fourth result down.... the one with 'network scan data' in the title.

As you can see, the offer has to include the name and address of the buyer making the offer.

You can always go in to your agent's office to wait for the faxes to roll in.....