Scotland FTB - buying outright, advice needed.

fart

beecher2 wrote: »

I think you should phone your solicitor and ask them for advice. He is the person who will be putting the sealed bid in on your behalf so trust what he's saying.

Remember, no-one will be 'stewing' about your offer if it is a repo. I don't think you should be pretending to be a prospective viewer - just make sure your solicitor is up to date with all the facts as they'll keep you right.

Well they've told me that it's going to a closing date on Monday so i guess i should trust them :j

beecher2

fart wrote: »

Well they've told me that it's going to a closing date on Monday so i guess i should trust them :j

Yes, you should - try not to worry about it and as googler says, things are thankfully very different up here when it comes to buying/selling houses. In my experience, solicitors are great for giving impartial and sensible advice so trust what they're saying.

googler

fart wrote: »

Well they've told me that it's going to a closing date on Monday so i guess i should trust them :j

This sounds grudging, as though you never really trusted your own solicitor in the first place. Is this so? If so, why...?

fart

googler wrote: »

This sounds grudging, as though you never really trusted your own solicitor in the first place. Is this so? If so, why...?

I don't trust anyone, especially not with over £60k of my money

I just have heard some horror stories about EA's (sister used to work for one) and i look from the perspective of the EA who knows there's lots of interest. Saying it's going to closing forces people to bid but maybe they've not had any other firm bids yet and so the property (even on their own website) doesn't state it's a closing date at all. I just find it weird that they've left it there so prospective people are going to be asking for viewings after a closing date. This is all just my paranoid thinking anyway.

What would happen if no offers were accepted?

googler

fart wrote: »

I don't trust anyone, especially not with over £60k of my money

You're not paying your solicitor £60k. You're paying them a fee to handle your £60k.


I just have heard some horror stories about EA's (sister used to work for one)

...but none about the firms involved in this transaction?

Saying it's going to closing forces people to bid but maybe they've not had any other firm bids yet and so the property (even on their own website) doesn't state it's a closing date at all.

The general scenario is that if closing is mid-day on Monday, your solicitor, and any others involved, send the offers to the selling agent on Monday morning as close to mid-day as they can, not days in advance. Go on, ask your solicitor about it.

I just find it weird that they've left it there so prospective people are going to be asking for viewings after a closing date. This is all just my paranoid thinking anyway.

If an offer is accepted at closing, it's marked Under Offer and no more viewings are accepted unless the accepted offer falls through or is withdrawn. If anyone calls up now, I'd expect the selling agent to tell them it's closing for offers on Monday.

What would happen if no offers were accepted?

If no offers acceptable to the seller are received at closing, it goes back on the market, and you, and any other party are welcome to offer again thereafter.

fart

googler wrote: »

The general scenario is that if closing is mid-day on Monday, your solicitor, and any others involved, send the offers to the selling agent on Monday morning as close to mid-day as they can, not days in advance. Go on, ask your solicitor about it.

Why as close to midday as possible? Does that make a difference?

Also i've seen plenty of properties up here marked as 'Closing Date set for X day' - which is why i was unsure.

googler

fart wrote: »

Why as close to midday as possible? Does that make a difference?

I think it may have evolved so that buyers wouldn't be hit by second thoughts, and ask their solicitors to modify their offer at a whim.

If closing is at 12.00 (as it typically is on a closing day), and your solicitor faxes your offer at 11.58, there's no going back, as there's not enough time to change your mind and send another offer.

Here's a blog on the topic. The Law Society guidelines are on their website.

http://www.mov8realestate.com/blog/item/87-what-is-a-closing-date-in-scottish-property#.UgNxs9L_nTo

fart

googler wrote: »

I think it may have evolved so that buyers wouldn't be hit by second thoughts, and ask their solicitors to modify their offer at a whim.

If closing is at 12.00 (as it typically is on a closing day), and your solicitor faxes your offer at 11.58, there's no going back, as there's not enough time to change your mind and send another offer.

Here's a blog on the topic. The Law Society guidelines are on their website.

http://www.mov8realestate.com/blog/item/87-what-is-a-closing-date-in-scottish-property#.UgNxs9L_nTo

I've already read that thanks

I'm going to put our offer to our solicitor now then, and they can fax it whenever they like haha.

fart

Offer accepted for £62k cash! House sold for £80k in 2006, bargain! Very excited!!!!!