Postpone a closing date for offers?

Mouse-Mouse

Hi guys! We are a young couple relocating from England to Scotland, found a home we really like and the closing date for all the offers is tomorrow. Unfortunately, it may take another week or two before my work contract is finalised and therefore I do not want to risk putting an offer before my job is secure.

I was wondering if it’s acceptable to ask the agent to postpone the closing date?
Or maybe there is some wriggle room – for example, some legal requirement for them to announce it (the closing date is not mentioned in advert/particulars and was only mentioned in a phone conversation with an estate agent)?

We are cash buyers and willing to pay above the asking price, I would really appreciate some advice on this.

Voyager2002

I suggest you have a chat with the agent ASAP.

In any case, it would be wise to rent somewhere and get to know the area before buying: there are sure to be other properties you like just as much. And do get to know the Scottish system before getting involved: usually ALL offers have to be above the price stated (they don't usually have an asking price, but invite "offers over" a certain figure.)

Mouse-Mouse

Voyager2002, Thanks for your advice. The obsession with this certain property is a combination of a lot of things including it being repossessed and requiring renovating which is exactly what we were looking for and they don’t seem to happen often.

beecher2

Can't see them postponing the closing date - especially when it is tomorrow. There's no legal requirement to 'announce' closing dates - would've thought your solicitor would be keeping you right on this. I assume you have one based in the area you're purchasing?

Davesnave

Do you know that there aren't other people equally keen to have closure on this matter tomorrow?

If there are, it would be unfair to postpone the closing date, assuming it would be legal to do so.

If there aren't, it would seem that there's no problem.

googler

Your solicitor can try and persuade the selling agents to do so, but he's unlikely to succeed. If they've declared a closing date, they already have competing interest from folks who have either noted interest via their solicitor, or who have offered already.

If you don't have a solicitor local to the area you're purchasing in already, you need to get one. No selling agent will take you seriously until you do.

Sometimes a closing date will be published on websites etc, but as I say - when a closing date is declared, there's probably competing interest already, and it's merely a deadline for those already interested to bid.

Have you requested the Home Report for the property yet?

googler

Another thing - you will need to be absolutely sure of your sale before making an offer in Scotland. When you make an offer in Scotland, your offer forms the initial part of your contract to buy - it contains the offer you make, the contract clauses which will apply, any variations on those clauses, and it contains an entry date. When the seller accepts your offer, you and they are committing to exchange monies and ownership on that day. There's none of the messing around as in E&W where you try and agree an entry date months after acceptance of the offer.

Whilst there's some latitude for changing the entry date post-offer and by mutual agreement, you're likely to get short shrift from the seller and their solicitor if you try and move it more than once.

Hope this helps. Ask if you need to know more.

googler

Last one for now - don't even think of trying to submit an offer after the closing date, trying to trump the others. The only circumstance you'll be able to do this is that where no offer at closing was acceptable, and the house remains on the market.

If an offer is accepted, the house becomes 'Under Offer' and no further offers are accepted. Your solicitor shouldn't even try to tender an offer if the house has gone Under Offer (although there's nothing wrong with them advising the selling agents that you'll still be interested should the current offer fall through).

Mouse-Mouse

Thank you guys for all the advice, we will have to give this one a miss unfortunately. Hopefully something similar will appear soon.

Davesnave

Mouse-Mouse wrote: »

Thank you guys for all the advice, we will have to give this one a miss unfortunately. Hopefully something similar will appear soon.

I think you'll not regret this.

If I were moving to a brand new area, I'd rent for at least 6 months before parting with my cash. There are things you'll find out, which will make your choice informed and more likely to result in good buy.

Mouse-Mouse

Just thought I would write about the ending to my story with this flat - on the day we were to submit an offer for a different apartment, I saw this flat re-advertised again. Turned out the people with the highest bid could not sort out their mortgage in time, neither could the second highest bidders..
Anyway, they put it back on the market and as of two weeks ago I am a proud owner