Closing date in Scotland

billyvtr

Hi ,

We have seen a house that has the closing date set for this Thurday at 12pm . What happen's about this, Is it just he case of me contacting your solicitor and asking them to put a price in for us . If so , do the seller's get to know who has made the bid's etc .

Sorry if this seem's a silly question I have never dealt with a closing date .

Thank's Billy

ellie27

I hate closing dates!

It put me off a house a couple of weeks ago as it went to closing date, I didnt take part in it.

I have never entered one, but I do think its just a case of you put in what you want to pay. I do think the buyer knows who put in the offers as they dont necessarily choose the highest bid eg it could be the highest bid is someone who has not sold their current property etc.

Make sure the agents know your situation eg if you are ftb or sold or have mortgage ready etc.

billyvtr

We are in the process of concluding missive's with the purchaser of our house , mortgage was in principal and has now gone away for a full offer mid last week . It was last week I found out about the closing date . As I tried to make an offer on the property .

I think the selling solicitor may be " at it " When my solicitor got in toucj to make the offer she was told there was an offer on the table . I know person who is selling's parent's and asked them to be told there was no offer that they knew of, The day after my solicitor was told there was a closing date and there is now 3 interested partie's . I'm sure the selling solicitor is only doing thi sot try and push teh price up . My own parent's tried around 15 year ago to buy a house and it was the same selling agent and it when along the line's that I have just been through .

ellie27

So annoying.

Its awful if some agents do that, as I said above that I walked away from the property due to closing date and if there was no other offers then they would have looked stupid and the seller would have been annoyed surely!

googler

billyvtr wrote: »

Hi ,

We have seen a house that has the closing date set for this Thurday at 12pm . What happen's about this, Is it just he case of me contacting your solicitor and asking them to put a price in for us . If so , do the seller's get to know who has made the bid's etc .

Sorry if this seem's a silly question I have never dealt with a closing date .

If you want to make an offer, you have to get your solicitor to make that offer, in writing, to the selling solicitor, before that date/time.

The sellers are within their rights to know who has bid on their property. Your name must be shown on the offer.

googler

ellie27 wrote: »

I hate closing dates!

It put me off a house a couple of weeks ago as it went to closing date, I didnt take part in it.

I have never entered one, but I do think its just a case of you put in what you want to pay. I do think the buyer knows who put in the offers as they dont necessarily choose the highest bid eg it could be the highest bid is someone who has not sold their current property etc.

Make sure the agents know your situation eg if you are ftb or sold or have mortgage ready etc.

By your own admission, you've bought one new-build, and are currently in the process of your first pre-owned purchase. I'm sorry, but you're not really in a position of experience on this.

googler

billyvtr wrote: »

I'm sure the selling solicitor is only doing thi sot try and push teh price up.

Yes. The idea of a closing date is to force the buyers into action, and to maximise the selling price of the property. That's what the selling agent is being paid to do. That's what their client, the seller, wants them to do.

When you come to sell, you'll want your agent to do this too.

vein

googler wrote: »

By your own admission, you've bought one new-build, and are currently in the process of your first pre-owned purchase. I'm sorry, but you're not really in a position of experience on this.

Maybe not experienced, but she is right though...

googler

vein wrote: »

Maybe not experienced, but she is right though...

OK, lets' examine ...

I hate closing dates! (Maybe true)

It put me off a house a couple of weeks ago as it went to closing date, I didnt take part in it. I have never entered one,

(Unsurprising, as this is the poster's first pre-owned purchase. But why offer advice on the subject if you've never participated in the process?)

but I do think its just a case of you put in what you want to pay.

(This is the whole point of the closing date, to encourage buyers to action, and to gain the highest price possible. So whilst the poster is 'right' the statement virtually goes without saying...)


I do think the buyer knows who put in the offers as they dont necessarily choose the highest bid eg it could be the highest bid is someone who has not sold their current property etc.

(Correct, but for the wrong reason. The buyer and their solicitor know who has offered because the offer states the party or parties on whose behalf the purchasing/buying solicitor is making the offer! It's in black and white in the offer letter.....)

vein

googler wrote: »

OK, lets' examine ...

I hate closing dates! (Maybe true)

It put me off a house a couple of weeks ago as it went to closing date, I didnt take part in it. I have never entered one,

(Unsurprising, as this is the poster's first pre-owned purchase. But why offer advice on the subject if you've never participated in the process?)

but I do think its just a case of you put in what you want to pay.

(This is the whole point of the closing date, to encourage buyers to action, and to gain the highest price possible. So whilst the poster is 'right' the statement virtually goes without saying...)


I do think the buyer knows who put in the offers as they dont necessarily choose the highest bid eg it could be the highest bid is someone who has not sold their current property etc.

(Correct, but for the wrong reason. The buyer and their solicitor know who has offered because the offer states the party or parties on whose behalf the purchasing/buying solicitor is making the offer! It's in black and white in the offer letter.....)

I would hope that once you read back through this thread you will offer an apology to Ellie. All she has done is state an opinion and a few facts she has picked up. I must have missed the rule where you must be a subject matter expert before you are allowed to contribute to a thread on this site. Its posts such as yours that discourage new members from contributing to the site.

For the record the written offer does state the buyers financial position which can help the seller determine which offer is best to accept and means its not always the highest that wins.

vein

billyvtr wrote: »

We are in the process of concluding missive's with the purchaser of our house , mortgage was in principal and has now gone away for a full offer mid last week . It was last week I found out about the closing date . As I tried to make an offer on the property .

I think the selling solicitor may be " at it " When my solicitor got in toucj to make the offer she was told there was an offer on the table . I know person who is selling's parent's and asked them to be told there was no offer that they knew of, The day after my solicitor was told there was a closing date and there is now 3 interested partie's . I'm sure the selling solicitor is only doing thi sot try and push teh price up . My own parent's tried around 15 year ago to buy a house and it was the same selling agent and it when along the line's that I have just been through .

You should ask your solicitor if the other interest in the property has been officially submitted to the selling solicitor as 'notes of interest' which would need to be done via a solicitor. If so I would think its unlikely that the selling solicitor is at it.