We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Closing date in Scotland
Comments
-
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.
I did not say I am experienced in buying/selling/closing dates - dont know how many houses I would need to have bought for you to think I was?
What I have stated is my opinion and on top of that I have put in my bit about what I think a closing date involves which is stating the obvious.
Sorry if you think I am not experienced enough on this subject to say anything - poor show from you!0 -
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!
Are you actually in Scotland? Closing date is just a part of the system here, used less now than it was before the crash but still a valid method of finalising the sale. It's very unlikely that a vendor would go to a closing date unless they had serious notes of interest that would lead them to expect to receive offers.0 -
It's very unlikely that a vendor would go to a closing date unless they had serious notes of interest that would lead them to expect to receive offers.
That, IMHO, is the main purpose of closing dates. The closing date is a way of saying "we know you are interested, now it's time to offer" and pushing the process along.
Unless the closing date is already set, I have always made an offer "out of the blue." Sometimes it is accepted, sometimes it is negotiated and sometimes they come back and say they will be setting a closing date soon.0 -
Are you actually in Scotland? Closing date is just a part of the system here, used less now than it was before the crash but still a valid method of finalising the sale. It's very unlikely that a vendor would go to a closing date unless they had serious notes of interest that would lead them to expect to receive offers.
I think you have misread here. I am in Glasgow. I do know what a closing date is and when it is likely to be set. My post that you are referring to.... I was replying to the OP who reckons a closing date has been set yet they think the agents are just at it to get them to bid higher and there is not actually any other interested party.0 -
I was replying to the OP who reckons a closing date has been set yet they think the agents are just at it to get them to bid higher and there is not actually any other interested party.
Agents should have little to do with it.
Your solicitor notes interest. Their solicitor tells you of the closing date. I'm not sure if there is any obligation to do so, but my solicitor has always been told of other notes of interest when mine goes in. You should, with a closing date approaching, have an idea if there is lots of interest, a couple of people or (almost) nobody.
Agents can lie through their back teeth and nobody cares. Solicitors are regulated and cannot make a statement that they know to be false. Their livelihood depends on being able to practice and they would not jeopardise that for a couple of extra quid.0 -
If the seller's solicitor was doing this, that would be highly unethical.
Now it it was an estate agent, that would be a different matter!!
Ellie, if you are avoiding properties where a closing date has been set, you may be limiting your options.
Lenzie is a desirable area, a friend of my daughter bought there recently and the best houses were selling quite quickly, so closing dates could be quite common.0 -
Thank's for the replie's . I contacted my solicitor today , who told me when she spoke to the selling solicitor today they have 4 note's of interest. Now when she had spoke with them last week . Thier responce was there is 4 or 5 note's of interest . This had went up from the day pervious to this when she was told there is one.
My solicitor aslo said she thought there was something funny going on . I know the seller or the property's parent's and have been keeping in contact with them , which they are happy to do and have even came ot me to talk . They have told me their daughter is wanting to sell the house to us and hoping that we get it .
Thank's again for the replie's . All I can do now is hope that putting 11k over the value of the house mean's we get it .0 -
They have told me their daughter is wanting to sell the house to us and hoping that we get it .
.
Their daughter will want to sell to the person with the strongest offer, ie the price and entry date which suits them best. If they truly wanted to sell the house only to you, they wouldn't have agreed to a closing date.
£11k over valuation sounds a lot, but we don't know the value of the property. Note that your mortgage company will use the valuation, rather than the price paid when calculating LTV.0 -
jennifernil wrote: »If the seller's solicitor was doing this, that would be highly unethical.
Now it it was an estate agent, that would be a different matter!!
An estate agent can tell you the unicorn is included.
A solicitor should tell the truth if they value their ability to practice law.
Normally, the valuation would be the one in the MVR and so you should know the figure the mortgage company are going to use up front. If you are pricing it above assessed value, you take that risk knowingly unlike the crossed-fingers-waiting-for-surveyor that we used to do before Home Reports came in.£11k over valuation sounds a lot, but we don't know the value of the property. Note that your mortgage company will use the valuation, rather than the price paid when calculating LTV.0 -
Normally, the valuation would be the one in the MVR and so you should know the figure the mortgage company are going to use up front. If you are pricing it above assessed value, you take that risk knowingly unlike the crossed-fingers-waiting-for-surveyor that we used to do before Home Reports came in.
Sorry, wasn't clear. I meant that 11k over might not be much if the property's worth 250k, but is a lot if it is 100k.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards