scotland-can i only make 1 offer?

wild_tiger

If you make a low offer on a property for sale then the seller decides to make a closing date can you then increase the offer or do you just get one chance?

There is no closing date at the moment but there are other noted interests in the property obviously i'd like to offer low in the hope they agree but i'm not sure on the process in Scotland.

jennifernil

yes, no problem. If your first offer is refused you can go back with an increased one.

davidmcn

Yes you can, but if there are other interests noted then it's likely that a closing date will be set, in which case you're wasting your time (and showing your hand too early). Your solicitor will advise you on best course of action.

System

put your offer in and say it's only valid for a day or so, then if it gets rejected and goes to a closing date you at least know you have to make a bigger offer (maybe)

trailingspouse

Normally there's a closing date, by which all offers need to be in. You can offer whatever you want, but the sellers don't need to accept it (even if it's the only offer). And obviously they are likely to accept the highest offer. Once the offer is accepted, the contract is binding.

This has a variety of implications -

-you need to offer what you think the property is worth, because if you offer less and someone else's offer is accepted, you will kick yourself.
-you can only make an offer on one house at a time, because if you made an offer on two and both were accepted, you would have a binding contract on two houses.

I think there is nothing to stop you increasing the offer that you currently have on the house - like I say, all you can do is offer what you are prepared to pay, and hope for the best.

glasgowdan

trailingspouse wrote: »

nly offer) Once the offer is accepted, the contract is binding.

No it's not.

Once you have concluded missives, it's binding.