Closing Date Cancelled - Scotland

Firsttimebuyer2021

Hi everyone,

Seen a property yesterday that we both liked however we then found out the closing date was less than 24 hours away. Deciding it was too quickly to think and make an offer we left it. 

Received a phone call this morning after the closing date from the Estate Agents advising that the closing date was cancelled and that they are taking offers all next week...

Does this mean that no one offered at closing date or just some sales tactic? 

The house WAS previously sold about 2 month ago however the buyer couldn’t get a mortgage and the current owners have found a new property and wanting a buyer quickly! 

user1977

Doesn't necessarily mean nobody offered (there's no obligation on the sellers to accept any offer) but maybe not enough competition by the time the day came along - buyers might have seen something else and lost interest etc.

Firsttimebuyer2021

Ah ok thank you for your reply! We’re thinking about offering the home report value and then just taking the negotiation from there and seeing what happens 

[Deleted User]

Firsttimebuyer2021 said:

Ah ok thank you for your reply! We’re thinking about offering the home report value and then just taking the negotiation from there and seeing what happens 

What is your solicitor advising in terms of how much to offer? 

Firsttimebuyer2021

@Lover_of_Lycra The solicitor advised to go in at exactly home report value with the fact as FTB we are in no rush and have got flexibility for moving dates etc, I was thinking going in at the Estate Agents price and then allowing negotiations to happen to bring us up to home report and then maybe a few k over? 

[Deleted User]

Firsttimebuyer2021 said:

@Lover_of_Lycra The solicitor advised to go in at exactly home report value with the fact as FTB we are in no rush and have got flexibility for moving dates etc, I was thinking going in at the Estate Agents price and then allowing negotiations to happen to bring us up to home report and then maybe a few k over? 

Have you run this plan about negotiating the price past your solicitor since your solicitor is going to be the one submitting multiple offers. 

user1977

Properties which sell at closing dates generally go for above HR value (often way above). So if this is the type of property where you'd expect it to go to a closing date, why would they let it go for HR value (or even less)? You'd probably need to offer above for them to sell to you, rather than continue marketing until they have enough potential buyers to set another closing date.

Firsttimebuyer2021

@Lover_of_Lycra Yes we asked the solicitor if that’s ok for them to do, They are a family friend and are more than happy as they said it should only take a short time to readjust the figures and send over 

Firsttimebuyer2021

@user1977 My thought process about it was as the property had went to closing date and then was still not sold and the EA now saying they are happily wanting offers we would just start around either the Home Report or the EA valuation as there’s only about £3k of a difference...We do like the property and would happily live at it however we are in no rush to go silly prices above and beyond we would rather hold out and see if another appears as we are in no rush and are more than happy to wait till next year as well