Giving myself the best opportunity at closing date.

[Deleted User]

Hello,

I am a FTB who hasn't had much luck with the property market thus far! I was gazumped in March this year, whereby my offer was accepted and then rejected a few days later, when someone offered significantly more. I have now found a property in the same area in Scotland and adore it. I submitted an offer this morning but was told it would be going to a closing date next week as they have had a lot of interest. This is unsurprising, really, but I want to give myself the best opportunity here, given previous bad luck, my love for the property and the fact my rental situation is untenable and I want to get out ASAP.

The house is offers over £95k. I asked the seller what he'd be looking for and he said £110k. I offered £112,400. I realise I will have to offer more now, but don't want to be silly about it. I wonder what you guys think, is there anything I can do to secure the house other than offer an obscene amount of money? I am chain-free and very flexible. Maybe I'm just getting a bit desperate and don't want to deal with another disappointment. Thanks!

comeandgo

You will have to offer as much as you are comfortable with and if you loose out then you tried your best.  There is no second chance or negotiations.

user1977

Deleted_User said:

I am chain-free and very flexible.

Those are the only things you can stress, in case you're not the highest offer but the sellers think you're a more straightforward choice than somebody who is also selling.

[Deleted User]

user1977 said:

Those are the only things you can stress, in case you're not the highest offer but the sellers think you're a more straightforward choice than somebody who is also selling.

That's good to know. Ultimately, what I've learned is that it comes down to money. 

sheramber

I bought in the Edinburgh area two years ago. 

I offered 16% over the asking price. the fact that I had already sold, moved out, was a cash buyer and flexible with the entry day were what gained me the house. My solicitor stressed these points when submitting the offer.

Are you using a local solicitor? If so, he should have an idea of what sort of price you need to consider and then you need to decide if the house is worth that price to you.

london21

Once your offer is accepted, be proactive send them your details, AIP, proof of deposit, solicitors details, mortgage broker if you have one etc. and insist the property is removed marked as sold to prevent someone else coming along to offer more.

Can tell the agent that you are ok using their broker (sometimes they select you because they like to be kept up to date) but once offer is accepted you do not have to use their broker if you do not want to. Some do not charge as the lender pays them commission e.g. Halifax.

Offer what you are comfortable with and state whether or not you are in a chain, deposit, inform them you are looking to complete quickly etc.

You can only try your best, and hope for the best.

user1977

london21 said:

Once your offer is accepted, be proactive send them your details, AIP, proof of deposit, solicitors details, mortgage broker if you have one etc. and insist the property is removed marked as sold to prevent someone else coming along to offer more.

The OP is buying in Scotland, where much of this is inapplicable (e.g. their solicitor submits the offer, so their contact details are obvious, and we have less concern about gazumping given the rules which prohibit solicitors from facilitating such practices).

jennifernil

OP is buying in Scotland, so much of the previous post is irrelevant.   Offers are always done through your solicitor.

Highest offer is likely to be the one accepted, but being able to submit an unconditional offer, and flexibility on entry date are also important considerations.

london21

user1977 said:

london21 said:

Once your offer is accepted, be proactive send them your details, AIP, proof of deposit, solicitors details, mortgage broker if you have one etc. and insist the property is removed marked as sold to prevent someone else coming along to offer more.

The OP is buying in Scotland, where much of this is inapplicable (e.g. their solicitor submits the offer, so their contact details are obvious, and we have less concern about gazumping given the rules which prohibit solicitors from facilitating such practices).

Ah ok good to know, I mainly know about the practices in England.

OP did state they were previously gazumped. Hopefully OP get’s through this time successfully. 

[Deleted User]

@sheramberSounds like you bought at a good time! I'm not a cash buyer, but everything else applies. The seller has a child at the local school and so has already expressed that flexibility is appreciated, due to moving areas and having to be taken out of school. Yes, my solicitor is local and has actually just closed on another property with the same estate agents. 

@london21 Thank you for this. I will definitely be more insistent on the property being marked as sold this time, though I'd hope this estate agency is more reputable and won't continue to entertain offers after one has been accepted! It is an area popular with holiday homes/ AirBnbs so although the seller assured me they'd like someone who will make it their home, ultimately it will be down to price/ circumstance. I have a figure in mind which is almost 30% over asking. A bit steep but I've learned from experience not to be reserved when it comes to the current market.

Alderbank

As said above gazumping is rare here in Scotland but not impossible. The seller's solicitor dealing with you will have sent them his bill and told them they must find another solicitor.

In practice, local conveyancing solicitors have a good knowledge of actual selling prices in their area and can give good advice to avoid offering that obscene amount of money.

There is always the risk of course that someone else might offer that obscene amount of money. But unless you are given very strong hints by your solicitor I would not assume that you have to go above your present offer. Other bidders don't know what you are offering. Also lots of those who express an interest do not in fact bid, and in many parts of Scotland (perhaps not Edinburgh) the number of bidders is now reducing.