Closing date - think I've offered too much

[Deleted User]

Hello,

I guess I'm just looking for a little reassurance. I viewed a property (in Scotland) a couple of weeks ago and loved it. I ended up making an offer of approx. £112k (which is £17k over asking). It was rejected as I was told someone else had offered, so it would be going to a closing date, which is tomorrow. This was two weeks ago and I was under the impression there were a lot of viewings taking place in that period. Given my like for the property, the interest it seemed to have and the fact I have been gazumped in the past, I upped my offer to my 'best shot' of £122k (£27k over asking). It is a bank holiday in Scotland tomorrow and the solicitor submitted my offer today, ahead of time (the estate agent's office will be open).

However, I spoke to the seller this afternoon and he suggested there hadn't been much interest in the property since I viewed or, rather, that the interest they'd had wasn't really going anywhere (one woman offered to swap houses, for example). This was disheartening in a way, as I had upped my offer significantly to accommodate what I thought was a lot of interest. Now I feel I might be throwing away £10k. I guess this is the problem with the 'blind' system of closing dates: you make an offer based on the little knowledge you have. Now I have a bit of knowledge, I realise my offer may be too high. I can't do anything now, I just I just want to feel better about my decision!

Mr.Generous

The agent has had you over. Only offer what you think its really worth, if youve done that then its fine, but you have probably been taken for a £15k ride.

user1977

Deleted_User said:

It is a bank holiday in Scotland tomorrow

News to me! Maybe just a local holiday wherever you are?

No point worrying about your offer until you know whether it's even accepted, anyway.

[Deleted User]

Mr.Generous said:

The agent has had you over. Only offer what you think its really worth, if youve done that then its fine, but you have probably been taken for a £15k ride.

I do think it's worth this, but I also think (based on the information I've received) that I might be putting money to it unnecessarily.

[Deleted User]

user1977 said:

Deleted_User said:

It is a bank holiday in Scotland tomorrow

News to me! Maybe just a local holiday wherever you are?

No point worrying about your offer until you know whether it's even accepted, anyway.

Must be a local holiday then, since the estate agent and solicitor are in different regions. I hope I didn't get your hopes up! You're right, though I feel like it might be accepted if there has been little interest. I'm really hoping others will bid and the seller just isn't aware of it, which is perhaps a strange thing to say! The seller told me mine was the only one received so far, but perhaps if the bank holiday doesn't cover the area, other solicitors will be open and submitting on the day.

jennifernil

This weekend is a school holiday up here....."the September weekend".........schools are closed on Friday and Monday, but not a bank holiday according to my calendar.

If you feel you have offered too much, I would think you may still have time to instruct your solicitor to change or withdraw your offer.  There is usually an exact time as well as a date for the cut off point for submitting offers.

koalakoala

If no one else bids then you get your offer back. You can then offer less

koalakoala

Deleted_User said:

It is a bank holiday in Scotland tomorrow

News to me! Maybe just a local holiday wherever you are?

No point worrying about your offer until you know whether it's even accepted, anyway.

Must be a local holiday then, since the estate agent and solicitor are in different regions. I hope I didn't get your hopes up! You're right, though I feel like it might be accepted if there has been little interest. I'm really hoping others will bid and the seller just isn't aware of it, which is perhaps a strange thing to say! The seller told me mine was the only one received so far, but perhaps if the bank holiday doesn't cover the area, other solicitors will be open and submitting on the day.

Don’t hope for that!
If there are no other bids you get to take your offer back

[Deleted User]

jennifernil said:

This weekend is a school holiday up here....."the September weekend".........schools are closed on Friday and Monday, but not a bank holiday according to my calendar.

If you feel you have offered too much, I would think you may still have time to instruct your solicitor to change or withdraw your offer.  There is usually an exact time as well as a date for the cut off point for submitting offers.

Yes, you're right it's the September weekend, not a bank holiday. Unfortunately, because there is no one in the office tomorrow, I have no way of contacting the solicitor to amend the offer. 

[Deleted User]

koalakoala said:

If no one else bids then you get your offer back. You can then offer less

Thank you for this. I had no idea this was the case!

kandfs_mam

koalakoala said:

Deleted_User said:

It is a bank holiday in Scotland tomorrow

News to me! Maybe just a local holiday wherever you are?

No point worrying about your offer until you know whether it's even accepted, anyway.

Must be a local holiday then, since the estate agent and solicitor are in different regions. I hope I didn't get your hopes up! You're right, though I feel like it might be accepted if there has been little interest. I'm really hoping others will bid and the seller just isn't aware of it, which is perhaps a strange thing to say! The seller told me mine was the only one received so far, but perhaps if the bank holiday doesn't cover the area, other solicitors will be open and submitting on the day.

Don’t hope for that!
If there are no other bids you get to take your offer back

Really? I thought once offers were in they were in though nowadays most have clauses such as subject to satisfactory mortgage being secure.  Certainly when we sold our house 20 years ago we had one offer in so put a closing date on the sale, the person who had submitted an offer upped it by 5k before the closing date but they were the only “bidder” and they didn’t get the chance to take it back