Closing date - think I've offered too much

koalakoala

kandfs_mam said:

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

In Scotland??

user1977

Deleted_User said:

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!

It's not quite as straightforward as that, given solicitors' rules about getting themselves involved in gazundering/gazumping:

https://www.lawscot.org.uk/members/rules-and-guidance/rules-and-guidance/section-f/division-c/guidance/gazumping-gazundering-and-closing-dates/

- they should only accept instructions to lower the price if there's an actual problem discovered, not just you changing your mind. So it's possible you'd need to find another solicitor (as well as peeing off the seller).

[Deleted User]

user1977 said:

Deleted_User said:

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!

It's not quite as straightforward as that, given solicitors' rules about getting themselves involved in gazundering/gazumping:

https://www.lawscot.org.uk/members/rules-and-guidance/rules-and-guidance/section-f/division-c/guidance/gazumping-gazundering-and-closing-dates/

- they should only accept instructions to lower the price if there's an actual problem discovered, not just you changing your mind. So it's possible you'd need to find another solicitor (as well as peeing off the seller).

Yes, I wouldn't want to do that frankly, having been gazumped myself back in March. I know it's different to an extent, but I wouldn't be comfortable offering less after the offer had been submitted. I've considered getting in touch with the solicitor privately before the closing date of 12pm tomorrow (which would mean messaging him on Linkedin on his day off - not ideal), but even then I wouldn't know what to do. Lower it by £3k? Then what if someone else offered £120k...? The seller has proven himself to be absolutely lovely, but not necessarily clued up when it comes to selling, so perhaps he is mistaken about the level of interest. There is no clear cut solution, in other words! 

jennifernil

Mmmm.....I have never heard of that either.
(the offer being returned)

It is a dilemma Frugalista, you just need to be happy with what you are doing.......hope it goes well!

[Deleted User]

jennifernil said:

Mmmm.....I have never heard of that either.
(the offer being returned)

It is a dilemma Frugalista, you just need to be happy with what you are doing.......hope it goes well!

Thanks, Jen. Yes, I made the decision based on the information I had, and I'm not sure how accurate the seller's info is so I will stick with it. It will be very difficult to change at this point, given the solicitor's office is closed, and if I do change it, I might end up being outbid by someone so would regret that! 

Sarah1Mitty2

Deleted_User said:

jennifernil said:

Mmmm.....I have never heard of that either.
(the offer being returned)

It is a dilemma Frugalista, you just need to be happy with what you are doing.......hope it goes well!

Thanks, Jen. Yes, I made the decision based on the information I had, and I'm not sure how accurate the seller's info is so I will stick with it. It will be very difficult to change at this point, given the solicitor's office is closed, and if I do change it, I might end up being outbid by someone so would regret that! 

What did your lender`s valuation say, or are you paying cash?

[Deleted User]

@Sarah1Mitty2 I'm not paying cash but could you clarify what you mean by lender's valuation? The home report valuation is £95k.

user1977

Deleted_User said:

@Sarah1Mitty2 I'm not paying cash but could you clarify what you mean by lender's valuation? The home report valuation is £95k.

Generally your lender will use the HR valuation. In England there are no Home Reports so the lender gets a separate valuation.

Sarah1Mitty2

Deleted_User said:

@Sarah1Mitty2 I'm not paying cash but could you clarify what you mean by lender's valuation? The home report valuation is £95k.

Has you mortgage lender agreed to let you borrow the amount you have offered?

[Deleted User]

Sarah1Mitty2 said:

Deleted_User said:

@Sarah1Mitty2 I'm not paying cash but could you clarify what you mean by lender's valuation? The home report valuation is £95k.

Has you mortgage lender agreed to let you borrow the amount you have offered?

Yes, I have an AIP. In Scotland, we have to pay upfront the amount over the valuation (not sure how it works elsewhere) so I will be taking the additional amount out of savings.