Closing date - think I've offered too much

Sarah1Mitty2

Ok, so I read it that you want to pay 27k over the asking price and now are having doubts?

[Deleted User]

Sarah1Mitty2 said:

Ok, so I read it that you want to pay 27k over the asking price and now are having doubts?

Yes. I was initially told there was a lot of interest. My first offer of £112k was rejected as a result of this interest, and I was told it was going to a closing date. When I spoke to the seller, however, he told me that there hadn't been many viewings and the viewings that they did have weren't going anywhere. By that point, it was too late to change my offer. 

Sarah1Mitty2

Deleted_User said:

Sarah1Mitty2 said:

Ok, so I read it that you want to pay 27k over the asking price and now are having doubts?

Yes. I was initially told there was a lot of interest. My first offer of £112k was rejected as a result of this interest, and I was told it was going to a closing date. When I spoke to the seller, however, he told me that there hadn't been many viewings and the viewings that they did have weren't going anywhere. By that point, it was too late to change my offer. 

Is it too late to change your offer though? The seller seems very truthful and candid so maybe you could go 10k above their asking or something if you really like the flat as a sort of Thank You.

[Deleted User]

Thanks @Sarah1Mitty2 My offer has already been accepted. I couldn't get in touch with my solicitor this morning to change it as the office is closed. I should be delighted but I'm not.

Waunakee

Sarah1Mitty2 said:

Is it too late to change your offer though? The seller seems very truthful and candid so maybe you could go 10k above their asking or something if you really like the flat as a sort of Thank You.

You would do well to remember this is North of the border.

The process of purchasing property works differently up there!



 

Sarah1Mitty2

Ok, well looks like you are buying a flat!

in_my_bumble_opinion

You can withdraw your offer before missives are concluded (which is a while after the closing date).

They wont be happy but it is your legal right. 

If you want to withdraw just tell the truth....that you feel you were wrongly guided by the agent and you've changed your mind. Or, if you prefer to be less specific you can simply say your circumstances have changed. If you choose to do this you should do it at the first opportunity. The closing date will likely be at noon. If your lawyer's office is closed but the seller's office is open you 'could' ring them in the morning and tell them your intention to withdraw. They will not take this as a legal instruction but at least they will have some warning.

As for the seller, if they still are left with alternative offers they are free to consider them, place it back on the market or set a new closing date.

The difficulty is that the seller may not be prepared to deal with you if it goes back on the market or to another closing date, but I'm sure you realise that.

fewcloudy

@Deleted_User

I doubt it is a done deal with no going back, so please do not worry about that. From a quick scan I would say almost all advice given to you on this thread has been incorrect OP.  It's not you; it's just a regular occurrence when people post a simple question on here about house buying/selling in Scotland.  No such thing as gazumping etc up here, thank God.

In Scotland nothing is finalised until missives are concluded. Speak to your solicitor of course, and meantime please Google 'what does missives concluded mean" or similar.

Sarah1Mitty2

Waunakee said:

Sarah1Mitty2 said:

Is it too late to change your offer though? The seller seems very truthful and candid so maybe you could go 10k above their asking or something if you really like the flat as a sort of Thank You.

You would do well to remember this is North of the border.

The process of purchasing property works differently up there!



 

 I asked  "is it too late?" and further posts seem to indicate that it isn`t too late.

Sarah1Mitty2

in_my_bumble_opinion said:

You can withdraw your offer before missives are concluded (which is a while after the closing date).

They wont be happy but it is your legal right. 

If you want to withdraw just tell the truth....that you feel you were wrongly guided by the agent and you've changed your mind. Or, if you prefer to be less specific you can simply say your circumstances have changed. If you choose to do this you should do it at the first opportunity. The closing date will likely be at noon. If your lawyer's office is closed but the seller's office is open you 'could' ring them in the morning and tell them your intention to withdraw. They will not take this as a legal instruction but at least they will have some warning.

As for the seller, if they still are left with alternative offers they are free to consider them, place it back on the market or set a new closing date.

The difficulty is that the seller may not be prepared to deal with you if it goes back on the market or to another closing date, but I'm sure you realise that.

The seller has already admitted that they don`t have any other realistic interest, which boosts the case for changing the offer.