FTB question - accelerated closing date

sgthammer

I viewed a flat on Friday that had been posted on Wednesday. Fixer upper, requires a proper survey to establish whether it's a Good Project or a money pit, but felt like the former. I'm expecting confirmation of funding next week, so told the estate agent I'd be in touch about the survey. Everything seemed okay and I expected a busy few days contacting surveyors, solicitors etc.

I hadn't even got home when the office rang to say the closing date for final offers had been moved up to that afternoon. So I'm out. Is this normal? It feels like there's something they didn't want me to know.

mta999

I assume the agents were acting on the instructions of the seller

Albermarle

All the evidence is of a slowdown in the housing market, and that flats in particular are proving hard to shift.

So this situation does seem a bit odd. Maybe one of the EAs mates/regular buyers has moved in quick.

Worried_fool

Is this in England? In which case you could put in a lowball offer, and include the words 'subject to contract'.

poseidon1

OP's past post do not expressly indicate he is based in Scotland but I do wonder if this can be inferred from the following post:

https://forums.moneysavingexpert.com/discussion/6627449/is-a-mortgage-a-realistic-option

If so, Scotland's fast moving property market bears absolutely no resemblance to England's sad depressed state for flats.

If he is in Scotland, OP better familiarise himself very quickly with the process there if he is not to continually lose out. To obtain some guidance I would start with the appointed solicitor who is supposed to be the person conveying offers on his behalf. If he does not yet have a retained solicitor, he is already at a disadvantage to prospective buyer's who do.

Of course if he is based in England none of the above applies, so an English flat going to final offers within a couple of days of hitting the market, must be pretty much unheard of in this day and age.

sgthammer

https://forums.moneysavingexpert.com/discussion/comment/82150409#Comment_82150409

Obviously yes, but that wasn't the question.

sgthammer

Yes, this is Scotland. So it's a freehold flat in a harled 4-in-a-block with no common areas bar the drying green, and the cladding and service charge issues which have hobbled the English flat market post-Grenfell don't apply.

But I still expected a bit of a negotiation process, and got whiplash going straight from "Prior to purchase, the entire system should be inspected" and "further specialist's or contractor's advice and estimates should be obtained to establish the implications, if any, on a potential offer" to FINAL OFFER TODAY NO IFS OR BUTS.

SiliconChip

Unless things in Scotland have changed since I moved away (although that is 11 years ago now!) you really should have had a solicitor engaged already because you need them to make an offer. If you didn't have one then I'd suggest you find one before looking at other properties, if you do have one what did they say when you told them about the short notice closing date?

sgthammer

I expected to engage a solicitor once I had a property in mind and the money lined up. This flat appeared on the market a few days before I was ready, but them's the breaks. What rankles is agreeing one timescale and then having it pulled out from under me the same day. Now I know that's standard practice I'll plan accordingly for next time.

Worried_fool

I thought that in Scotland the vendor almost invariably provided a surveyor's report. Is that no longer true?

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82150642#Comment_82150642

That's not how the Scottish system works ( as I discovered 3 years ago). Without a solicitor submitting your offer both vendor and estate agent will pretty much ignore you.

As indicated by @SiliconChip, engage a solicitor ASAP and get them to brief you on the process before continuing your property search.

Incidentally, there are very limited circumstances where Scottiish vendors are exempt from producing surveyor prepared Home Reports for buyers - see link

https://innesmackay.com/scottish-home-report-explained-what-sellers-need-to-know/

Such reports gives you reasonably detailed heads up on a property's condition, even before you go and view. Are you not aware of this system and was there no report in this case?

EDIT

I found out all this the hard way when I viewed a Glasgow flat on first day on market ( a Thursday) 2nd viewing on the Saturday, but by the time I tried to offer on the Monday a qualified solicitor represented buyer had had their offer unconditionally accepted by the vendor. The property had come and gone in just 5 days. Three years later, I understand desirable Glasgow residences still selling rapidly.