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Original poster

Closing Date Scotland what to offer?

63 replies

Wendygoesfar · 15/08/2018 00:29

Hi, we are keen on a property that has quickly gone to closing date.. it is in neither Edinburgh or Glasgow, a smallish commuter town. We don't want to miss this chance as not much comes up like it in the area but what is a sensible offer?

Do we simply ignore offers over price and focus on HR? 5% over? 10% seems crazy (though not at the rate tenements are selling).. any advice would be great. Thanks!

OP posts:
Original poster
Wendygoesfar · 17/08/2018 14:12

Not until Monday! Longest week ever!

OP posts:
cheezeontoast · 17/08/2018 14:23

We always put in an odd amount, and always just above £000 not below. Our first flat we won by being £88 above the next offer.

cheezeontoast · 17/08/2018 14:23

Good luck on Monday!

Original poster
Wendygoesfar · 17/08/2018 18:35

Thanks! we'll end it in our lucky number!

OP posts:
MrBull · 18/08/2018 23:51

We bid £7k over HR (£17k over o/o) and got ours (this was recently). Percentage wise, not even 2% over value, but it had been on the market a while, needed a lot of work and would have likely gone for below valuation if it wasn't a closing date! There were 3 or 4 other notes of interest but I was sceptical how many were in a position to offer, but what can you do? You just have to go for it with your best offer and not pay more than you would regret. I hate closing dates. Good luck!

Defender90 · 18/08/2018 23:57

Good luck. We went 4K over asking and got it.

It's a minefield. We were told someone else interested. Just no way of knowing.

Original poster
Wendygoesfar · 19/08/2018 09:12

There now seems to only be 2 other notes of interest, we're ready to offer.. Does anyone know roughly how long after closing we should expect to hear? It's at 12pm so I had thought maybe we'll find our Monday but someone just told me I could be waiting until Tuesday!

OP posts:
ProseccoThyme · 19/08/2018 09:18

I've usually heard fairly quickly; within an hour or two. Never had an overnight one myself.

It depends how many offers there are to review & the conditions attached to them. Plus the sellers sometimes want to have a think about it for a short while.

Piffpaffpoff · 19/08/2018 09:20

I always heard by about 4pm.

Rosemary46 · 19/08/2018 09:42

We bid £7k over HR (£17k over o/o) and got ours (this was recently). Percentage wise, not even 2% over value, but it had been on the market a while, needed a lot of work and would have likely gone for below valuation if it wasn't a closing date

We bought a flat in June this year for £165k. This was at £5k under the HR and O/o price of 170 because it needed a lot of work ( central heating, new kitchen and bathroom, compete redec etc ) so no other offers apart from ours.

The same flats in slightly better nick usually go for 175-180.

One that was in quite good ( but not amazing ) condition came on the market in March for 185, went to closing very quickly and was sold for just over 191.

So I do think that these purchasers paid over the odds a bit because of the competition. 185 was a more realist price. But that’s what happens at a closing date, you don’t have an option as a buyer if you want it.

Also those sellers were the first of about 6 similar flats in our street to sell, so there was a higher demand. That was just good luck.

If the OP has been looking for a year then she may be prepared to offer a little more to secure it.

nononsene · 19/08/2018 10:35

We have always found out on the same day whether we have been successful or not.

Darkbendis · 19/08/2018 12:29

We found out less than 2 hours later that we were successful. Two very long hours Smile Our house was in amazing condition, very good catchment and a good price to start from (o/o) so we knew (and our solicitor warned us too) that we would have a lot of competition. But we really really wanted that house, it ticked all the boxes. So we don't regret a single penny we had offered Smile

Good luck on Monday!

EmmaC78 · 19/08/2018 15:48

Most of the time I have found out on the same day but for my latest house it was the day after. Good Luck.

Original poster
Wendygoesfar · 19/08/2018 22:15

Thanks all, filled with nervous energy!

OP posts:
Moodycoo · 19/08/2018 22:32

Watching with interest. We have fallen in love with a property that doesn't have a closing date yet but estate agents aren't taking offers yet either....

MrBull · 19/08/2018 23:42

We found out within an hour of the closing date, which I thought was quite common.

Babdoc · 19/08/2018 23:49

Think yourselves very lucky you’re not buying in Edinburgh. DD2 was competing with 19 buyers last week for a tatty little flat with no CH or DG, and it went for £70K over the £185K asking price!

TooExtraImmatureCheddar · 20/08/2018 08:44

I’m in a commuter town just outside Edinburgh and we paid under the Home Report here in Jan - HR £260k, we paid £245k. I think the HR was inflated, though - had been on the market for 8 months and was in pretty tired condition inside, needed new boiler, will need windows replacing, probably some rewiring, plus lots of cosmetic stuff. Also although it is in a very nice street and primary catchment, there’s a big new development at the bottom of town offering brand new houses with zillions of bathrooms - ours only has one bathroom. But I love it!

Rosemary46 · 20/08/2018 10:30

Think yourselves very lucky you’re not buying in Edinburgh. DD2 was competing with 19 buyers last week for a tatty little flat with no CH or DG, and it went for £70K over the £185K asking price!

That’s just bonkers ! That’s not sustainable on Scottish wages.

mortagemoans · 20/08/2018 12:32

Good luck wendygoesfar Hope you’re not waiting too long today!

Original poster
Wendygoesfar · 20/08/2018 12:54

We got it!!!!!

OP posts:
ProseccoThyme · 20/08/2018 13:02

Wow! Congratulations!!!!! 🍾🥂

Piffpaffpoff · 20/08/2018 13:03

Yay! Fab news!!!

jgm · 20/08/2018 13:15

Yay!!!!

SD1978 · 20/08/2018 13:35

It's hard- parents are doing the same (hope it's not the same house 😂😂😂) I hate the offers over crap- you screw it up and it's done. I'd look at the area, and the average over the asking price, maybe even talk to a local estate agent?