Advice! Selling house in Scotland. How to handles offers etc!

[funderba]

Selling our flat for the first time.
House has been on the market for 2 days
have had 3 viewings so far.

one of the viewers has put in a cash offer today. 10grand under what we want. But are cash buyers

we have 8 more viewings lined up

solicitor saying we have to either accept or reject offer today
kinda want to see what others offer

what games do people play? What advice can you give us?

I’d reject the offer unless you are happy to drop 10k. They might then come back with a better offer.

I would reject it if you have eight more viewings. You are rejecting that offer not rejecting them as buyers. We tried a low offer for our last purchase, expecting it to probably be rejected, then offered more when it was. We wanted to avoid getting to sealed bids.

Granted I don't know the Scottish system but can't you just say 'we need a few days to think it over'?

I’d wait since you have more viewings lined up. Although I sold a flat in Glasgow a couple yrs ago and was made an offer of HR value, decided to wait to let the others view and then it was 4 weeks on the market before I got another offer at the same price and accepted it then. It’s a gamble. I know the Scottish market is a bit dead just now so that will be worth considering too. If you’re happy with a lower offer for a quick sale, you could always haggle with them and say you’ll do the deal for another 5k or even just say here’s what we want, if you can agree to that it’s a deal.

I believe you can

If you think it will be popular you can go to a closing date, then everyone who wants to will submit their best offer and you choose who you want to accept when all offers are in. Don't accept a low offer before having your other viewers!

I think you have to have two formal ‘notes of interest’ to be able to go to a closing date, you can’t just set one. But that would be the ideal scenario.

Thank you! Other friends concur!

feel free to continue to offer words of wisdom folks . This is nerve wrecking x

I would wait and see how many notes of interest come in and then set a closing date.

Your solicitors should be advising you. It's common to try to pull a fast one but only you (and your solicitors) can estimate your property's appeal.

Don't try and work it out tho, it'll do your head in as there's no pattern to interest/notes/offers. It just depends on who's bidding and their circumstances.

There's no rule about how long you can take to decide, or going to a closing date. It's courtesy to respond quickly, but unless your potential buyers have stipulated "offer valid until 5pm only"...

In the last few weeks property in Glasgow has been very buoyant, especially ftb flats etc., at least that's been experience of freinds. Is the offer at home report valuation?

Is it their solicitor or yours saying to have to decide today?

If theirs then ignore unless you want to accept 10K under your asking price (and i wouldn't)

If your solicitor then get a new solicitor!

They have offered instantly. They are super keen. Hold out, they have more .
Wait until next Tuesday before you decide.

Pretty standard to put a quick time limit to put pressure on the sellers
You can ask for more time ,or reject the offer outright or go back with a counter offer
In my (vast !) experience people who put in a quick offer will probably have room to increase their original offer

Unless you are in a hurry wait it out. You've got more viewings lined up.

Also I'd ask MN to move this to Scotsnet

How are things progressing, OP?