Closing Date? Don’t Panic!

What is a ‘Closing Date’? (Apart from the most nerve racking experience for a hopeful buyer!!)

A Closing Date is a day and time, set by the seller’s estate agent if they have received at least two notes of interest from the potential buyers solicitors.  Most often, buyers’ solicitors will fax the offer prior to the time of the closing date, on the day set.

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Kintyre House – Closing Date 13th Jan 2017

Why a closing date?

The benefit of a Closing Date is that it allows the seller’s estate agent or solicitor to get all of the potential buyers’ best offers on the table. Therefore giving a fair opportunity to all wanting to offer.

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Golspie Street – Closing Date 31st Jan 2017

We understand the thought of a ‘Closing Date’ can be daunting, and some people fear this, possibly overpaying or losing out completely. However, our advice would be bid only what your comfortable with and what the property is worth to YOU. And never have any regrets.

Once you know you LOVE a property, (when you’re thinking where you would be sat watching crap TV with a glass of vino) you must make sure your solicitor ‘Notes Interest’ for you. This ‘Note of Interest’ does not mean you HAVE to buy, it simply says that you are interested in the property and wish to be kept informed of developments, such as when an offer must be made.

When at least two Notes of Interest have been received on a property the Negotiator and Owner will agree on a Closing Date and this will be set. At this point, get the calculator out, do your sums and decide what YOU think the house is worth to you.  When you know your exact and final number, advise your solicitor and he will make the ‘Formal Written Offer.’ This is the point of no return, no upping or changing that offer. The offers received will be taken to the home owner and read through thoroughly by the agent, for a decision to be made. Sometimes the highest offer doesn’t always secure the purchase, Buying Position and Date of Entry can be as critical. And lastly, good luck!

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Mainscroft Erskine – Closing Date 27 Sep 2016

RA


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