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How to Navigate a Closing Date

A closing date can sometimes feel like navigating a minefield! Nobody wants to pay a penny more than they have to but of course, you don’t know what the other parties are offering. It is a nail-biting time and I have spoken to many people who have had a sleepless night prior to a closing date and then, of course, you have the dreaded wait for an answer! As my Nana used to say, what’s for you won’t go by you!

The most successful closing date I have ever had was for a property in Edinburgh where we received 53 offers and it went for 38% over the valuation. It created a real buzz and of course, there were many disappointed buyers but one VERY happy seller!

Clear advice is absolutely essential. Our experienced team will guide you through the maze, taking into account the competition and what similar properties have sold for. Of course, there is always the odd closing date whereby the level of interest is quite simply crazy and it’s a case of picking a figure and hoping for the best. In these situations what the property actually sells for is often no reflection of the true value and the most important thing is that you have submitted an offer which you are comfortable with.

Tactics!

Ask any buying agent and they will say they always guide their clients to “add on a bit” to their offer and never offer a round figure. You would be surprised at the difference this can make, sometimes it’s getting a property for the sake of £100 as I did on one occasion.

The importance of giving a background story should also never be underestimated. Selling agents will understandably want to know if the buyer has funding in place and whether they have anything to sell themselves. On the other hand, the actual seller might want to know if the offer is coming from somebody that intends to live in the property or if it’s from a young family wanting to move into their forever home. It is every seller’s goal to achieve as much as possible over the asking price, but also they want people to be as happy in the home as they were. Now, of course, someone could say they intend to live in it but actually when they buy and take ownership of the property, decide to rent it out and the seller would have no control over that!

You only get one chance and if you are successful then ignorance is bliss and you will never know by how much (unless of course, it is by £5 and then selling agents can’t resist telling you). However, if you are unlucky and don’t get it then you are usually told where you came in the grand scheme of things, i.e. 3rd out of 5 and roughly by how much, over five thousand, ten thousand etc.

So yes you have to count the pennies, plan the tactical moves but ultimately a bit of luck also goes a long way! From knowing the selling agent to knowing the right questions to ask, find out why Coulters are best placed to get you a great deal at a closing date here.

Denise McKenzie
Denise McKenzie, Head of Sales and Purchases

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