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The truth to closing quickly

Many sellers talk about closing the sale or shaking hands on a deal but it is a common misconception that a verbal offer in Scotland is legally binding and the truth is, in fact, that this is not the case.

There are therefore two stages to the sale process the first will involve encouraging a potential buyer to submit an offer and you will be able to contribute to your agents efforts to achieve this by giving access to viewers, presenting your home in its best light and being clear to potential buyers that you will not consider an offer unless it is submitted in writing through the agent.

It is often the case that buyers will pressure a seller to agree a price in the house, this is to try and exclude them from negotiating with any other parties who come to view.

Until the offer is in the hands of the solicitor the seller effectively has no assurance that the buyer will proceed. It would not be the first time that a buyer makes an offer but still considers other properties before deciding whether to proceed or not. In addition by naming a price then and there the seller can lose the opportunity for negotiation and either scare a buyer away that might have offered more by stating too high a price, or alternatively sell for a lower price that they might have been prepared to pay.

The agent will press the buyer for information on the maximum they will be prepared to pay and be able to advise the seller more thoroughly before they make a decision. It will also give the seller longer to discuss matters and allow feedback from other viewers to be taken into account.

After the offer is received it is still not binding until the solicitors conclude missives. The introduction of standard missives has speeded up this process, but there can still be delays as a buyers seeks to sell their own property, or obtain a mortgage offer. Sellers and their solicitors will also require to produce documentation about the house and title deeds to satisfy the buying solicitor and this can also cause delays.

Working closely with solicitors and as a result of more than twenty years of practice in the field of estate agency Alison Hatrick can advise sellers in ways of minimising any delay in securing a bargain and ensure that your sale goes smoothly.



    

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Inverclyde Estate Agency • 58 West Blackhall Street • Greenock • PA15 1UY • Tel: 01475 726424 • Fax: 01475 783736 • alison@inverclydeproperty.co.uk