What happens once I receive an offer?06 Feb 2017
Great we have accepted an offer on our property but what happens next?
The Scottish market has changed over the years, when you receive an offer that’s great but it does not mean your property has sold. In reality your buyer can pull out of the sale at any time if missives have not concluded and unfortunately this is happening more frequently. To avoid the risk of the sale falling through I have set out a checklist of potential hazards and how to reduce this happening.
- It is important to find out from your agent what your buyers situation is – are they cash buyers, require borrowing, first time buyers, need to sell etc etc. – Only once you know their position should you accept the offer.
- Once you have established their position and happy to proceed with the offer it is essential that you keep on top of your solicitor and your agent. Don’t expect things just to happen and hope the sales just goes through.
- Your agent should be checking with the buyer if they have started their mortgage process and if they have a financial advisor be speaking to the advisor to find out how the application is going.
- The agent should also be checking with your solicitor and the buyers solicitor that the conveyancing work has started, searches carried out, raised the title deeds and formal acceptance sent
- Set a completion date as quickly as possible so all parties are aware of the timing. Providing everyone works to the same timescale then the sale should go through.
- Push your solicitor and buyers to sign missives so you can have the security that the sale will settle on completion day. Once missives have signed you can organise removal companies, book time off work/ holidays, arrange child care.
- Be available to sign any documentation – don’t book a weeks holiday just before you are due to move.
By following this guide hopefully you will have a smooth sale – Any comments or suggestions most welcome!