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Everything you need to know about closing dates

Unique to the Scottish property market we have closing dates. This is a very useful procedure designed to help tie up all the interest received in your property whilst it has been live on the market and hopefully present you with that all important acceptable offer!

Understanding when to set a closing date

There are a number of things that you need to know about closing dates. Firstly, you don’t necessarily have to set one. Not all sales are as a result of closing dates, and whilst most are successful, the best offers don’t always come from having a closing date.

Competition for purchasing your property can sometimes be so strong between purchasers. This may result in receiving a fantastic offer from a purchaser hoping to secure the property without it having to go a closing date. Some purchasers will even state at the time of offering that they will not offer again if a closing date was to be set. It’s best to discuss things with your VMH negotiator who will help you make the best decision possible.

Understanding offers

Your VMH negotiator will be constantly monitoring your file whilst it is live on the market. If a number of offers start coming through, we are prevented by regulations that state we cannot negotiate multiple offers at the same time. And/or if notes of interest are starting to mount up from people ready to offer, your VMH negotiator will be in touch with you to discuss setting a closing date.

Benefits of setting a closing date

Firstly, they give everyone that is interested in submitting an offer on your property a fair and equal chance to bring their best offers forward.

Secondly, setting a closing date lets the notes of interest know our intentions. Hopefully, this keeps their interest active on your property up until the day of the actual closing date. Waiting too long to set one can mean that their focus could go elsewhere, so your VMH negotiator will discuss timescales with you.

Thirdly, upon setting a closing date, we alert everyone that has either previously viewed the property or downloaded a copy of the home report that it has been set. We find that from time to time, offers come through on closing dates from people that we haven’t heard from since the viewing and who haven’t even noted interest. Again, the closing date is a great way of bringing these buyers out into the open.

Closing date next steps

Once we have discussed setting a closing date, we will work towards getting the best price possible for your property.

Most closing dates will be set for either 11am or 12noon, so your negotiator should be ready to call you within half an hour of that time with the outcome. Your negotiator will run through the offers and take time to explain why they may think that it’s worth favouring one offer over another, depending on conditions in the various offers.

Unfortunately, there is no overnight thinking with closing dates. We will require your instructions on the same day and preferably by 4pm at the latest. This should give us enough time in the final hour of the day to tie things up for you and to inform all the solicitors of the outcome. We may also need to use time in that final hour to further clarify details with your preferred offer, such as furniture items, inspection reports and agreeing a date of entry.

In the highly unlikely event that we didn’t receive any offers, or they were not quite what you were hoping for, then the marketing and viewings can simply continue on as before. But the best interest in your property is normally within the first 2 or 3 weeks of it going on the market, so it’s fairly rare to come out of a closing date without an agreeable offer. However, you are never obliged to take any offers that you don’t want to. Seek advice from your experienced VMH negotiator who will be best placed to assist in your decision.

Accepting a closing date offer

If you accept a closing date offer, then that’s it! Congratulations! Your property is under offer and you don’t need to do any more viewings. Your negotiator will advise of the next steps and send you a “success” email including a copy of the offer for your records.

Afterwards, it’s full steam ahead with selling your property and getting it right for you.

Setting a closing date is a very exciting time for home sellers! Contact us here today if you are thinking about listing your property.