What is a ‘Closing Date’

If you have been looking at property at all you will have probably came across the term ‘Closing Date’. For homes being sold in Scotland it is common for the majority of these to be sold at a Closing date, especially so in the last 18 months or so.

When there has been a significant amount of interest in a property the seller and the sellers estate agent will set a date and time they invite best and final offers for. Ultimately the best offer (which is usually the highest offer) will secure the property, there would be no opportunity to offer again.

How likely is a Closing Date being set –
The majority of properties being sold at the moment is through a closing date. If a property has just been added to the market in the last few days up to a couple of weeks it would be likely this would be the case. The longer the property has been on the market the less likely a closing date will be set.

How much interest takes it to a closing –
It can vary depending on the level of interest in terms on any offers received. If the seller has received a number of offers under the Home Report value they may look to wait a little longer before setting the closing date. Usually however, it would take two offers or notes of interest to put the marketed property to closing.

Can you offer before the closing date –
You can, however if the closing date is set it would be particularly unlikely for any offer to be accepted in advance of this.

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