I’ve found my ideal home! What do I do now?
If you are in a position to make an offer, then it’s best to act straight away. Offering as soon as possible reduces the risk of another interested party coming along and offering or noting interest. If a seller receives more than one note of interest, their Estate Agent will often set a Closing Date.
If you are not in a position to offer right away, then it is advisable to “note interest” through the seller’s Solicitor via your own solicitor. This way, if someone else is interested in the property and looking to offer, you will stand a good chance of being informed of their intentions and an equal opportunity of making an offer.
What if the property goes to a closing date?
A Closing Date means that there is more than one interested party intending to offer. The seller’s Estate Agent will set the time and date by which all written offers should be submitted by the potential purchaser’s solicitor.
By setting a closing date, this can motivate a potential buyer to offer more than they originally intended compared to being the only one bidding on the property.
How do I know if I am a successful bidder?
If there is no closing date on the property and you are the only interested party involved, then you will know right away. Your Estate Agent or Solicitor will contact you.
However, if there are multiple bidders and a closing date has been set, the Offers will be opened at the allocated date & time agreed.
Once the seller has made their decision as to whom the successful bidder is, their Estate Agent or Solicitor will contact all parties concerned to notify them if their offer was successful or not. It is worth remembering that it is not necessarily the top offer that is accepted.