You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
Has anyone dealt with a house that's gone to closing date recently? We have had to withdraw from a house we had agreed to buy sadly and back looking, but most of the ones we're keen on are going to closing dates, which obviously takes up more time and becomes quite stressful. We're now in a position where we need to move in 4 weeks one way or another, and with a viewing tonight and one on Saturday we're dying to have an offer put in and accepted rather than end up with more waiting.
So, has anyone bought or sold a house recently and able to say how the price compared to the asking price once the house went to a closing date?
Stressed out of our heads, completely no idea where we'll be living in 4 weeks :/
closing dates suck the donkey.
i paid 5k extra just to not go to closing date after losing out on 3 or 4 houses after they went for silly money over asking...
one went for 80k over at closing....
when it came to this one it came on the market on monday , i viewed it monday night , i offered on tuesday morning , he countered with i want 5 K more (less than 2%) and its off the market now. DONE !
my experiance is that folks go mad when it goes to closing - which is probably why sellers like them.
Obviously its a local thing but i did not want to get into negative equity before we started hence i didnt want to be offering mad money for a house.
Can't help Dan but that is the nightmare scenario I fear having bought a house up here. Thankfully no plans to move, but I'd be equally stressed. The chain system has some merits I think. Good luck.
Absolutely gutted for you Dan. Hope you find something soon.
Has the market picked up enough in Glasgow for closing dates to be common again?
I hate them.
Bought just outside of Glasgow in 2003, closing date, sold in 2009, fixed price. Lost a fair bit of cash.
The only advice I can give, is not to get too desperate and over bid.
YOu might be better looking at a 6mth rental, it's unlikely you would be able to complete in 4 weeks even if you are the highest bidder.
Good luck.
I think if you have a sought after house it's a definite advantage to the seller, I just managed to avoid it when we bought, pretty much by doing the same as you trail rat.
"YOu might be better looking at a 6mth rental"
Is the sensible option imo rather than rush into the wrong house. My parents did this and landed a peach of a house and were zero chain cash buyers. They kept the rental for an extra month and did the kitchen and bathroom in the new house ready to go.
As trail rat said, rental takes a lot of the angst away and your not rushed into something that is a compromise
closing dates suck the donkey.
If you're a buyer, yes. I've sold 3 houses at a closing date, and it's like Christmas! 😆
We sold our last house, and didn't have anything lined up, so went for a 6 month rental Dan, which was great - put us in the position of being cash buyers and ready to move at a moments notice. That gives you a huge advantage when buying.
The leasing co said that they wouldn't let us out early, but I knew the guy who had rented the place before us and he'd got out after 3 months to move south to another contract, so knew we would have a decent chance of getting out.
Worst case scenario is that they hold you to the 6 months, if you rent somewhere reasonably priced it's not a huge amount of cash and it means you can stay put whilst getting the new place decorated/extended/whatever.
🙂 Thanks, yes closing dates do suck donkey. Our mortgage application has already been processed for the previous address we were lined up for and the lender has said all we have to do is return an address change form and the new mortgage should be fine for 4 weeks time. So that's what we're hoping for! If we don't get this by Monday then Monday will be all about finding a rental. To add a bit of spice to the mix my wife is going on holiday for 5 days on Tuesday! (all planned months and months ago).
So, we are really hoping that after tonight's viewing, if we put in a healthy offer in the morning (possibly 7-8% over the o/o price) we might be able to avoid a closing date. If it goes to a closing then I think we'd rather pull out and go rental rather than try and rush things, then find somewhere to live for 2-3 weeks, and all the huge upheaval that goes with it.
All the best Dan, really hope it goes well for you. Is it in the same area as the last one?.
Argh! And two of the rental houses we saw and liked (and have only just been advertised this week) are already gone! 🙁
No Greg, closer to Glasgow this time.