Making an offer and having it accepted
In Scotland most property sales are completed through a closed bidding process with a set closing date, in response to an advert for 'offers over' a set price, or on a 'first come first served' basis in response to a fixed price.
The first stage to making an offer is to find a solicitor, preferably local. Solicitors are listed in the Yellow Pages , Glasgow Solicitor's Property Centre and the Law Society of Scotland.
Your solicitor will be able to provide a range of advice, including the present state of the housing market in the area.
Once you have identified a property you want to buy, your solicitor will put in a 'note of interest' in the property to the selling solicitors which means they must able to inform you when a closing date is set.
Before the closing date you may want to get a valuation survey done on the property so that the offer you put in is appropriate for the property, competitive and within your budget.
Remember, mortgages that are granted are based on the value of the property, not the final cost. If the housing market is very active, properties may sell for well above the valuation. If you want to bid above the valuation, you will need to pay for this with savings or an unsecured loan.
The bid needs to include both a price and an entry date. Your solicitor will finalise other conditions once the initial price and entry date have been accepted.
Your solicitor will pass on your bid to the selling solicitor on the closing date (or as soon as you ask them to for a fixed price property). If you have been successful, your solicitor will then be able to proceed with the conveyancing process (the legal changing of ownership from one person to another).
At this stage you will also need to have your mortgage formally approved by the bank or building society.
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