Should I Make an Offer or Wait for a Closing Date?

Published: 21/07/2023

When it comes to buying a house in West Lothian, one of the key decisions you'll face is whether or not to make an offer before the closing date. The answer to this question depends on various factors such as the level of interest in the property, the circumstances of the seller, and the overall market conditions. So we will explore the considerations involved and provide guidance on whether to make an offer or wait for a closing date.

The Importance of Seller's Circumstances

The decision to set an official closing date for a property sale depends on the seller's circumstances and the level of interest in the property. In some cases, sellers may choose to set a closing date to create a sense of urgency and encourage competitive offers. However, it's essential to communicate with the seller's estate agent to determine whether a closing date will be set. If they are uncertain, you can ask your solicitor to register a note of interest to stay informed about any developments regarding the property.

Read more about what a closing date is in another of our articles.

Making an Offer Without a Closing Date

If the seller is not setting a closing date, it doesn't hurt to make an offer and see if the seller is open to negotiations. By submitting an offer, you express your interest in the property and initiate a potential conversation with the seller. Even without a closing date, the seller may be willing to consider your offer or negotiate on a price. This approach allows for flexibility and gives you an opportunity to explore the possibilities further.

Consider Market Conditions and Confidence

Market conditions play a significant role in determining whether to make an offer or wait for a closing date. In a buoyant market where demand is high, sellers are more likely to accept higher offers that come in quickly. If you have confidence in your offer and believe it aligns with the market value, making an offer without waiting for a closing date can be advantageous. However, it's important to assess the market conditions, seek advice from professionals, and determine the appropriate approach based on your specific circumstances.

No Definitive Answer

When it comes to deciding whether to make an offer or wait for a closing date, there is no definitive answer. Each situation is unique, and factors such as seller circumstances, market conditions, and personal preferences come into play. Starting by gathering information about the seller's circumstances and their willingness to accept offers is a great place to begin. By staying informed, maintaining open communication, and assessing your confidence in making an offer, you can navigate the decision-making process more effectively.