Lost out at a closing date? How to make your next offer stronger
Losing out at a closing date is common in Scotland, especially in busy areas. It usually isn’t only about price. Understanding why offers lose helps you make a stronger one next time without going past your limit.
Offers usually lose because another buyer offered more, but conditions, finance, date of entry and chain position also count. Next time, have finance ready, keep conditions to a minimum, offer a precise figure, be flexible on entry and set your maximum in advance.
Why offers lose
- Price: another buyer offered more, sometimes far over the valuation.
- Conditions: an offer subject to selling your own home or a survey can lose to a cleaner offer.
- Finance: a cash buyer or someone with a mortgage agreed may be preferred.
- Date of entry: the winning buyer matched the seller's timing.
- Chain: a first-time buyer with nothing to sell is often attractive.
Ask for feedback
Ask your solicitor to find out what the property went for, or how far off you were. Agents don't always share this, but it is worth asking. Sale prices also become public once registered.
Looking at a specific property? Get a free report on that home, written around what you need.
Make your next offer stronger
- Have your mortgage agreement in principle and deposit ready before you view.
- Keep conditions to the ones you need.
- Offer a precise figure rather than a round one (see how much to offer).
- Be flexible on date of entry if you can.
- Note interest early on properties you like.
What not to do
Don't raise your ceiling just because you lost. Each pound over the valuation usually comes from your own cash (see offering over the valuation). The right home at the right price is more important than winning the next closing date.
If the winning sale falls through
Accepted sales sometimes collapse before missives are concluded. Ask your solicitor to tell the agent you are still interested, so you hear first if it comes back.
Frequently asked questions
Can I find out what the winning offer was?
Agents don’t always share it, but your solicitor can ask. Sale prices also become public once registered.
What happens if the winning buyer pulls out?
If missives aren’t concluded, the sale can fall through. Ask your solicitor to tell the agent you’re still interested.
Should I offer more next time?
Only within your ceiling. Stronger finance, fewer conditions and a flexible date of entry can also make an offer more attractive.
This guide is general information, not legal, tax or financial advice.
Sources
This guide is general information, not legal, tax or financial advice.