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PO urges buyers to learn about closing dates again

As Scots house prices continue to rise, buyers need to reacquaint themselves with closing dates and competitive bids, says Pagan Osborne.

The number of house sales has risen by 8 per cent, according to the latest figures from the Registers of Scotland, and as more home buyers come forward the system of closing dates is increasingly returning to the property market.

Linda Black, property manager for the legal, financial and property company, Pagan Osborne, says that many buyers are now unfamiliar with the closing date system and while it is on the comeback, its new form is quite different to what it was at the height of the property boom.

Linda Black,

added:

A closing date on a property can set quite quickly taking some buyers by surprise, so being prepared is vital. Do all the leg work first: get the mortgage in place and line up a lawyer. In a competitive situation, the ability to move quickly is an advantage.

In terms of price, there is no rule of thumb, as the impact of the recession on the property market is that every house is different and every area has to be treated individually. Get advice about what has been selling well in your area of choice and at what prices in order to gauge where to pitch a bid. However, having said that, if a house is going to a closing date, the sellers would not expect anything less than the asking price and in most cases prices in excess of the asking price are being achieved.

If a property is exactly what you are looking for, put in a note of interest immediately via your solicitor. They should do everything possible to have your offer seen either on a one to one basis if the situation allows for it, or on a closing date if there is other interest.

Finally, every buyer should ask him or herself what the property is worth to them. That has to be the main motivator.

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