Originally Posted by Devildog

If its a fixed price, then its an asking price. If its offers over, then its exactly that - an indication of the very least that will be considered.

Its highly unlikely that offering the fixed price in Scotland will not see a purchase at that price, provided that all the other conditions of the sale and purchase can be agreed, such as date of entry, proof of funding, what's included in the sale, what warranties are to be given, etc, etc.

Originally Posted by hodgy0_2

okay - that sound sensible

so if a property comes on the market - at a "fixed price" 30% below the market rate (repossession blah blah) and you put in an offer, immediately, that matches that price - is there an expectation, given all things being equal, that the offer will be accepted

Originally Posted by Devildog

Yes - as I stated in post 14

Originally Posted by hodgy0_2

yes - I thought so, but just wanted to be 100%

so to confirm

so if I am haggling away trying to get 35% off the market price

and some comes in and offers the Asking/fixed price (subject to getting the finance sorted etc)

they get the property (all things being =)

Originally Posted by Devildog

Correct. Why would a seller even entertain your haggling if someone is prepared to pay the fixed price?

Originally Posted by Devildog

I'm in the insolvency and recovery profession Ding. Mostly corporate, but some personal work. I've sold a lot of property over the years, both commercial and residential.

In simple terms selling a house in Scotland involves putting it on the market at either "offers over" (generally at a lower price than expected to stimulate interest) or a fixed price which is usually set at what could be expected to be achieved, or a little bit lower to achieve a quicker sale.

It is much less common in Scotland to offer below the "offers over" price as this is already set low with the expectation of achieving more. Its possible to offer below a "fixed price" selling price and be successful but less so (historically at least) than in England. In the grand scheme of things, "fixed price" sales are relatively new and have only really become more common in the last 10 to 15 years.

As a purchaser its common to have your solicitor submit a note of interest (although a legal offer can be submitted at any time) and if two or more notes/offers or a combination are submitted then the selling agent will gernerally set a closing date for final offers. This is a sealed bid process.

The advantage of advertising at a fixed price is that prospective purchasers know what they will have to pay and don't have to get involved in a bidding war, often to be dissapointed. It's very much a take it or leave it, known quantity. You might not ultimately achieve as high a price as a seller but its an easier process for all concerned.

Whatever the basis, once an offer is submitted, and accepted in principal, the seller and the buyer enter into "missives" via their respective solicitors. The "missives" are the process by which the terms and conditions of the contract of sale is agreed. The big difference in Scotland is that the purchaser's solicitor (if not both sides) will push to conclude the missives as soon as possible and often weeks if not months before the date of entry.

When the missives are concluded both parties are legally bound by their terms. As this happens in advance of the purchaser's date of entry, both parties have certainty on the sale in advance and "gazumping" is not a feature of Scottish property sales. Its much easier to coordinate chain sales as the danger that a purchaser won't pay on the day is massively reduced in Scotland.

Failure to complete by the purchaser or vacate by the seller generally leads to financial penalties.

Sales by lenders in posession or by trustees in bankruptcy, for example, are conducted by exactly the same process, although both have to evidence adequate market exposure to ensure the best price is achieved.