My Worst Nightmare!!!!! Help

TopKat*1 · 18 February 2009 at 11:19AM

I put an offer in for a repossesion last week (145k, which was 20k under asking price)
Now the sellers - the repo company have asked the estate agents to lower the price on their website, so now it says sold stc still view but with a much lower price which will surely attract people and could end up trampling over our dream.

I cant sleep, I cant eat, Im one nervous wreck!!!!!!!!!!! what can I do:mad::mad::mad::mad:

poppysarah · 18 February 2009 at 11:21AM

Get your solicitor working fast to complete the deal.

All repos are done this way - the figure will also be advertised in the local paper to see if anyone wants to pay more.

TopKat*1 · 18 February 2009 at 12:22PM

well i rang solicitors, they've had my signed forms and cheque so they said until they get the contract off the sellers they can do anything. Ive rang the mortgage people and they said they will send the valuer out tomorrow

ruggedtoast · 18 February 2009 at 12:44PM

Wait for them to do that then offer them 5 grand less than you originally agreed. You really will be the only game in town then so i would think youd be in a strong position.

downs523 · 18 February 2009 at 12:48PM

yeah wait till ur nearly done then reduce your price, they have reduced it so your just keeping inline with there reduction, also when you are so far into the process there more likley to agree as it will all be done quicker than starting afresh with new buyers

TopKat*1 · 18 February 2009 at 1:09PM

To be honest i wouldnt want to risk things by playing games, i feel we would have had a great deal even if we stick with our original offer, i feel it is very likely that someone is going to come in and offer 5k more as it is a good deal. However saying that there hasnt been much interest in the last 6 or 7 months as it is isnt a typical first time buyer house so many interested people will be in a chain.

spuds_2 · 18 February 2009 at 6:50PM

If you are happy with the price you have offered and really want the house, I wouldn't mess them about by offering less. The EA has a duty to get the best possible price for the property so understandably is trying to generate more interest. I am assuming that they haven't reduced it to less than you have offered?

They usually put an ad in the paper saying 'an offer of £xxxx has been received' for the house and a date by which other offers must be received. Until you have exchanged they will keep marketing the property. I would have a good look at your finances - would you be prepared to pay more if someone else offered higher? You have to decide what the house is worth to you. Don't pay more than this, because another house will come along.

socrates · 18 February 2009 at 6:55PM

Calculate how long it would take you to save £5k - then decide if its worth making a without prejudice call to reduce the price - they can only say no - and you can still pay the original price.

Remember the lender will have no qualms in dropping you if someone offers £500 more.

Personally I would take the EA out for a coffee and find out what the lenders exposure is and make an appropriate offer very late in the day.

zone · 18 February 2009 at 7:00PM

Its unlikely, but if you are gazumped then walk away. Unless you really want the house and can comfortably afford to increase your offer.

TopKat*1 · 18 February 2009 at 8:49PM

Why do you think its unlikely??

I think its very probable? or is that cos im just being negative, do people gazump often?

ineedhelp2008 · 18 February 2009 at 9:52PM

It will be a contract race, whoever exchanges contracts first gets the house.

I wouldn't recommend gazundering, it is a mortgagee in possession so if you start reducing your offer they will just pull the contract from you anyway.

Good luck!

My Worst Nightmare!!!!! Help

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