Making an offer to a repossessed house.

gsusamc · 23 April 2009 at 12:50PM

Hi,,, we would like to make an offer for a house that we like but It is a repossession. We have mede an offer already but the state agent does not even take our details because they say it is a very low offer and they do not acept it,,,They said they have another offer made much higer. However how I know they are not liying just to try to make me increase my offer??
Is it legal that they do not take even my details? If they are liying and it is just an strategy to push me to come back with a higher offer and I dont do it,and they do not have any other offer in the future, or even if the offer they got is withdrawn in a near future, they will not have our details to contact us thus the house will go to auction and will be sold for much less than what we offered,,, is it this legal that there is not constancy of my offer was made before the auction?

I know state agents have to try to get the best prize, but is it normal they do not take my details? or do I have some kind of rights?

Please, I need your advice and knowledge,, my partner want to come back to the state agent with a higher offer but I believe he is exactly doing what they want,,so he wont be in a strong position for negotiating(they may say again,no we dont take your details, still low), and I want to know if there are any other solution to make them to take our details and at least consider our offer if in case the other offer is withdrawn.

Thanksssss

cattie · 23 April 2009 at 2:44PM

It's actually estage agent, not state agent.

If the mortgagee of the property has indicated to the estate agent that they will not consider any offers below a certain amount, then the estate agent has every right not to pass the offer on.

With repossessions, the, the lender is legallyt bound to get the highest price possible for the property. Why would the estate agent lie & say a higher offer has been made already? All the estate agent is interested in is selling the house & getting his fee.

If you're serious about the house & you are actually a proceedable buyer who could complete in a very short time frame then you will need to up your offer to one that tops the existing offer. Though of course there is no way to find out just how much that offer is for.

There is a lot of competiton around for repossessed houses so you're unlikely to be the only interested party.

zappahey · 23 April 2009 at 3:33PM

cattie wrote: »

It's actually estage agent, not state agent.

Oh, really?

sharpe106 · 23 April 2009 at 3:39PM

If they have already had an offer that is higher than your offer and the company has not accepted it then they will not waste their time taking your details for a lower offer. They would only pass it in on if you where the first one to offer or if you offered a higher amount.

If the previous offer has been accepted then they have to advertisie it in the paper at the price to let other people see and potential outbid them so your best bet is to look in the local property pages for it and then decide if you want to increase your offer to that.

Just because it is a repression does not mean that they are going to take any offer, after all it a company that now has the house and they will want to sell it for as much as they can make.

Running_Horse · 23 April 2009 at 3:44PM

Oh for goodness sake:

http://forums.moneysavingexpert.com/showthread.html?p=20900597&highlight=#post20900597

Follow the links or use the search button.

gsusamc · 23 April 2009 at 5:05PM

sharpe106 wrote: »

If they have already had an offer that is higher than your offer and the company has not accepted it then they will not waste their time taking your details for a lower offer. They would only pass it in on if you where the first one to offer or if you offered a higher amount.

If the previous offer has been accepted then they have to advertisie it in the paper at the price to let other people see and potential outbid them so your best bet is to look in the local property pages for it and then decide if you want to increase your offer to that.

Just because it is a repression does not mean that they are going to take any offer, after all it a company that now has the house and they will want to sell it for as much as they can make.

Thanks it is very helpful what you say, u answer my question. However, the problem is that we asked them if they will advertise the offer in the local newspaper and they answer that they will not (reason why I thought it was a bit weird and they could be lying to push us to bet higher). Do they must advertised the offer?? or is it their call to do it or not?? Do they have to state the amount offered in the advertisement?? or just the fact that they got a notice of offer for this property? Knowing this I can do my next move.

Apologies for the spelling and grammar mistakes, I am Spanish.

Thank you!

sharpe106 · 23 April 2009 at 6:55PM

The policy as far as I am aware is to put in the paper and the amount so any intrested parties can know what has been offered and outbid you if they wish

princessamy86 · 23 April 2009 at 8:08PM

It's not always necessary for them to advertise the offer in the paper, it completely depends on the individual requirements of the lender, even though both repossessions may come through the same company. It doesn't sound odd at all that they refused your offer, if they have been instructed not to consider it as other people have already said. It's just a case of upping your offer gradually until you find a price they will accept, or asking the estate agent to give you a ball park figure of what would be acceptable.

Making an offer to a repossessed house.

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