Buying a repossessed house

hethmar · 28 September 2009 at 11:38AM

Unless you desperately want the house - just tell them thats your best and final offer and then emphasise your good points - FTB, no chain, mortgage agreed, all that sort of stuff. Its hardly a lot off the original asking price is it.

johnson293 · 28 September 2009 at 11:47AM

Agree withthe above - can't understand why they wouldn't forward your offer, as its only slightly under the asking.

When I made the offers on our house (also a repo) the asking price had just been dropped to £109,950 (had been £119,950, then 114,950).

My opening offer was £95,000 which was refused by the vendor. My second offer was £98,000 which was also rejected. My final offer based on our max of £85,000 mortgage + 15% deposit was £100,000.

The EA came back and said the vendor asked if we could meet them halfway at £105,000, which we couldn't afford. An hour or so later the EA came back and said they'd accepted the £100,000, which was 10% below its final asking price.

At no point did the EA say they wouldn't forward any of my offers.

If you are offering just under, I can't understand why they wouldn't go straight to the vendor with the offer.

ellbase · 28 September 2009 at 9:03PM

Am i being ripped off
we made an offer which was accepted straight away and i was told no one else had even looked at the property, however after paying all the fees we were told a higher offer of 2k had been made, we stuck with our offer and were told they were going to stick with us as we were in a much better position and were ready to exchange and complete. After paying solicitor and even transfering the deposit we were then told another offer had been made (another friday offer) and had been accepted we are being pushed to make another offer.

hethmar · 29 September 2009 at 4:34PM

Have you actually exchanged contracts then?

ellbase · 29 September 2009 at 8:58PM

Would you believe it i advised the ea that i wouldnt be making a better offer and that i was going to view another property within 5 mins they were accepting my original offer and we hope to exchange tomorrow. That is as long as no more fake offers arise.

hethmar · 29 September 2009 at 10:24PM

Well done.

mario75 · 18 November 2009 at 11:32AM

hi all
i just wondering if anyone had the same situation.
i put an offer for repossesion house after seeing advert in local newspaper ( the same day).EA said thet they will contact bank and let me know...it was las last thoursday and yesterday- tuesday- they have called me back that bank have choosen this previous buyer, ea dont know why ,dont want to say anything.it is strange for me why i had to wait so long for the answer,and why bank prefer this buyer not me even when i wanted to give 2000 more????even if this morgage for this person has been accepted i know that i can bid them within 28 days!!!!that is why i am dissapointed because thay didnt accept my offer after one day ( what i mean that i would have plenty of time to sort it out morgage etc.
i start to susppect that agency lie me and even not pass my offer to the bank(exacly it is morgage company) or maybe pass later on when they found out that this buyer is now in better position and only waiting such a long time to leave me in the loosing position.
i will add that i didnt write any official letters and the same answer has been given only by phone.what i should do?what you think about this?should i give letter with my offer again and demand formal answer in paper as well? ( 7 days expire tomorrow after when public notic was realesed) i really like the house and but i am afriad that even if i will but higher offer agency will not let me win this house.HELP

johnson293 · 18 November 2009 at 11:41AM

mario75 wrote: »

hi all
i just wondering if anyone had the same situation.
i put an offer for repossesion house after seeing advert in local newspaper ( the same day).EA said thet they will contact bank and let me know...it was las last thoursday and yesterday- tuesday- they have called me back that bank have choosen this previous buyer, ea dont know why ,dont want to say anything.it is strange for me why i had to wait so long for the answer,and why bank prefer this buyer not me even when i wanted to give 2000 more????even if this morgage for this person has been accepted i know that i can bid them within 28 days!!!!that is why i am dissapointed because thay didnt accept my offer after one day ( what i mean that i would have plenty of time to sort it out morgage etc.
i start to susppect that agency lie me and even not pass my offer to the bank(exacly it is morgage company) or maybe pass later on when they found out that this buyer is now in better position and only waiting such a long time to leave me in the loosing position.
i will add that i didnt write any official letters and the same answer has been given only by phone.what i should do?what you think about this?should i give letter with my offer again and demand formal answer in paper as well? ( 7 days expire tomorrow after when public notic was realesed) i really like the house and but i am afriad that even if i will but higher offer agency will not let me win this house.HELP

Its possible that the other parties offer and purchase is further down the line, and £2000 extra may not be enough for the bank to consider breaking that arrangement to go with you as a new buyer. The delay in letting you know could have been the bank seriously considering your offer, but ultimately declining it.

Also, is your offer with a mortagage? The other party may be paying cash.

Just too many unknowns - dont lose sleep - you could go back with an even higher offer, but are then paying too much for the house?

Just move on - there'll be other houses.

mario75 · 18 November 2009 at 11:54AM

do you think that when i will give my offer on paper that will be more secure and sure that they will pass my offer and i will get true answer?or it doeant matter?I thing that i will try to offer £500-£100 more and any more.this is our budget .

jhe · 18 November 2009 at 12:21PM

is it possible that the other party upped their original offer after you had shown an interest in it? we bought a repo recently and it was a rollercoaster ride from start to finish. even if your offer was accepted and you paid survey fees etc the other party or anyone else could jump in with a higher offer right up to point of exchange. although we completed on the house i would seriously think twice before getting involved with buying another repo.good luck

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Buying a repossessed house

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