Help Needed On Reply On Offer For Repo House???

wildie_2

Hi, I've been lurking on these forums for some time and now feel that i need some advice on something. I put a cheeky offer in for a 3 bed property last week. The estate agent phoned today to tell me that AMG (the people dealing with the repo) are still considering my offer but it doesn't quite cover the debts owed on the property. Does this mean my offer is near as damn it rejected??? How long should I wait for a reply??? Any advice would be greatly received, I'm afraid I have no faith in the Eastate agents dealing with this property, they are shockingly rubbish to say the least.

I am a first time buyer with the mortgage and solicitors sorted, surely this is all in my favour???

Rebchappers

The house we were buying was a repo and AMG were dealing with it. They came back to us within 24 hours after we had put our offer in. They accepted it and things moved fairly quickly. We ended up pulling out of the sale as some of the searches revealed some nasties.

We have now found another property with (coincidently) is another repossession. We dont know which company is dealing with it but we put our offer in on Aug 26th. They took 4 days to get back to us to tell us they were declining it. We put in a counter offer and we still havent heard anything back.... this was nearly 3 weeks ago. We have chased them up every couple of days and we are told they are 'reviewing the offer'. I think they are just stalling to see if they get a better offer... We really love the house, but we are not going to be played. We are also viewing other houses in the meantime, and have a good mind to actually drop our offer due to the length of time we have been kept waiting. The estate agents have confirmed that they have had a couple of viewings for it but no other offers.... so there isnt really that much interest. I know that the repo company have to get the best price possible for the house, and we wouldnt mind so much if they declined the offer... its the waiting and not knowing thats bugs us!! The offer is either good enough or not.... i will never understand!

We are also in a similar situation..we have our solicitor on standby and a mortgage offer from our lender. We are also FTB and can move at the drop of a hat.... keep chasing them and keep your fingers crossed. Good Luck

poppysarah

Reduce your offer by 10k and see what they say.

Reminds them you're there and that they need to sell it.

Sonofa

To both posters I would suggest giving a deadline at which point your offer is withdrawn.

No need for them to drawing things out so long (especially 3 weeks!) and this will focus their priorities.

I know you might really want the houses in question but there are many others out there and do you really need the stress of being left hanging?

Incisor

Wot Sonofa says. Ringing every other day is exactly what they would like you to do while they wait for other offers - it means they can string along any other potential buyer to top your offer and you end up with an informal auction. So tell them that the offer is open until close of play on a particular day, giving them 4 working days or so. Then if they ring back, within the time, deal with it as you would, but if they ring back after the time, tell them you will think about it overnight.

Jorgan_2

AMG is one of the management companies that I deal with on a regular basis. Its very hard to put pressure on them, they aren't the ones making the decision, the mortgage lender is. Some offers are accepted quickly, others have taken two months to get a reply. I have two offers on my desk that were made over two weeks ago and we are still waiting to hear if the offers have been accepted. One company (not AMG) told us last week that they e-mails and faxes relating to offers that they had received over a week ago that still hadn't been looked at.

brightonman123

someone else's debt should not be your problem- up to repo firm to recover any shortfall from the debtor..

hold fast with current offer, and give them a time limit to accept..in current climes, i think people will grab what they can get (a bird in the hand, and all that)

wildie_2

Many thanks for the kind replies. we see this property as an investment oppourtunity (yes even in this current climate!;) ) and are not and will not bid with our hearts. We were going to wait until the inevitable price crash like everyone else but this house is 5 mins walk from my parents (where we are living at the moment) and the village is so lovely i have lived here most of my life and the primary school has won numerous awards for excellence.

If we are successful with our offer then we can take our time to jazz up the place, we are in no rush to buy and have made this very clear to the eastate agents:D

We have not been chasing the eastate agents so we are playing it ultra cool even though Im climbing the walls waiting for the reply from AMG;)