Putting an offer on a repossession.

upsizer

Hello
I'm new on here and looking for advice.

Myself and my partner have put an asking price offer on a repossessed house today (via their Estate Agent). As it's Saturday, the agent said she would have to wait til Monday to put the offer forward to the bank/repossession company. She took our mortgage details and other info to present to them.

We have an offer in place on our own property and should be in a position to move quickly. We now have the rest of the weekend to agonise over it! Does anyone know what banks/repossesion companies are looking for when accepting offers? We know that there is at least one more offer on the table as well as ours.

Thanks
Upsizer

briona

upsizer wrote: »

Does anyone know what banks/repossesion companies are looking for when accepting offers?

Er... the biggest offer they can get?!

But obviously being in a position to move as well can't hurt, so if the other offer is lower but from a cash buyer or someone chain free, it has a better chance of being accepted.

With a repo, once your offer's been accepted, the estate agent is duty bound to put a notice in the local paper(s) stating that they have received an offer of X (whatever your offer is) and inviting higher offers. I'm not sure how long these adverts run for – a week or two maybe?

Briona

Jorgan_2

briona wrote: »

With a repo, once your offer's been accepted, the estate agent is duty bound to put a notice in the local paper(s) stating that they have received an offer of X (whatever your offer is) and inviting higher offers. I'm not sure how long these adverts run for – a week or two maybe?

Briona

Public notices used to be for either 7 or 14 days but many companies are now saying they are open to offers up until the exchange of contracts. Not every offer has to go to a public notice, I'm dealing with one at the moment for which there is no requirement.

Usually the lenders will look at the position of the chain, where applicable, have tall the surveys been done, mortgage offers issued for everyone in the chain and can the chain exchange within 28 days. They will also want to know your mortgage position, size of deposit and possibly your solicitor details before listening to the offer.

upsizer

Thanks for the info.

The EA said nothing about public notice when I asked about the procedure for buying repossessions, so perhaps it isn't the case here - fingers crossed!

Upsizer