How low is too low on an offer?

jamtart6

Claremac wrote: »

Well done on getting your offer accepted. If it's a repo I think that it has to be advertised in the local press as the bank is duty-bound to try to get the best price. It's unfortunate for you and it's going to be an uncomfortable wait, I'm sure. Good luck!

Thank you for that info. I've never heard of it before what is annoying is that even if we did offer the full asking price, someone could come in and put an offer OVER that amount in which is just horrible (so much for not encouraging gazumping!)

Anyway we have decided we will just not get excited (although it is hard not to) and if we get in then great, if not then we just wait for the next one. Everything is meant for a reason after all

Davesnave

jamtart6 wrote: »

Thank you for that info. I've never heard of it before what is annoying is that even if we did offer the full asking price, someone could come in and put an offer OVER that amount in which is just horrible (so much for not encouraging gazumping!)

Anyway we have decided we will just not get excited (although it is hard not to) and if we get in then great, if not then we just wait for the next one. Everything is meant for a reason after all

Not so 'horrible' for those who've been repo'd though, as the banks will still chase them to repay the outstanding debt for years.

jamtart6

Davesnave wrote: »

Not so 'horrible' for those who've been repo'd though, as the banks will still chase them to repay the outstanding debt for years.

I'm not taking pleasure in someone elses misfortune. I think its a really sad situation and would much preferred them not to have been reposessed if it meant them staying in their house. Onthe other hand, I didn't chuck them out, I have nothing to do with it and am merely discussing my situation

Davesnave

jamtart6 wrote: »

I'm not taking pleasure in someone elses misfortune. I think its a really sad situation and would much preferred them not to have been reposessed if it meant them staying in their house. Onthe other hand, I didn't chuck them out, I have nothing to do with it and am merely discussing my situation

I'm not implying that you are taking pleasure, just pointing out that bank/building society have an obligation to obtain the best price possible, which is entirely fair.

jamtart6

Davesnave wrote: »

I'm not implying that you are taking pleasure, just pointing out that bank/building society have an obligation to obtain the best price possible, which is entirely fair.

Yes I do agree with that, but I can't understand anyone being allowed to put offers over that amount if they have advertised it at £120k. We couldn't even offer the full amount and be safe in the knowledge that someone else couldn't put more in. They should have marketed it at a higher price if that is the case, or clearly stated offers over a certain amount as per scotland.

geoffky

chucky wrote: »

and the year after that, and the year after that until it is worthless and you owe too much money and the property is worth minus £88k

if nutters like geoff think that it will continue falling for the next 48 months as he says, prices will have dropped 140% in total!!! that's just stupid talk.

your entitled to an opinion of course but it's an extreme one and should be taken with sacks and sacks of salt

chucky if i was to tell you years ago that house prices would be rising 300% what would you have said then...same thing now ...do not rule anything in or out...

besonders1

geoffky wrote: »

chucky if i was to tell you years ago that house prices would be rising 300% what would you have said then...same thing now ...do not rule anything in or out...

Good point no one ever questioned the increase especially homeowners during the boom. As for repossessions, no-one is safe until their mortgage is paid in full, just like it says on every estate agent's leaflet etc, a bit like health warnings on tobacco packets.