Repossession, 2 offers, we need to submit our final offer

mlz1413

i know i'm not emotional involved but I would decide what the house was worth to you before being told someone else was involved. If that price remains £80,000 or near to I would tell agent that your final offer is, say 80,678 (as suggested earlier).

If you feel the house was reasonable priced at £85,950 then go to that price, if you can afford it.

As others have said set out what position you are in, things like Mortgage in Princple, able to complete within 4 weeks solicitor and searches dependant and then accept that you have submitted a price you are happy with. Don't let the EA rail road you into believing that miss this house and you will regret it - they are there for the commission and not for you.

Good Luck hope it works out.

GDB2222

besonders1 wrote: »

Why don't you increase your offer to 100K to reserve the house then, drop your offer to 79K at the last minute to scare away the "rival buyer" by then the house would have dropped to about that level anyway.

Sadly, that is probably the best plan.

Mutton_Geoff

I dont think EAs are lying

If their lips moved, you can be sure they were :rotfl:

Darth_Marty

GDB2222 wrote: »

Sadly, that is probably the best plan.

Its really not. Repo companies would probably reject your offer at that stage for messing them around. As already mentioned they are after a quick sale and dont take kindly to being played. Offer what your maximum is and stick to it, its not as if there wont be any more repos.

GDB2222

Darth_Marty wrote: »

Its really not. Repo companies would probably reject your offer at that stage for messing them around. As already mentioned they are after a quick sale and dont take kindly to being played. Offer what your maximum is and stick to it, its not as if there wont be any more repos.

Believe me, they are not at all emotional about it. They just want a half-way decent offer and a quiet life. The last thing they'll do is take umbrage and remarket the property. They may well reject a reduced offer if they think they can do better by remarketing, but 'dont take kindly' does not come into it.

besonders1

well i'm sure that EAs and Mortgage companies wouldn't ever dream of messing genuine buyers around LOL. If I had an offer accepted for the full asking price and someone else offered higher than me, e.g.a cash buyer like a property developer, I bet that they wouldn't resist a refusal,

"when greed comes into the equation, sense is lost"

Sorry but I would love to give greedy EAs a taste of their own medicine!.

Darth_Marty

GDB2222 wrote: »

Believe me, they are not at all emotional about it. They just want a half-way decent offer and a quiet life. The last thing they'll do is take umbrage and remarket the property. They may well reject a reduced offer if they think they can do better by remarketing, but 'dont take kindly' does not come into it.

In my experience, and ive plenty in this field, emotion does not come into it, of that you are right, however thats why they have no hesitation in telling a buyer they will no longer do business with him/her if they mess them around. It happens regularly.

littlened

Well, they now got both offers.

Last time we put an offer in we had to provide a mortgage promise before the offer could be accepted. Now we're raised our offer to above what was on the mortgage promise, so in the morning we've got to get another mortgage promise before they'll make a decision.

It's a pain in the backside, because now it's going to be another footprint on my credit file when I've already had 3 searches in the last 3 month.

icebergx

1) If you do try to drop your price by a large amount, the repo company can decide not to deal with you again. This has happened to many people who have tried this through my company.

2) The repo company must try to to get the best price for any given property as any equity (or debt) remaining will be passed on to the original purchaser. They is usually more room for manuouver as they look at the property from a purely financial perspective, not an emotional one.

3) There maybe other interest, they may not be. Only the EA knows. If you want to go in with a low offer, you risk losing it. Pay what you think the property is worth and if that's not enough, everything else is irrelevent.

littlened

Got a voicemail off the EA this morning, our offer is at an acceptable level, they now just need a new mortgage promise from us.

Our IFA has the new mortgage promise, and will have it over to them this afternoon, so hopefully our offer will be officially accepted.

No cigar yet though