We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gazumped on a reposession house
Comments
-
I don't think so: repossessions are REALLY priced to sell (even in a falling market). So there is likely to be some competition for them.
Even in this market, if a local BMW Dealer started offering a LIMITED number of "2 for 1" offers, don't you think that people would be fighitng each other to get in there and get that deal?
Same with properties: yes it is a "buyers market", but a repossession bargain is still a "bargain"... so it doesn't mean that it should go for a ridicilously low price. A very good priced property will sell and may even reach (or exceed) it's asking price.
QTI was looking at a repo last month, after viewing a couple of times over a few weeks, the EA said there was an offer in on it (£2k more than asking which was put in 2 weeks previously) This raised alarm bells straight away as why would somebody offer more than the asking price in this climate and why didn't they say there was an offer from the beginning.
We checked the local paper for the public notice and nothing came up, they rang a few weeks later and said it had fallen through and they had knocked £6k off the asking price. I said i'd have a think about it and rang up later that day to put in an offer, however they now told me somebody else had put an offer in £4k more than the asking price!
Needless to say we walked away.
So they could just be trying to bluff to get a little more out of you. that's the conclusion i came to with ours.0 -
Do you think house prices will continue to fall?
Should I wait a bit longer before I look to buying another property?
Thanks again
pam
Yes, wait. prices are falling very fast indeed at the moment. Halifax price index shows a fall of 10% between August and December. A fall at that rate is not going to reverse itself instantly.No reliance should be placed on the above! Absolutely none, do you hear?0 -
According to the same source, the Halifax, house prices were up 1.9% in JanuaryYes, wait. prices are falling very fast indeed at the moment. Halifax price index shows a fall of 10% between August and December. A fall at that rate is not going to reverse itself instantly.
http://forums.moneysavingexpert.com/showthread.html?t=1467761
pampam wrote:Is there anything I can do?
It's unusual for a seller, especially a mortgagee in possession, to simply dump one buyer they previously accepted for another. Usually they will advise you that an increased offer has been received and ask whether you are prepared to trump it.
Even if they didn't you can still propose an improved offer.
... or walk away and find somewhere else. But be quick, it looks like the train has already left the station and you don't seem to be aboard!"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Its one part of repos that I don't like where you can get gazumped at the last minute. I agree with the comments that repos are generally being priced competitively but only "just". You might think you are getting a good deal, but many of them will be priced closer towards 2007 prices and by the time rival buyers find out about them the price will be back up to this level. I think you should take it as "a blessing in disguise" and wait a few years for the prices to stabilize as prices will only be going one way whatever the media try to say.0
-
According to the same source, the Halifax, house prices were up 1.9% in January
Yes, I spotted that, seconds after I posted my comment. Oh well...
I am not surprised that buyers are taking advantage of lower mortgage rates to increase their offers, because that's what has always happened in this country, but I think the buyers are going to regret it in the future.No reliance should be placed on the above! Absolutely none, do you hear?0 -
We got gazumped last year when we were buying our repo and we ended up paying 10k more! But to be honest it is my home and i really wanted to live here. Do i regret paying so much more? was it worth it? probably, yes! I look around and I still can't buy anything as nice or as cheapish as what we got. It's not always about house prices going up or down. I think it's also about finding a house you want to make a home that's in your price range and then going for it. It's much harder to find a home than it is a cheap house.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards