My Worst Nightmare!!!!! Help

Rick62

The key thing you can do is keep updating the EA. Although the vendor may force them to keep the property on the market, if they can see that you are progressing well why would they want to mess up a done deal in todays climate?

poppysarah

TopKat*1 wrote: »

nothing as they are perishable unlike houses-they dont go off do they

You clearly not been in some of the houses I've viewed recently...

ILW

I think I may have offended the OP.
The only point I was trying to make is that not getting a particular house is not your worse nightmare. If losing this is the worse thing that can happen in your life you are indeed very lucky. Don't lose any sleep over it, if it happens it happens, if not move on and look at something else. Try not to get too attached until you have the keys.

TopKat*1

good advice rick62

so far so good anyway, its going in the local paper next week so my heart be beating fast all week ha ha

Home_Swap_Advice

As already stated, repos have to be advertised in the local paper once an offer has been accepted. This is not the choice of the estate agent. The reason being is that the bank and the reposession company, not the agent, have to achieve the highest amount possible. The lower the offer they accept, the less of their money they will be getting back from the house.

TopKat*1

yes im well aware of that doesnt make me feel better though

russ21282

Home_Swap_Advice wrote: »

As already stated, repos have to be advertised in the local paper once an offer has been accepted. This is not the choice of the estate agent. The reason being is that the bank and the repossession company, not the agent, have to achieve the highest amount possible. The lower the offer they accept, the less of their money they will be getting back from the house.

I don't think they have to be advertised. I have looked at quite a few repos and some EAs said they were not advertising the offer in the local papers as the bank selling hadn't requested it.

I'm not sure why they wouldn't want to do it, or if they're supposed to, but not all do.

GDB2222

A lot of the adverts are deliberately worded by the EA to be completely unhelpful and off-putting. Once they have the sale, the last thing an EA wants is a competing offer which probably only pushes the commission up a few £££s. So, typically "No. XYZ ABC Road, we have received an offer of £145,000 ... " No mention of type of property, garden, number of rooms, etc.

TopKat*1

My worst nightmare came true this morning, estate agents rang saying that someone else has offered more!!!!!!!!!!!!!!!!!!!!!! I said ok we will just leave it as we cant go higher and they said well a final decision hasnt been made yet, the other offer be put to the company Monday, but they wont make a decision until the 7 day notice has expired................so unfair as they had accepted our offer.

Im staying well away fro repo's in the future!!!!!!!!!!:mad:

littlened

We had an offer accepted on a property in december, and we've yet to get it sorted because we had some difficulty getting someone to give us a mortgage offer.

In the meantime, there have been plenty of viewings on the property but no sound interest, so they've been happy to wait for us to sort out the mortgage.

The property was up for £86k, we offered £90k because the EA said someone else was interested and we had to submit our final offers. We got a mortgage in principle which required us to pay 15% deposit, that mortgage fell through and we've had to resort to getting another mortgage but paying 20%. I rang the EA and said we couldn't afford 20% of £90k, but it we could get the price down to £85k, then we could just manage it. The selling company agreed to the reduced price.

Then, last weekend, the property was broken into and someone has stole the combi boiler, so I rang the EA and now we've had the price reduced to £82500.

We got a mortgage offer on Thursday, so it's all down to solicitors now... got to wait. 4 bedrooms, a garage, two bathrooms.... £82500...how good I'll feel when we complete...PRICELESS!

To the original OP, imagine being us and having to be stressed for almost 3 month wondering whether we're going to get our dream home. As others have said, I wouldn't reduce your offer unless you have reason to.