My Worst Nightmare!!!!! Help

TopKat*1

what are you on????????

i have no intention of reducing my offer, but we had an offer accepted and now someone has offered more!

GDB2222

TopKat*1 wrote: »

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:

Like I said, you can't put all your eggs in one basket. You need to have alternatives, even if one of those alternatives (or maybe the only one if there really is only a very limited market) is to wait for a further property to come on the market.

Actually, you are better off with a repo. At least you know where you stand. With a private seller, they can decide not to sell at all at the last minute, etc.

hethmar

It may still not be lost Kat - they may have offered more, but they may be in a chain or not have the mortgage in principle. Just hold on for a couple of day.

Strapped

TopKat*1 wrote: »

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:

Relax, it doesn't mean that the vendors will dump you - it depends how much more and what position the potential buyers are in.

Even if it does fall thru, the market is still falling / stagnant and with unemployment rising, there will be more repos (not meaning to sound nasty or vulture-like, just stating the facts).

TopKat*1

I have now seen another house quite similar to the repo i WAS gonna buy until some weird freak of nature offered more, anyway I have been researching this other house and it has been on the market for almost a year, they have recently switched estate agents and dropped the price (may be a sign they are desperate to sell) price is now 165k (checked out house prices and they paid 115k in 2003) it is a 4 bed detached with garage in a tidy condition, what do you think is a good point to start negotiations?

hethmar

Thats nearly double the previous house Kat. Hang on a few days and see how this pans out. You may well find that the other people back out or are turned down by the vendors. Make sure the EA are well aware of your position.

SwissLe

Freak of nature?! You mean someone else has put an offer in on a publically marketed house which might not even be accepted yet?! Bring back capital punishment!

I would say wait until you hear back from the vendor. You might be lucky and the opposing offer could be rejected to a lower price or worse position. Then place an offer on this other house, assuming you actually want it and are not just on the gazumped rebound. I'd say an offer of around £155k would get things moving in the right direction.

ILW

TopKat*1 wrote: »

I have now seen another house quite similar to the repo i WAS gonna buy until some weird freak of nature offered more, anyway I have been researching this other house and it has been on the market for almost a year, they have recently switched estate agents and dropped the price (may be a sign they are desperate to sell) price is now 165k (checked out house prices and they paid 115k in 2003) it is a 4 bed detached with garage in a tidy condition, what do you think is a good point to start negotiations?

Told you there were others out there.