Due to complete friday...someone has put in a higher offer

SailorSam

Most sellers in todays market would be happy to get the sale. It it's a repo it's not as if they need the extra cash to buy their next property, so i suppose £2.5k is not a lot to the company

Running_Horse

Isn't a wondeful feeling of relief when you get the call saying contracts have been exchanged?

Dipak

Saver-Rob wrote: »

This is my worry. We are thinking about making an offer on a repossession but I would be worried that this could happen because the agent has to keep it on the market and put any offers forward right up until the last minute.

I hope you can get this sorted and I will watch this thread with interest. Good luck.

I dont know whether this is still true but i brought my house 6 years ago and i put a clause in my offer which was that i'll by the house at a price providing no further viewings are done and the house is no longer marketed.

They agreed and i brought, perhaps you can try this?

D

Sonofa

Dipak wrote: »

I dont know whether this is still true but i brought my house 6 years ago and i put a clause in my offer which was that i'll by the house at a price providing no further viewings are done and the house is no longer marketed.

They agreed and i brought, perhaps you can try this?

D

Different game with repos. I think that it usually has to be advertised for 7-14 days that you have offered £x and anyone else interested gets to jump in.

Something people tend to forget is that the repo'd house is being sold to settle a person's debt. The more it achieves, the more chance that person has of settling the debt. They are still liable for anything outstanding.

Robert_Sterling_3

When selling a repossessed property the seller is legally obliged to get the best possible offer ( I do not think it has to be the highest ).

chickmug

Dipak wrote: »

I dont know whether this is still true but i brought my house 6 years ago and i put a clause in my offer which was that i'll by the house at a price providing no further viewings are done and the house is no longer marketed.

They agreed and i brought, perhaps you can try this?

D

Yes but if I were the seller I would want something back from the buyer for agreeing to your clause. Would you be willing to do that. That's the point at which the buyer often backs down saying it is not fair. But it is fair because if the house is taken off the market there is no guarantee the buyer will proceed.

littlened

To be fair, the selling company have been great. We originally had an offer accepted 2 weeks before christmas, but we've had terrible problems getting a mortgage. They've been really patient.

Now it looks like we're almost done.

chickmug

littlened wrote: »

To be fair, the selling company have been great. We originally had an offer accepted 2 weeks before christmas, but we've had terrible problems getting a mortgage. They've been really patient.

Now it looks like we're almost done.

Did I hear you say "Never Again"

GDB2222

Saver-Rob wrote: »

This is my worry. We are thinking about making an offer on a repossession but I would be worried that this could happen because the agent has to keep it on the market and put any offers forward right up until the last minute.

I think you are worrying unnecessarily. Selling a repossession is a process that the lenders are used to. They have thousands of these to get rid of each year now. Basically, all they want is to get shot of the property, whilst leaving themselves bulletproof against any possible comeback from the borrower (who after all is responsible for the balance of the loan). They have a checklist to go through, and as long as they can tick all the boxes they are happy.

Consequently, they advertise the property after they have accepted your offer, because that is on the checklist, but the last thing they want is somebody else coming along and rocking the boat. Consequently, the advert is normally very vaguely worded, often with an address and a price but no details of the property. The estate agent will probably do his best to put off anybody replying to the advert. After all, it just means more work for the estate agent and probably virtually no more commission at the end of it.

Similarly, the person at the lender's end just wants to tick the boxes and get on with the next case. So, if somebody does put in an alternative offer, the lender will probably scratch around for all sorts of excuses for not accepting it. The lender will ask for a report on the alternative buyer from the estate agent, and of course the estate agent will oblige the lender by badmouthing the buyer.

In short, once somebody has got into the sort of position the OP has got into, the lender and the estate agent both want the OP to succeed, as it is very much in their interests that he does so (or at least it is the least work for them). The big advantage for the lender of having the extra potential buyer in the wings is that the OP is now very unlikely indeed to gazunder.

Overall, buying a repossession at the moment is considerably less fraught than buying privately, where the private seller can simply change his mind and not sell at all or may find that they are caught up in a chain that does not move.

littlened

chickmug wrote: »

Did I hear you say "Never Again"

Damn right...it's been so stressful