Done it put an offer in for a house

chugalongzoe

Hi all

Well we went to view a property today it was a 4 bedroom repossed house. The asking price was £109,000, someone then put an cash offer of £100,000. There was then a 7 day public notice put on the house so we had a look at it and put an offer of £105,000 on it. I would like peoples honest opinion on what they think will happen will the bank accept the £100,000 cash offer or our offer of £105,000 thats not cash offer. Also I'm trying to find a good solicitors does anyone have an idea of how much they will cost. We are first time buyers and don't have a house to sell.

Your response would be much appreciated.

Zoe

devilot

I think its not so much whether the bank will accept the offer, but they will almost certainly ask the first buyers to match or better the offer - if someone has £100,000 in cash, I don't think it would be that hard for them to lay their hands on an extra 5k.

Thats just my opinion though! Good luck, regardless. Sounds very like the first house we went to look at which was a repo, I was put off with the process of buying a reposession the more I looked into it, and decided to buy a house the more traditional way.

chugalongzoe

Thanks for your opinion devilot thats my thoughts exactly. I personally don't think we will get it but at least we can say we tried. With reprocessed houses its like a bidding game to the banks. Anyway keep my fingers crossed but trying not to get my hopes up.

geoffky

100k Cash Wins

Tiger_greeneyes

The lender may well go to 'final sealed bids' where everyone gets a chance to put in their best offer.

I don't know whether it's been explained to you but lenders in possession have to keep marketing the house until exchange of contracts. That could well leave the door open for someone to come along and better the offer - which the lender is duty-bound to look at - and if it's considered more favourable - accept, which will cost you time and money. That's always something to bear in mind when buying a repossession.

chugalongzoe

Thank you Tiger_greeneyes I never new that until I read loads of other threads. Its very annoying that estate agents don't tell you things. Its a good job that I'm part of this forum. Sorry but I'm a FTB as you probably can tell so does it mean that exchange of contract is when the morgage has been agreed and the solicitors have been agreed? I best get a quick solicitor if that is the case.

Robert_Sterling_3

When you exchange contracts there is no going back.
You must complete the transaction.
The completion date is stated in the contracts which are exchanged.