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Buying A Repossesion
nickcat65
Posts: 1 Newbie
We have put an offer in on a repossesion house £5000 under the asking price which was accepted Monday this week. EA came back yesterday to say another bid has been received and we need to make best offer by Monday and would suggest asking price or over.
Am a bit suspicious - why would we need to have best bids in by Monday ? Offer has not yet been advertised in the local press and I thought anyone including us can make an offer up to exchange of contracts.
As we are well on with the sale of our house (no chain involved), have instructed solicitors and got a mortgage in place subject to valuation do they think we are on the hook and are trying to squeeze more money out of us ?
Anyone else been in this position.
Am a bit suspicious - why would we need to have best bids in by Monday ? Offer has not yet been advertised in the local press and I thought anyone including us can make an offer up to exchange of contracts.
As we are well on with the sale of our house (no chain involved), have instructed solicitors and got a mortgage in place subject to valuation do they think we are on the hook and are trying to squeeze more money out of us ?
Anyone else been in this position.
0
Comments
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With a repo, I understand that you can go in with an offer right up until someone completes. So, if you don't offer, and someone elses is accepted, you can still put in offers.
As EAs have to get the best possible price, it's hard to say if they are trying to pull one on you or not0 -
It's possible they have had a lot of interest, and instead of having a bidding war they may just want everyone's best and final offers by Monday. It's pretty standard, also it won't necessarily be advertised in the press.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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What you really need is access to dozens of recent similar discussions:
http://forums.moneysavingexpert.com/showthread.html?t=1644497
Follow the links.Been away for a while.0
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