Offer in writing for repo - help finding old thread

jmt

Hello all,

We have seen a repo that we would like to place an offer on. The EA has asked for offers in writing by tomorrow morning as they will forward all offers received by 11 AM to vendors.

I remember reading a nicely worded offer letter on another thread a month or two ago, but I cannot find it. It was well written and covered the important points - can anyone help?

westv

jmt wrote: »

Hello all,

We have seen a repo that we would like to place an offer on. The EA has asked for offers in writing by tomorrow morning as they will forward all offers received by 11 AM to vendors.

I remember reading a nicely worded offer letter on another thread a month or two ago, but I cannot find it. It was well written and covered the important points - can anyone help?

Would it not be better to just write down your offer and leave it at that? Being a repo I'm sure the vendors are even less interested in flowery sentences extolling the purchasers virtues.

chickmug

jmt wrote: »

Hello all,

We have seen a repo that we would like to place an offer on. The EA has asked for offers in writing by tomorrow morning as they will forward all offers received by 11 AM to vendors.

I remember reading a nicely worded offer letter on another thread a month or two ago, but I cannot find it. It was well written and covered the important points - can anyone help?

The following was my reply to a similar post some time ago if it helps?

Just keep it to:

1) Heading (the house).
2) Amount you are offering.
3) Say your solicitors have been chosen (but don't say the name of the firm) and ready to start work once instructed but hoping it is NOT one of the notoriously slow ones. So maybe a thought to say if this firm were to be a problem you are willing to consider an alternative.
4) Amount of money you have and proof.
5) You will only want the valuation survey and not a full structural survey would help.
6) You are happy to aim to complete in the time frame to suit the seller.
7) You have no need to sell and explain the reason why. Like in rented or sold and contracts already exchanged.

karenthemummy79

westv wrote: »

Would it not be better to just write down your offer and leave it at that? Being a repo I'm sure the vendors are even less interested in flowery sentences extolling the purchasers virtues.

I disagree - they will want to know your position aswell! When we were bidding on our recently purchased repo, we needed to provide proof of our mortgage offer & details of solicitor with our final bid. We confirmed also that we were not in a chain, had the deposit in place and that we would exchange contracts within 28days.

If two of you offer a similar amount but you are in a better position then it may help you.

One word of warning - DONT go in too high - MOST repos have to have a public notice put in the paper saying the amount of the accepted bid and inviting higher offers so even if you dont win at this stage you can still put in a higher offer further down the line and the bank have a legal obligation to go with the highest bid if you are in a position to proceed! If there is going to be a public notice, I wouldnt worry too much at this stage.

jmt

westv wrote: »

Would it not be better to just write down your offer and leave it at that? Being a repo I'm sure the vendors are even less interested in flowery sentences extolling the purchasers virtues.

I do understand what you are saying and "flowery" is not me but I would like to get it right i.e. does it need to say "subject to contract" etc?

chickmug

jmt wrote: »

does it need to say "subject to contract" etc?

No this is an old idea which has no bearing today