Repossesions

SB_2009

HI there, we are currently trying to buy a house (my partner and I to live In). Not by design about half of the properties we have been interested in have been repossessions.

They are generally priced initially at the type of price we can afford, and being a jobber builder I could deal with most problems associated with this type of purchase.

What is getting us down is the concept that the estate agent is not allowed to reveal the value of offers that have been made on the properties. Is this legally speaking correct, or just a myth??

It seems to us that it is very underhand way of getting you to put your maximum bid in/ go behond your means with the fear of what could be phantom bids.

Does any estate agent or bank worker know the legalities of revealing bids? Im dealing with one agent at the moment who is so smug I would love to dispell this argument right back in his face.

Many thanks,
Sean

poppysarah

EA has to public the currently accepted offer so people can see it...

lonestar1

Normal practice is once an offer has been made its published The Bank has an obligation to get the best price hence the reason any offers will be published and higher offers sought

poppysarah

There are apparently 2 sorts.a 7 day notice and then one where they keep going until exchange.

need to be quick on a repo - easiest with no mortgage

kibs88

E.A's are not legally bound to conceal any bids it is at their own disgresion!

Iceman543

I am fairly up to speed on the general procedure, ie that they advertise the best offer in the press and invite any further offers before exchange.

But basically we have been outbid allegedly by another party after our bid was advertised locally and the agent is saying to us that he cannot disclose the value of the offer or their position, only that the mortgage company will consider another offer from us if we wish to make one, and I was wondering what the legallalities of this were? Should they/can they tell me the value of the other offer?

It seems like they would prefer to sell to the other party at the moment and were being stonewalled.

chickmug

SB_2009 wrote: »

What is getting us down is the concept that the estate agent is not allowed to reveal the value of offers that have been made on the properties. Is this legally speaking correct, or just a myth??

We never handled repos but on the rest of the market agents have NO obligation to reveal offers. In many cases vendors would not want this info being given out.

dottiepeas

We are currently looking at offering on a repo, and the EA here said to us when buying a repo, there is always a transparent trail of the activity?..and so I got the impression we would be told about what the other bids were?....but reading this thread, probably means they don't do that!

I hope they will inform us of what the other bids are...otherwise, maybe I could found out from the mortgage company directly some how!?...

charliee_3

we enquired about a repo but we decided not to go ahead as we didnt want the rush and panic. The EA told us that an offer of X was already going through they had to by law keep it on the market and they couldnt stop us looking at it, but if we wanted to make an offer it would have to be at least 5k over that to make it worthwhile them stopping the people who were already proceeding...

Ditto

Iceman543 wrote: »

I am fairly up to speed on the general procedure, ie that they advertise the best offer in the press and invite any further offers before exchange.

But basically we have been outbid allegedly by another party after our bid was advertised locally and the agent is saying to us that he cannot disclose the value of the offer or their position, only that the mortgage company will consider another offer from us if we wish to make one, and I was wondering what the legallalities of this were? Should they/can they tell me the value of the other offer?

It seems like they would prefer to sell to the other party at the moment and were being stonewalled.

But if they do accept the other bid wouldn't that have to be advertised as well? And if you wanted to you could put in another higher offer, or it could be a game of bluff and you could call theirs...;)

dottiepeas

Called to the EA to ask for more details about a repo house they are selling. Apparently, they don't disclose the bids made by interested parties, as he said they are not required to do so! Instead they are doing Sealed Bids, and the highest bid wins. (though he also said anyone can make an offer up to the point of exchange!)

Don't know about other people's experience of looking at repos, but the EA we dealt with, do not seem to be very helpful about it- infact, almost discouraging of us to buy it, by saying it's not an easy process, that there will be problems along the way with these types of sales, and that we are more than likely to get outbid before exchange, unless we were thinking of going over the asking price! Has anyone else experienced the same thing?

We asked to see the hips on the repo too, and was told we couldn't unless we were the winning bidder! So far, the EA has done a good job of putting us off!!