Repo question..under offer?

Ditto

When a offer has been accepted on a repo, will it say "under offer" on the estate agents/rignt move website?

Thanks

princessamy86

Not usually, as it gets marketed fully right up to exchange in order to get the best possible price. Usual practice is for the offer to be advertised in the local paper, inviting increased offers.

Ditto

A bit strange that they don't put "under offer" on the website to encourage people to put a offer in, people who have been watching the property hoping for the asking price to decrease.

Also why don't they advertise the accepted offer on the website to reach a wider viewing public?

I'm looking at a repo were the estate agent assures me that a offer has been accepted, the house has been lowered since it originally went on the market in November last year. The house has been at its current price since the beginning of May, and even though the estate agent says the bank wants close to asking price and the ea says close to asking price has been offer by several interested people the bank has never accepted.
I have checked the local press and cannot see this accepted offer, granted the ea's page in the press have been only rental properties last week.

anyway I'm going to place a offer this morning (£89,000) £6,000 below asking price (£95,000) but I'm going to tell the ea that this reflects the fact the house has no double glazing and there is no guarantee that anything works. Ea will probably refuse to place the offer till I increase it close to asking price....

Doozergirl

Ditto wrote: »

A bit strange that they don't put "under offer" on the website to encourage people to put a offer in, people who have been watching the property hoping for the asking price to decrease.

It's a repo. You can make any offer you like on it, you don't need to wait. Besides, if I saw something 'under offer' I wouldn't ask about it at all. Your question is really 'why didn't they tell me?' because showing a house as under offer to most people means it isn't available any more!

Ditto wrote: »

Also why don't they advertise the accepted offer on the website to reach a wider viewing public?

Because once an acceptable offer has been found it isn't in the EAs interest to overtly advertise something which has effectively sold. They have to advertise it somewhere whilst keeping the property on the market.

Ditto wrote: »

I'm looking at a repo were the estate agent assures me that a offer has been accepted, the house has been lowered since it originally went on the market in November last year. The house has been at its current price since the beginning of May, and even though the estate agent says the bank wants close to asking price and the ea says close to asking price has been offer by several interested people the bank has never accepted.
I have checked the local press and cannot see this accepted offer, granted the ea's page in the press have been only rental properties last week.

Ask them where they are advertising it or get them to tell you what the offer was! You can at least ask where it's being advertised so you can find out for yourself!

Ditto wrote: »

anyway I'm going to place a offer this morning (£89,000) £6,000 below asking price (£95,000) but I'm going to tell the ea that this reflects the fact the house has no double glazing and there is no guarantee that anything works. Ea will probably refuse to place the offer till I increase it close to asking price....

They can't refuse to submit an offer - they have to submit it, bearing in mind there's little point if your offer is lower than the one already proceeding.

Ditto

I love your use of exclamation marks!

I didn't say I needed to wait, I said people might have been waiting for the asking price to further decrease seeing as it has been decreasing. I would have thought saying it was under offer would have brought people out to offer on it.

I thought a house "under offer" is still available till exchange of contracts?

I have asked the ea's what the offer was and they said they were not allowed to tell me, even though the offer is going to be put into the public domain. They also said that it could be publicised it any local press publication.

princessamy86

Putting under offer does not generally encourage people to offer, although it is technically still available until exchange of contracts. The agent is being cagey (I think) because the offer that has come in has been accepted and they are slightly discouraging others from coming forward. They can tell you the offer, they are just choosing not to.

Doozergirl

They're being obtuse to the point past where they should be then.

A house 'under offer' is exactly the same as being 'sold, subject to contract'. Most people will overlook a property advertised as such and any agent will deter further offers, so it's of no benefit to anyone but the present buyer to see a house under offer. It's right that the repossession is not advertised as under offer, but not right that they're not telling you where the advert is - the entire point is to ensure that there aren't any higher offers in the making.

If you are making an offer, if they can't be bothered to tell you the offer or where they will find it then they are simply making work for themselves. Make sure you receive a notification of offer for every off that you make detailing both your details and those of the vendor. That should annoy them sufficiently.

johnson293

Ditto wrote: »

I love your use of exclamation marks!

I didn't say I needed to wait, I said people might have been waiting for the asking price to further decrease seeing as it has been decreasing. I would have thought saying it was under offer would have brought people out to offer on it.

I thought a house "under offer" is still available till exchange of contracts?

I have asked the ea's what the offer was and they said they were not allowed to tell me, even though the offer is going to be put into the public domain. They also said that it could be publicised it any local press publication.

Technically it is - but I don't think estate agents actively encourage 'gazumping' in either a repo or a 'standard' sale. The difference with repo's and advertising the accepted offer is that the Bank/Company selling it is usually trying to get as much as possible for it, to cover any outstanding debts the previous owners may have acrued.

I am very close to exchange on a repo (tomorrow hopefully), and had been told that the estate agent selling it would discourage viewings which could lead to higher offers, even though they had to (by law) advertise the accepted offer. If the customer was insistent though, they couldn't stop them viewing. But they would just tell them that the purchase was very close to exchange, and a higher offer unlikely to be accepted unless 'considerably higher', to make it worth while losing a 'definite' sale and starting the process over with a new buyer.