Gazumping on a repossession

NAR

Learn what the smilies mean before using them - :rolleyes: means sarcastic Doozergirl!
If I was being flippant I would have made it clear. I put forward a possible reason for what happened; who are you to know if I am right are wrong? I didn't say it was the fault of the EA, what I said was it could be.
The OP posted "we offered an extra £2.5K but the agent said that AMG won't accept the offer, unless we have a survey to confirm the valuation but then the other party could still put in a higher offer!" Did the EA show any proof of this to the OP? I don't know, neither do you.
The mind boggles how some people think they know everything. Rant over!

Doozergirl

Which bit of the word sorry didn't you understand?

Unlike some, I'm happy to admit when I'm wrong.

Keep taking those happy pills, buddy :rolleyes:

NAR

Doozergirl wrote:

I'm happy to admit when I'm wrong.

:T And I'm happy to agree! :beer:

Doozergirl

I'll let the OP decide

strawberrylane

I am an EA and I would just like to say that the OP means that they have a mortgage offer in place, and whilst that puts them in a very strong position against someone that hasn't, it also means that there is more admin work to be done by the mortgage company before funds can be made available further down the line. As doozergirl says, cash is king.

Ian_W

NAR wrote: OP stated "We also have a huge deposit and our mortgage in place, so we would have been able to complete within 28days as required."

I don't claim to know "everything" but I do know that the part you highlighted from the OP isn't strictly correct. They may have an agreement from the lender to lend them that amount but until a valuation is done the mortgage isn't in place. The lender could downvalue or even decline to accept the property as a suitable security for the loan, neither of which is a remote prospect with a repo, hence lenders will almost always go with a verified cash offer if they can get the same amount.

The people who lost the house are still liable for any shortfall between the sale price less sale costs and what they owe on the defaulted mortgage. The rules are designed to get the best price [and speed of sale obviously cuts costs, like interest charges] in their interests. Now they may have been stupid, unlucky or unfortunate but my sympathy goes more to them than the OP [or Doozer with her repo purchase] and I hope for their sake the property realises the best possible price in the quickest time.

NAR

Ian, I accept what you are saying. My comment was made purely on what the OP posted, which didn't warrant a sarcastic reply. A reply such as yours or strawberrylane's would have been far more appropriate.