Offer on Repo

jodiebabes

Hi,

We put an offer on a repo on Saturday. Its advertised at 160k and we offered 150k. We were informed by the estate agent that there had been another offer placed on the property on Saturday afternoon but they werent allowed to tell us the other offer.

Just had a call now from the EA to tell us they are trying to get through to the company with the 2 offers and she then told us the other offer was slightly higher than ours. Im a bit bemused now cos on Saturday they werent allowed to tell us the other offer???

Me and my partner are in a strong position as we have sold and are currently awaiting the surveyor coming round this week.

We can go highher with our offer, but Im not sure if we should go higher now or wait a bit?

What you reckon? Im hoping the people with the other offer in arent in as strong a position as us!

Jodie

Gediknight

Not much you can do really, depends on circumstances? If you cannot afford to increase the offer and the other couple have, it would appear they will get the property.
The fact you have sold could come into the equation, in this business it would appear the other couple have the house. Sorry.

jodiebabes

Gediknight wrote: »

Not much you can do really, depends on circumstances? If you cannot afford to increase the offer and the other couple have, it would appear they will get the property.
The fact you have sold could come into the equation, in this business it would appear the other couple have the house. Sorry.

No need to apologise. We can go higher!

Gediknight

Jodie, depends on how much you want the house? Have you seen the surveyors report yet? what valuation have they put on the property? Does it need a new kitchen,bathroom, central heating etc. It's trying to way up the cost you might incur by pushing your price up, taking into account whats required when you purchase a repo. The majority of people who's houses are repossed, give up in the maintenance of the property as soon as it happens and can leave an awful mess for the next purchaser.

jodiebabes

Sorry - it seems the question I am asking is getting lost. I am not asking if we can afford it - we can.

Im asking do we show our best hand now? Or wait a while?

ziknik

jodiebabes wrote: »

Sorry - it seems the question I am asking is getting lost. I am not asking if we can afford it - we can.

Im asking do we show our best hand now? Or wait a while?

Wait.

You haven’t been declined yet.

You can always increase later after (IF) you get declined.

EDIT: I bet the EA is making up the other offer.

Tell the EA that you put in another offer on another house and you will buy the other one if they accept first

unite79

Show your hand, its not Poker, you probably wont get a second bite.

unite79

Sorry let me expand - The agent will put both offers to the Repossesion company - Loan to Value, property to sell/sold etc etc....
As you are looking for a high Ltv you have this against you - Namely in the event the property is downvalued a small amount.....

jodiebabes

unite79 wrote: »

Show your hand, its not Poker, you probably wont get a second bite.

Dont the EA put a notice in the paper tho when an offer is accepted?

With repossesions its is alot different and you can put an offer in for the house right up until exchange of contracts.

ziknik

unite79 wrote: »

...
As you are looking for a high Ltv you have this against you - Namely in the event the property is downvalued a small amount.....

How do you know the LTV? The OP hasn't told us?

unite79

Previous posts by OP - All asking about 90% products - Agree you should not assume, but hey ho.