Offers on repossessed properties

littleminx_2

Hi all,
My husband and i put an offer in on a repo last week and as we had not heard anything OH rang and they told him they had an offer of £3500 more than ours and that it would be in the papers this week.We looked today on a property web site and there was a public notice,so we rang and offered more,and an hour later they rang back and told us an offer substantialy more has been accepted but it will not be made public.Is this the norm or are they playing games?
Many thanks in advance

princessamy86

I would think playing games if they made the first offer public but would not make the 2nd offer public. Offers are made public at the request of the lender, as they are duty bound to get the highest price possible for the property, so I think it is highly unlikely that one offer would be public and another wouldn't. All you can do really is leave your offer on the table and keep ringing them to check on the progress of the sale, I'm sure they'll be back to snatch your hand off if it does fall through with this "higher offer".

cattie

I believe they only have to put the one notice in when an offer is accepted. If another higher offer comes in before the deadline, they are not obliged to advertise the offer again.

If the offer is substantially more than yours then the vendor will want to stick with the buyer & have a quick conclusion to the sale. Estate agents won't be playing games with a repo as it's up to the lender who has repossessed the property which offer they wish to go with.



With a repo, you need to ensure that your offer really is a good one if you want to secure the property.

littleminx_2

Thanks to both of you for your replies
I rang the agent back and told them we will increase our offer but they flatly refused to put it forward and said that the previous offer has been accepted and thats that!
The thing is though,the house needs quite a lot of money spending on it cosmetically and there are actually houses in the same area going for a couple of thousand more and all in great condition,so i think they are telling a pack of lies and they maybe want it for themselves or have a close friend or family member in mind for it.
Back to house hunting again!

princessamy86

For the agent, repos can be really difficult to deal with, particularly when lots of offers are coming in so often when one is accepted they try to keep other interest to a minimum so it doesn't drag on indefinitely. Lots of lenders stipulate that the agent themselves and anyone with a connection to them, family or friend are not actually allowed to buy the property, so chances are they're not telling you a pack of lies.