Putting in an offer on a repossession (help needed)

princessamy86

Agreement in Principle! Yeah sorry get used to using abbreviations. That's what I mean, that should be fine for the repo company although I have had the repo company ask to see proof of deposit as well.

pukkapie

ok, i need some more advice please!

the estate agents rang me up this morning saying they want me o come in so a deal can be pushed through on the house. i asked if my offer had been submitted and they said none have been so far as they want to go with a buyer who they no will get the deal done. They told me that they have had a few offers, but if i come into the office they could negotiate a good deal (£100,000) and then i could sign a mortgage with them at that time.

I don't see any need for me to go in again, surely they can negoitiate a deal and then i can come in? (or go with the cheaper mortgage i found). am i going to ruin my chances of buying the property if they think i will not take a mortgage through them?

many thanks,

chickmug

Following from the NAEA Code of Practise

Offers
a) By law you must tell clients as soon as is reasonably possible about all offers that you receive at any time until contracts have been exchanged (in Scotland, missives have been concluded) unless the offer is an amount or type which the client has specifically instructed you, in writing, not to pass on. You must confirm such offers in writing at the earliest opportunity and keep a written or computerised record of all offers you receive.

b) You must not discriminate, or threaten to discriminate against a prospective purchaser of your client’s property because that person refuses to agree that you will (directly or indirectly) provide services to them.
Discrimination includes the following:
• Failing to tell the client of an offer to buy the property.
• Telling the client of an offer less quickly than other offers you have received.
• Misrepresenting the nature of the offer or that of rival offers.
• Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them.
• Making it a condition that the person wanting to buy the property must use any other service provided by you or anyone else.

pukkapie

does this still apply for repossessions? they're going along the lines that the vendor chooses them as he EA because they know they can push through a deal within the 28 days, where as they can't guarentee other providors will do so, therefore not considering the offers as viable

princessamy86

It does still apply for repossessions, don't let them bully you. They aren't allowed to do this, just stand firm and show them your AIP again if need be. Make sure you have your solicitors on stand by and then tell the agent this, also make sure that they submit your offer and confirm this with you in writing-this is a legal requirement.

Cannon_Fodder

Its just them trying to sell you something. Ignore them.

Print off chickmug's NAEA code detail. That should help them understand you are serious.

pukkapie

I just got the property up to check the phone number and it has been reduced from £109,950 to £99,950 and I put an offer in at £104,000! What on earth is the estate agent playing at? what should i do now?

princessamy86

Ok-it's been reduced on the instructions of the lender, normally something they do when there hasn't been a lot of interest. The agent has clearly not passed your offer on, so they have not fulfilled a legal requirement that ALL offers must be passed to the lender. Could you speak to the manager of the office? Point out that you would like to offer full asking price (if that's what you want to offer), show them your AIP and ask them to put the offer forward while you wait. Best to do this on a weekday as I'm not 100% certain there will a) be a manager in on a Saturday and b) that the repo company will be open.

pukkapie

they have admitted to not submitting my offer as i think they wanted assurance of me on board there services first. to me it looks like the repo company lowered the price to £100,000 which is why they have asked me to come into the office. they could get an offer of £100,000 accepted there and then, I think it's a bargain as it was on for £110,000 and i don't realise it was reduced and i offered £104,000 so i sign a mortgage with them appears to be there plan.

shouldn't i offer lower than the asking price if it has been reduced? It must have been well ovepriced initially.

thanks.

Cannon_Fodder

Offer £95k. Stick to your own mortgage. Remind them of their legal obligation to forward all offers.