Gazundering on a repo

gman20_2

Opinions please.

foxwales

My opinion is if your going to take the time to make a post, atleast make it a constructive one.

gman20_2

There's not that much more detail needed, is there?
I am asking for your opinions on Gazundering on a repo being handled by a company.

These opinions may include if it's a good idea, if it's worth it, if you know that a company will just call your bluff.

Can't really think of much more detail than that.

Doozergirl

You mean you've had an offer accepted and now want to lower it?

I'll tell you what I think. I think why didn't you offer lower in the first place?

Do what you like. They will tell you if the offer is acceptable or not. Next time, offer them what you actually want to pay for a house.

PasturesNew

Buying a repo = good for the repossessed as finally they can put it behind them.
Gazundering a repo = poor sportsmanship.

Expect to lose it and lose credibility with the company managing the repo... apart from that go count your own morals as you seem to be missing some.

pie81

usually, sellers are forced to accept gazunder offers because they need the chain to stay in place so they don't lose their next place. however, unlike most sellers, the company handling the repo do not have another property they are trying to buy. they will want to maximise the money they get back from the sale as the debtors will probably not be any good for the rest. so I'd say they are far less likely to accept a gazundering offer. And, as PasturesNew says, you would then lose credibility as a buyer in their eyes so they might not be willing to sell to you even at the OLD price.

I'm not going to comment on the moral downsides as I think they are fairly clear.

gman20_2

pie81 wrote: »

usually, sellers are forced to accept gazunder offers because they need the chain to stay in place so they don't lose their next place. however, unlike most sellers, the company handling the repo do not have another property they are trying to buy. they will want to maximise the money they get back from the sale as the debtors will probably not be any good for the rest. so I'd say they are far less likely to accept a gazundering offer. And, as PasturesNew says, you would then lose credibility as a buyer in their eyes so they might not be willing to sell to you even at the OLD price.

I'm not going to comment on the moral downsides as I think they are fairly clear.

Explained it well. Thanks.

Edit: As to why I offered what I offered, both of us were asked for our best offer. And they wouldn't let me know about the other persons offer. An unofficial closed bid. Seems I offered slightly more than I needed too. I can afford the current price fine, just feel it was a bit of a !!!!!! move.

Running_Horse

They will probably return to the lower offer from the other more reliable and honest bidder.

tek-monkey

Running_Horse wrote: »

They will probably return to the lower offer from the other more reliable and honest bidder.

Yup, I would. Whats the point in closed bids if you get to renegotiate after seeing everybody elses? I'd probably go back to the other guy with your new bid, and ask him to raise it by a fiver. Even if they won't, I'd give it them for their initial offer rather than you.

melb

gman you sound lovely!

gman20_2

I'm still paying more than what the original buyers paid, so technically anything over that amount is probably just benefiting the mortgage company who repossessed the house.
Presuming the previous owner didn't remortgage a lot.
Also presuming that banks only come after you for the amount left on the mortgage (Probably including some legal bills).

Oh no, a bank losing out.