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Repossessed property Scotland - can bid be placed after closing date?
LittleLeah
Posts: 21 Forumite
Hiya,
We placed a bid on a repossessed house last week and were the highest bidders. Unfortunately, as the sale of our own house isn't yet complete (there has been an offer put in on our house but not finalised yet) the repossession company have decided to go with the second bidder (the only other bidder there was).
The second bidder is currently in rental accomodation and has a mortgage in principle.
We just found out that in England bids can be placed on repossessed properties up until exchange of contracts. I was wondering if it is different in Scotland? There was a closing date on the house, however the second bidder has stated that they need 6 weeks before exchange of contracts.
We think we could be organised before then, so is it possible that we could bid again? We have a portable mortgage and deposit ready.
Hope this makes sense, the last few days have been quite upsetting as we really had our hearts set on this house.
Hope someone can help. Thank you.
We placed a bid on a repossessed house last week and were the highest bidders. Unfortunately, as the sale of our own house isn't yet complete (there has been an offer put in on our house but not finalised yet) the repossession company have decided to go with the second bidder (the only other bidder there was).
The second bidder is currently in rental accomodation and has a mortgage in principle.
We just found out that in England bids can be placed on repossessed properties up until exchange of contracts. I was wondering if it is different in Scotland? There was a closing date on the house, however the second bidder has stated that they need 6 weeks before exchange of contracts.
We think we could be organised before then, so is it possible that we could bid again? We have a portable mortgage and deposit ready.
Hope this makes sense, the last few days have been quite upsetting as we really had our hearts set on this house.
Hope someone can help. Thank you.
0
Comments
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Can anyone help please?
0 -
Your second offer can't be accepted without the seller and their agents declining/rejecting the first offer.
Your own solicitor will be unlikely to place an offer on your behalf for a property which is already Under Offer to another buyer, and will probably want the selling agent to confirm that the current offer has been rejected/declined before putting your offer to them.
I take it your initial offer was made through a Scottish Solicitor? If so, does he or she agree the above? Have you asked him or her what your options are?0 -
LittleLeah wrote: »Can anyone help please?
Your solicitor should be able to!0 -
You cannot make another offer unless the accepted offer falls through.
The closing date is set after they consider the property to have received enough interest, or an offer has been made & the property had several notes of interest.
You cannot make another offer. The property will now be Sold subject to Missives. The only way you can make another offer is if this accepted offer falls through - in which case the vendor will probably contact you to inform you the property is back on the market.0
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