Strange offers and prices on repo

dh_mcr

I spotted a repo house on rightmove a few weeks ago. It was Sold STC but has now become available again:


30 September: Status changed from Sold STC to Available

20 July: Price changed from Offers in excess of £79, 950 to Offers in excess of £72, 000.
Status changed from Available to Sold STC.

09 June: Price Changed from: £89, 950 to Offers in excess of £79,950

21 May: Initial entry found


The agent's own website is already reporting an offer of £68, 000 although the house was only readvertised this morning.

So, my questions are:

1. The asking price was reduced on the 20th July, the same date as the status changed. I'm therefore assuming that the offer was below 72, 000. But this puts it way below the asking price of 79, 950.
I thought the sellers of repo's want to get as much money as possible, so why are they accepting such a drop after 2 months?

2. If the status changed to Sold STC on the 20 July, how come it's only just fallen through.

3. Where could this brand new offer of £68, 000 have come from considering the house was only changed to available this morning? If it was a previously rejected offer why wasn't it chosen sooner?

nic_santorini

who knows who put the offer in, friend of a friend maybe, but the estate agents legally have to advertise that an offer has been put in and any offers over the £68k will have to be considered before exchange.

p00hsticks

dh_mcr wrote: »

I thought the sellers of repo's want to get as much money as possible, so why are they accepting such a drop after 2 months?

The banks main concern is to get back what they are owed - if the offer was enough to cover that then they aren't going to hang on longer than necessary for more, as the extra wouldnt go to them anyhow, but to the people who were repossessed.