offer declined

hummingbird75

post removed thanks

Milliewilly

Depends how much you want the house. I would wait a couple of weeks and check with the agent again.

As its a reposession they are supposed to advertise the accepted price but often don't so you can get another chance to bid. November to now isn't long though and if you have cash you can beat anyone else time wise.

However in my experience the sellers have been favouring people with mortgages putting in a higher bid over cash.

Wickedkitten

15% less on a repossession is probbly not going to work because the bank are going to want to minimise their losses.

1984ReturnsForReal_2

If you want it up your offer.

mmikailian

phoenix1975 wrote: »

hi there

me and my partner made an offer on a repossesion in the south, which has been on market since nov this year. They came back and said they were going to decline the offer as they felt it was too low however they were going to leave it on the market for a few more weeks and may revisit our offer. Advice im after is what to do next

my feeling is

1) wait them out as they are just trying to see if they can get us to up our offer
2) we are in a good postion so can afford to play the waiting game
all advice welcome

thanks:rolleyes:

Hi again,

If you are really interested get your solictor lined up i had a local one for this as it easier and can get things moving more quickly have used on line before they where cheaper but a lot slower and you want to move quickly.

did need to ring council etc myself to find out about building and planning etc as stated in survey and as they repo had been on the market for a while other reports had been done by the agents i guess to speed things up. Arrange a private survey, Please note there was 2 estate agents involved the ones based nead the repo company and a Local one arranging viewings etc. The repo agents told me they would not accept my offer it was to low we did the waiting game then they said no etc we had done the survey cash ready so got the solictors to work for their money and as i said we gave them 24 hours and guess what it all got completed and we got it at the price we orginally put in for that the agent said was too low, 24hrs got it all completed.

Agents will hold out for the better price that might not come!

the local agent told me well done when i went to collect the keys and how they found the other agents messed about alot and that we managed to get a great price for the property. which is unusual.

please note a repo comes with it sets back cost us a further £40,000 doing it up as needed total re-wire and plumbing as all had been ripped out and 6 skips and 5 months later it was habitable....mainly doing work at weekends and only had builders 4 4 weeks in rest done by us.



Hope this helps....get a good solictor who can advise you and can push for what you want....the market as i see it is not going up just yet and the longer the property is unsold the more the company is losing and the person who lost the home still has huge debts....mounting....check the deed register and you can see how much the previous person paid so you can work out if they are out of money or not also gives you an idea what is being looked at for a price. a true price

Hope this helps

hummingbird75

post removed

Ditto

Your initial offer should look more attractive now seeing as they have lowered the price, phone the estate agents again stating your offer and the fact you are a cash buyer.

If the price is being lowered its kind of obvious that it is overpriced, or no-ones interested enough to pay the asking price.

Numberlock

Ditto wrote: »

Your initial offer should look more attractive now seeing as they have lowered the price, phone the estate agents again stating your offer and the fact you are a cash buyer.

If the price is being lowered its kind of obvious that it is overpriced, or no-ones interested enough to pay the asking price.

I would also add to the above to request that the EA gives you a copy of the letter the EA should be sending to the Assets Management Company (or whatever firm is dealing with the repossessed property) outling your offer so that you have proof that the EA is actually passing on this information.

jfed

Repossesions are an interesting purchase as once an offer is agreed the banks/EA can then publish the offer in the local paper to see if anyone wants to better it. I have found that often you will then get a call from the EA asking you to improve your offer further. Like with all properties you need to decide what you are willing to pay for it. Am not sure if this is for an investment or to live in as obviously this will effect your limits further. Out of interest what % under the asking price were you offering?

hummingbird75

post removed