Out bid on repo

hollywoodgman

Hi peeps me and my gf had a bid accepted on a repossessed house,since the accepted bid we have completed the survey and loads of paper work etc,our contract has been sent to the sellers to get ready for exchange.The other day we got outbid by someone by £5000,now we are in a position to match or increase our bid but some things are troubling me and wondered if any1 can help.
1.With our mortgage already agreed at x amount,if we added the rest through our mortgage then would we be back at the start of the process and in no better position than the new bidders?
2.Again if we added to our mortgage would we then have to have another survey done at the new amount?
3.If we raised extra money through cash and our mortgage stayed the same would that take us back any steps?
Thanks in advance for anyone kind enough to help.

Emmzi

what value did the survey put the property at compared to the purchase price?

how high a %age are you borrowing and how many times your salary is it?

G_M

1) Depends If the survey valuation was high enough to justify the increased loan amount
2) Probobly not (assuming same mortgage company).
3) Can't see how

But best chance now is to use extra cash and stress that you are ready to Exchange 'tomorrow' or within 4 days or whatever.

The vendor will balance the comparative bid ammounts AND the readiness to proceed.

Milliewilly

I would match the bid as you are well on with the sale having had the survey done so still in the strongest position. Getting the extra in Cash is the quickest way.

uk_property_expert

99% of the time the surveyor will value the property at the price you paid for it. If you go back to him and explain what has happened he she may amend the valuation. Sometimes if you have a real bargain on the original survey they will then follow up with "houses in the area of similar size sell for between X and Y"

Ditto

How did you know you was outbid, did the estate agent tell you via a phone call, could they be trying to raise your offer by making up a rival offer?
Normally repos have to be completed in 4 to 6 weeks, how far along are you?
How much are you paying for the house, is £5000 such a big increase that the estate agent/bank is willing to take the risk that the higher bidder can complete in the short timescale, get a mortgage?