Reposession help

baz01

Hi,

just lost a reposessed house due to the other ea securing the deal.

Question, can I make a counter offer?

I'm not sure on the amount the house has been agreed for as yet, but will try to find out in the morning.

Any help much apriciated

Gazing_On_Sunsets

The Notice of Offer has to go in the local press. You can gazump...and be gazumped...any time up to exchange of contracts. However, I bought a repo last month and the eas told me that once they'd received my offer they would be "trying to dissuade" any other offers as they'd "rather sell two houses than the same house twice". that said, the bank is obliged to take the highest price it can get for the house. So, unpalatable though it may feel, you *could* wait till the Notice goes in the press then make a higher offer. Probably need to be worth their while though. Oh and none of this is legal advice, just personal experience and hearsay...

Milliewilly

Gazing_On_Sunsets wrote: »

The Notice of Offer has to go in the local press. You can gazump...and be gazumped...any time up to exchange of contracts. However, I bought a repo last month and the eas told me that once they'd received my offer they would be "trying to dissuade" any other offers as they'd "rather sell two houses than the same house twice". that said, the bank is obliged to take the highest price it can get for the house. So, unpalatable though it may feel, you *could* wait till the Notice goes in the press then make a higher offer. Probably need to be worth their while though. Oh and none of this is legal advice, just personal experience and hearsay...

Don't rely on it going in the press they often don't. Difficult to comment without knowing your circumstances. Are you cash or mortgage - can you complete in 28 days?

Gazing_On_Sunsets

Milliewilly wrote: »

Don't rely on it going in the press they often don't. Difficult to comment without knowing your circumstances. Are you cash or mortgage - can you complete in 28 days?

Oh, really? I stand corrected! My eas told me it was a legal requirement, but I know... they will say anything... They did also say they would take a cash offer if you could exchange quickly, as you say, over a higher but less quick offer. But again... who knows, seems to me they kind of do what they like.

baz01

It has sported in the paper on Friday. I am a ftb.

Milliewilly

Gazing_On_Sunsets wrote: »

Oh, really? I stand corrected! My eas told me it was a legal requirement, but I know... they will say anything... They did also say they would take a cash offer if you could exchange quickly, as you say, over a higher but less quick offer. But again... who knows, seems to me they kind of do what they like.

It is a legal requirement but they don't always do it (and after heated discussions as to why) its down to the asset manager - if they are happy then they don't pay for the advertising, if they want a bit more the ad goes in the press / EA window which is particularly frustrating.

I have had cash rejected in favour of mortgage too.

Milliewilly

baz01 wrote: »

It has sported in the paper on Friday. I am a ftb.

So technically you can move quickly. Is your mortgage arranged / have you got a solicitor in place??

wymondham

We bought our house as a repo. The estate agent very kindly put the tiniest of ads in the paper - hence never got a higher bid. The one nice estate agent I've known!

baz01

Yes I am in a position to move quickly
and have everything in place.

Milliewilly

You need to see Friday's paper then to know what to bid or check the offer hasn't been put on the EA site. If you really want the house ring the EA and make a counter offer. There's nothing to stop you until contracts are exchanged.

baz01

It has been in the paper and since an offer has been accepted.