Trying to buy repossession: typical estate agent messing me about

princessamy86

princeofpounds wrote: »

It's pretty clear he is lying. There might or there might not be a higher offer, but all this stuff about 'tomorrow' is likely to be rubbish. Repos have to advertise in the press for higher offers once one has been accepted and wait a certain period of time, and this is not going to happen in the next 24hrs.

I think it's fair to be aggrieved that one is being lied to. Simply being an economic actor on the other side of a transaction does not remove the requirement for normal decent human virtues like honesty.

They don't always have to be advertised though princeofpounds, and it might be that the 24 hour deadline is to meet the deadline for the local paper. Lender might not say yes or no to an offer unless the property is advertised that week. I agree with your honesty comment, but it might genuinely be that the lender is moving the goalposts.

pastmybest

princessamy86 wrote: »

I'm an EA and we deal with a lot of repossessions

Why not put this in your signature and it would add weight to your (always very good) advice?

princessamy86

pastmybest wrote: »

Why not put this in your signature and it would add weight to your (always very good) advice?

Think I need to ask a board guide...hmmm might have a go!

poppysarah

Let someone else pay over the odds.
State your offer being your last one.

chewmylegoff

have never bought a repo, so don't really know if this is a sensible suggestion, but if i had a choice between bidding "blind" now, or waiting for them to publish the other bid in the paper and gazumping, i would choose the latter as you know what you're bidding against. someone else will presumably say why waiting is a bad idea in a minute!

princessamy86

Waiting is a good idea-if the agent advertises every week in the local paper. If, like many agents, they only advertise every fortnight, the other party may be far enough along with the sale for the repo company to say they won't consider any other offers.

eanick

Also having sold a number of repos, one thing that can often happen is that if the asking price or above is achieved then there is no need for a public notice as the property has already been advertised at a figure. There is therefore a risk of waiting.

It is often the case that one member of staff in the office tends to be the main liasion with the lender or asset manager - it is always worth trying to deal with him or her as they should know the quirks of their client.

Each of the lenders have their own variation on the rules - I even have one that is trying to auction a repo on Zoopla!

Milliewilly

The OP hasn't stated what their financial position is but if between the EA saying it will be 7 days someone has come along the next day with an acceptable cash offer not subject to survey then the EA will most likely accept that.

Its up to the company dealing with the repo (not the EA) to decide whether an advert is put in the paper. They won't incur additional advertising costs and potential time delays if a proceedable acceptable value offer is on the table.