What do you think is going on here with this repossed house?

experience

I placed an offer on this repossessed house back in January where the bidding ended up between me and another party - it went to final best offers where i offered £100,500 and i was informed the other party's offer was accepted and they were offered exclusivity for the purchase.

At the time i thought that was a bit strange and thought i was being used by the estate agent just to bump up the offer so the other party would have to increase, the estate agent told me that if the sale fell through he would call me to give me 1st refusal. Just browsing last week i noticed that the advert listed that an offer of £99,000 had been accepted and now this week the advert states an offer of £85,000 has been accepted!

This is a repo, we were financially credit checked with their in house mortgage advisor before we could place an offer on the house - i thought repo's had to secure the best price and we so far have offered the highest price

Cannon_Fodder

Maybe, for the sake of £1,500 difference - assuming the £99k was originally accurate - they decided the other people were better placed - its for the EA to get the best offers in, but the will Lender decide if speed matters more.

Now that person appears to have dropped out, so remind them of your offer - adjust it downwards a bit, but beating the £85k should be easy...

If they knock you back again, trace the Lender using Land Registry and contact direct, with a polite enquiry about them potentially losing £10k...

ginvzt

Why don't you call the agent and ask what is going on?

experience

I can understand them going with the £99k offer because they might have been in a better position than me. The vendor in this case is countrywide - part of the same company which makes it a bit fishy. I was speaking to my financial advisor last week and she told me that these EA's are playing us when it comes to houses like this - she said theres not a chance of getting a mortgage on them because they arnt habital and the EA knows this and its unethical what their doing. She said these types of houses will go to builders/cash buyers and in this case this house would go for about £70k.

I'll call the agent this afternoon and see what the story is

Doozergirl

What kind of house is it? If it's non-standard construction then she's right. That may well be why they haven't called you back.

Oh, I hadn't seen the link. Why wouldn't that be mortgageable? Does it have a kitchen/bathroom?

Tell us what they say when you call them. There must be some reason why they haven't come back to you and the last offer fell through. Even countrywide agents don't deliberately make things fall through!

whiskywhisky

You could try to try to ring the agent - but with the "extra" income you may find that the agent is on a luxury holiday (if you know what I mean).

LandyAndy

Completely off topic but it reminded me my parents and I sometimes ate at this pub http://www.wyken.com/html/wyken_pippin.html when I was at University at Warwick in the 1970's . It can't be far from the OPs house.

Sorry, can't help with the question though.:o