Buying a reposessed house

Becky1983

We have decided we are going to put in an offer today, we just dont know how much or when to do it. Id appreciate any advice. xx

princessamy86

Do you think it is worth full asking price? As you say, someone may come along with a better offer. Procedure with us is that we put all offers forward as they come in, then the repo company decides which one to go for. After an offer has been accepted, if another offer comes in the company asks that we give you the chance to match it. Don't get sucked into a bidding war, if you put full asking forward then leave it on the table for a couple of days. Let the dust settle, then put forward your best and final offer (MAKE SURE it's worth it, don't get forced into paying more than you feel it is worth!!)

Becky1983

Its definately worth it, we have set our limit and thats it. If a bidding war happens we will only go as far as we have already decided.

The thing is as there is going to be an open viewing, do I take the EA to one side and make the offer, or give her a letter. Or call the next day.

Does it need to be put in writing or not?

It seems there may be perks to being first in with an offer.

Thanks for your help, much appreciated!

princessamy86

What time is your viewing? The offer doesn't need to be in writing, but you will almost certainly need to supply proof of funds-which is proof of your deposit (black out any account numbers) and proof of your mortgage agreement in principle. EA can put offers forward without this but the repo company will not consider them. Definitely perks to being first in, but just remember someone may come in higher. Communication is key! Let the EAs know where you're up to, ring them and ask about other viewings which have happened, get everything done as quick as you can.

Becky1983

5pm! The mortgage will be in my partners name but im putting money in too, will I need to transfer it into his account?

My partner wont be there tonight hence why I was going to give them a signed letter from him, didnt know if they'd accept an offer from me.

I went into the EA's as they wanted to check proof of funds. Didnt ask how much savings we had.

They can actually offer a better mortgage deal so we were going to go with them. Thing is we didnt have an appointment to go over stuff in more detail until Sat as the price wasnt expected for a while, so I was going to ring and just be honest with him sayinging we are seriously considering making an offer can he get the agreement in principle sorted today. I expect it will go straight through as its with the same mortgage lender as our 1st one just a bit better deal.

It does seem a bit weird going with the Mortgage Advisor who works in the EA's you are buying from, I dont know if he would help me or they would use stuff I tell him in their favour?

Also we wondered whether to use their conveyencers, as the repo company arent, would this go in our favour, or should we go elsewhere?

NAR

Becky just to make you aware; you have said property next door sold for £120k last year this one is going on the market for say £60k. That leaves a big margin for profit for a developer, should one or two be interested(which I'm sure they will be). So please don't build your hopes too high, but good luck!

Becky1983

Thanks NAR, im trying not to but its hard.lol! I am fully expecting higher offers to go in but I want to fight our corner as much as possible. x

princessamy86

EA Mortgage Advisor shouldn't use anything against you, but unfortunately some do. Are their conveyancers competitively priced, and have you had a google for reviews of them? Also search on here and ask if you can't find info, a bad conveyancer will slow your transaction down and hinder your chances of getting the property.

No you don't need to transfer any money, if you have seen their mortgage advisor then that will be enough. They should take an offer off you, but maybe take a letter from your partner just in case. The repo company will most likely close at 5pm, so don't worry about getting your offer in with the EA at the viewing, unless you want to offer before the viewing? Otherwise first thing tomorrow will do fine.

Becky1983

Thats the thing, I doubt the viewing will tell us anything we dont already know, so to offer now or later? I didnt want all the people vieweing to know about our offer, hence why I was going to do it later, although I know it will be advertised and all interested parties told. Im going to speak to the mortgage advisor when he rings me back so I will see what he says. I might ask him if he knows if any developers are going to see it.

Not sure on their conveyencing fees, was going to ask for a price today. I know it will be a bit more expensive as its a no sale, no fee one. With these do they ask you for any money. I was told they had a specialist repossession team, if such a thing exists.lol!

Honestly they could tell me anything,thats why im asking on here.

I will have a hunt for info now on the conveyencers.ta. x

princessamy86

Offer tomorrow morning, you're not going to lose out on anything in the space of 24 hours. Who are the conveyancers? I've never heard of any with a specialist repo team! Anyway, you don't want a team, you want someone who is going to see it through from start to finish. Definitely ask the advisor about who's seeing it, can't do any harm at all. The good thing about using the EA's mortgage advisor on repos is that they get everything done at lightning speed because they've got pressure from both sides not to muck around with paperwork etc.