Buying a Repossessed House - NIGHTMARE

Richard29_2

In March we had an offer accepted on a respossessed house, some 3k below the asking price and asked to be able to complete within 28days. We have literally run around like mad people to get this wrapped up quickly.

In our final week this week we were on track to complete as planned. Today we received a call from Estate Agents advising that the vendor / Building Society has now rejected our offer of 217k (some 4 weeks since it was accepted) and increased the asking price to 250k. The property today is still up at the old price (220k) but is to be changed to 250k.

They have advised that the Buidling Society have sent out their own valuer who has advised that the property should be increased in value due to some interest and the loss made on the property; however in the 6 weeks its been up for sale only ourselves and one other offer has been made. 3 Other valuers had it priced at 230k.

We have been asked to increase our initial offer to 235k to stay front runners.

Can they legally do this when we are so close to completion? I am tempted to increase my offer to the 235k but have said I want something in writing to say that the property is mine subject to completing within an agreed date. Any views would be very welcome?

Cannon_Fodder

Walk away. You will be pumped for every penny until you squeak.

Let them come to you in a month when they realise you were already the frontrunner for a reason.

DVardysShadow

Say that your offer of 217 remains open for a further 7 days, after which it drops to 207. And mean it.

princessamy86

How much do you want the house? I would certainly not increase to the £235k in any case. It sounds like a last ditch attempt to squeeze more money from you, utterly ridiculous by the sounds of it. Are you in a position to exchange contracts? I would probably offer something like: I'll go up to the original asking price of £220k, provided we exchange contracts right now, with completion in 7 days (or however many is feasible). Get the EA to advise (because that's what they'll be asked to do) that they consider this the best possible price achievable in the current market. EA will want to sell at this point, having done the work to get here, so you might find them a valuable ally.

poppysarah

Don't do it.
Don't push the price up.

The sooner prices are allowed to deflate the better.

Richard29_2

Thanks. Sounds like good advice. Do want the house but not prepared at this late stage to go up to 235k when our offer of 217k was accepted and has been so for the past 4 weeks. We are now in a position to complete at this level this week and have advised them of that.

Thanks
Richard

woody252506

Stick to your guns Richard.

We were told a couple of weeks into buying our repo that someone else had offered 2k more than us (We were FTB and the others were in a chain, aparantly) and we stayed with our original offer. We completed and now have the house. They try to get you to up your offer in as many different ways that they can think of!! :mad: