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

duplicate.

Tiggy55

I just want to say we have just exchanged contracts on a repossessed property, due to complete next week. It was done over Christmas so less people are hunting for properties, however we weren't the only people viewing the house. Don't get me wrong, we did have to chase the solicitors, but it took three weeks from our offer being accepted to exchanging contracts. It can be done relatively stress free, but you have to be prepared to move quickly and to chase people.