grandaughter

samed

my grandaughter and partner viewed an empty property liked it:jand put in offer which was accepted.2 days later estate agent rang to say they had a higher offer and as it was a repossession the banks are allowed to accept offers upto exchange of contracts.does this mean they could pay solicitors,surveyors and mortgage provider and still lose the house?:eek:if this is normal practise how are first time buyers supposed to get on property ladder and does anyone know a way round this thanks for any help or advice

Milliewilly

samed wrote: »

my grandaughter and partner viewed an empty property liked it:jand put in offer which was accepted.2 days later estate agent rang to say they had a higher offer and as it was a repossession the banks are allowed to accept offers upto exchange of contracts.does this mean they could pay solicitors,surveyors and mortgage provider and still lose the house?:eek:if this is normal practise how are first time buyers supposed to get on property ladder and does anyone know a way round this thanks for any help or advice

Yes its normal practice for a reposession. The Bank are obliged to get the highest price for the house and should advertise the accepted offer to give others a chance to beat it as any remainder of debt is left with the mortgagee so its only fair to them to get the best price.

First time buyers can get on the property ladder on any house not just a reposession??

The only way round it is to make sure yours is the highest offer so you get the house.

tyllwyd

samed wrote: »

estate agent rang to say they had a higher offer and as it was a repossession the banks are allowed to accept offers upto exchange of contracts.does this mean they could pay solicitors,surveyors and mortgage provider and still lose the house?

I don't think that is quite right - my understanding is that the banks are obliged (rather than just allowed) to accept a better offer up to exchange for a repossession. But even under normal circumstances it is possible for a seller to accept a higher offer until contracts have exchanged, and so it is possible (although unlucky) to end up with bills for surveyors etc and no house.

punkaking

If we were talking about a standard sale (not repossession) then your offer can be conditional on marketing of the property being suspended and no further viewings taking place, which will not *guarantee* a higher offer being received but certainly cuts down the chances of it happening...

Good luck to them, that first purchase is often hard, I'm afraid.