Is this normal???

BeccaBell

Mod - Please delete no longer relevent

AppleCore

I'm no expert but I think its quite unusual for a first offer to genuinely be the 'best and only' offer.

Most buyers will start a few grand under their final price and then work their way up from there so I doubt the seller really believed you couldn't go higher.

poppysarah

You're showing you're very keen. View something else.
Chill.
It's only a house.

jonewer

Welcome to the wonderful world of trying to buy a house.

Keep lots of aspirin handy.

Cannon_Fodder

Being a repo it needs someone in the Bank to make a decision. They won't rush to take less than a figure they may reasonably expect to be a fair halfway point - i.e. the extra £4k.

Even if they agree, they could well advertise your offer and ask for further buyers to come forwad, so you could be gazzumped right up to exchange of contracts.

So, if its a less stressful purchase you are looking for, stop offering on repos.

sonastin

You're definitely stressing too much. Offer is in now. The only thing you can do to influence it is increase the offer and if you can't/won't do that, there's nothing you can do. And when there is nothing you can do, best thing is to put it out of your mind until you hear something. Maybe go and view other places if there's anything else you've seen worth looking at to take your mind off it. It'll get you prepared if they reject your offer and you might find something better anyway...

Fire_Fox

BeccaBell wrote: »

We weren't supposed to view the place in the first place. We lost out on a place by going in little by little so we decided to make an offer and walk if rejected as its the top end of our budget.
The aggravation comes from there not being an answer. I can't understand what takes so long! Surely with a repo its either enough money or it isnt??

It is normal to submit two offers, not go in little by little or give one best and final. You have been given an answer, the lender wants £4K more so why on earth are you calling the estate agent daily? For reposessions you need all your finances in place, a solicitor on standby and to move very fast indeed; your offer will be advertised in the press and you can be gazumped at any time up to exchange.