First-time buyer advice on reposession property

Katieprecious

Yes I'd hold out if I were you, it has to go to public notice anyway so you will beable to see if an offer is accepted and be in a position to offer more if you want to and be at less of a risk of losing any money in the process.

jw2003

jodami84 wrote: »

would u mind me asking what kind of price the percentages were related to jw?

not at all, house was marketed at £100k and we bought it for £92k

jodami84

jw2003 wrote: »

not at all, house was marketed at £100k and we bought it for £92k

and then u had to go through the public notice situation yeah

Katieprecious

Another quick note, if you do get into a situation where the EA is telling you there is a number of people interested they can go to supposed sealed bids where they ask all interested parties to offer there 'Final' offer for the property. This is a scare tactic to get you to offer more incase you don't get it. If you don't get your offer accepted at this point there is nothing to stop you coming in and offering higher all the way up until completion of contracts.

I don't understand why they always seem to refer to final offer, as this isn't the case. To my understanding any offers received for a repossession have to be forwarded to the vendor by law.

jw2003

jodami84 wrote: »

and then u had to go through the public notice situation yeah

yeah we did, our view was that if we got it then we'd buy a house at a good price and if we didn't then we'd continue saving and get a bigger deposit

roobyroo07

All offers have to be put forward up to exchange of contracts - by law.

I work for an agent and repo companys always ask us to go to 'best and finals' if two or more parties are involved, which really is a load of nonsence! It is not final until contracts are exchanged - you can put in as many offers as you like and the agent has to forward them by law!

FelinePrincess

Can I unterupt this thread to ask a quick question?

Basically the repo flat I'm interested in went to public notice last friday, so I put my offer in at end of day monday. Tues morning I got a call saying "Bad news, someone else has put in a higher offer" and did I want to increase? I asked how much other offer was and he said he couldn't say so I said I'd think about it, he then volunteered that the other offer was "quite alot more" then mine, so I said again that I'd think about it then this afternoon I got another call asking if I'd decided to put in another offer. I told him I was reluctant to put in another offer blindly without knowing what the other offer was and that I understand it would go to public notice so I would base my decision on if to increase my offer on what the price was at public notice. He then told me that it probably wouldn't go to public notice till friday and the people who placed the other offer want to complete on friday! So I said I'd take the risk and if it goes it goes, then I remembered public notice has to be for 7 days so asked him about that and he said that these buyers are the same ones that put in the other offer when it went to public notice so they wont need to do it again. Is this the case? Doesn't sound right to me.

Either way, I will not be putting in a blind offer but would be nice to know if the ea is trying it on.

Apologies for interrupting, bit didn't seem worth starting a new thread for this little question!

roobyroo07

A public notice doesnt have to happen for each sale agreed - it is up to the repo companys discretion. So the higher offer may not be advertised.

FelinePrincess

Thanks for clearing that up, does that mean they only usually put a public notice up if they feel they can get more for it?

roobyroo07

The repo company has 'to be seen to be getting the best price' for the propety therefore they will usually always advertise a first sale agreed = then it is up to them, really - who knows how their minds work!