Repo

waynede

I just wanted to know once you have an offer accepted are you able to ask for the property to be taken off the market at all?

Also if you have an offer accepted, get the mortgage sorted out and a solicitor all sorted but then a higher offer comes in can you still proceed with your offer or is that it a new offer has to be made.

Thanks in advance.

TrickyDicky101

1. If you are 'proceedable' (ie you have the finance in place and are not waiting on selling your own current place) then yes - insist on the property being withdrawn or you will look elsewhere (it's a buyer's market)

2. Up to exchange of contracts, it depends on whether the vendor accepts the new offer - you can't proceed if the vendor isn't going to sell to you

waynede

So if we have an offer accepted on a repo we can ask for it to be withdrawn from the market?

Myself and partner are FTB's with an AIP.

TrickyDicky101

I would, so yes

betmunch

You can ask as much as you want, as it is a repo it will stay on the market available for viewings until you exchange contracts.

The repossession compnay has a duty of care to the repossessed party that they get as much money as they can for the property so they allow it to be marketed for as long as possible.

This should have been explained to you when you offered on the property, but due to you asking here I assume it wasnt.

There will also be a public notice put in the local paper/rightmove stating what the your offer is an inviting people to improve on your offer.

betmunch

also, with regard to a higher offer coming in when you are about to exchange, you should be given the opportunity to match the offer before they switch buyers.

If the offer is only slightly higher then your own offer the repo company may stick with you due to the cost and time of changing buyer, so I higher offer on the day before exchange will need to be substantially higher then yours to turn their heads

waynede

Thanks for all the feedback guys, it is most appreciated.

poppysarah

Get a speedy solicitor. One who does auctions perhaps.
The big delays will be from your mortgage company.

satchmeister

waynede wrote: »

I just wanted to know once you have an offer accepted are you able to ask for the property to be taken off the market at all?

Also if you have an offer accepted, get the mortgage sorted out and a solicitor all sorted but then a higher offer comes in can you still proceed with your offer or is that it a new offer has to be made.

Thanks in advance.

You can ask but they won't take it off the market as they need to get the maximum price.

Up until exchange any higher offer wins, but if it was for say £50 more then they would continue with you, if it was for £50k more then they would not.

waynede

I am looking in my local area for solicitor that deal with repo/auction properties as I am going to want to act quickly on the property.