accepted offer,valid how long?

1888

seen a house [repossesed]that we like & have put a couple of offers in , thing is this house had a closing date of sept16th,to which someones offer was accepted at 62k.since then he has been unable to pay for it so house put back onto the market at 59,950.i offered 57k as it needs a lot of work done on it, to which they knocked back stating they have an offer of 62k.
i dont see how they can use that offer as he cant pay,
how long does an offer stay valid for????

G_M

Until it is declined, or until Exchange of Contracts.

Even if the bank 'accepts' an offer from you, they will still seek other higher ones, and may switch to a buyer offering more, right up to the day you Exchange contracts. That's how repos work.

thing is this house had a closing date of sept16th,

No such thing as a closing date. Only Exchange.

How do you know the other party can't pay? EA told you? :rotfl:
Perhaps they couldn't but now can? Perhaps they don't exist at all and the EA, or bank, is trying to increase your offer. Perhaps.....

Until they accept an offer of yours there's nothing you can do. Once they DO accept your offer, you need to MOVE FAST to Exchange asap before they change their minds!

1888

on the rightmove website it states closing date for offers sept16th,which is still on the new ad.
as for other offer it is the next door neighbour who had highest offer accepted. he still cant get the money but wont withdraw offer[ive spoke to him]

Gwhiz

1888, forget RightMove etc. etc. etc.

All that matters is the conversation you have with whoever is selling. If they say there is an offer of £62K on the table and they won't take a penny less there's nothing you can do apart from leave them an offer and a telephone number and tell them to call you if they want to do a deal.

satchmeister

Strange with repo, saw one, EA had an offer at 20k below the asking, then a month later dropped the asking by 10k. Does the offer exist? Probably not.