House prices....

x12yhp

And here we have an EA who is openly encouraging gazumping. Scumbags.

http://www.propertynews.com/search/165200780/

dsab

That's a reposession, and for reposessions that's how it works. Until the contracts are signed the Bank will give everyone the chance to improve the existing offer. That's just the danger of buying a reposession, as someone could put in a higher bid up to the day the contracts are signed.

Every estate agent advises the same, as the Bank is legally required to get as much Value as possible for the debtor part as possibe.

A.L.D.A

dsab wrote: »

That's a reposession, and for reposessions that's how it works. Until the contracts are signed the Bank will give everyone the chance to improve the existing offer. That's just the danger of buying a reposession, as someone could put in a higher bid up to the day the contracts are signed.

Every estate agent advises the same, as the Bank is legally required to get as much Value as possible for the debtor part as possibe.

It is not that dissimilar to what happens if you place a bid, if there is an offer in already you will be told, and if more attractive than yours, you have the option of increasing or withdrawing. In any case the Estate Agent is working for the vendor.

Mistral001

dsab wrote: »

That's a reposession, and for reposessions that's how it works. Until the contracts are signed the Bank will give everyone the chance to improve the existing offer. That's just the danger of buying a reposession, as someone could put in a higher bid up to the day the contracts are signed.

Every estate agent advises the same, as the Bank is legally required to get as much Value as possible for the debtor part as possibe.

How do you know its a repocession? I could not find anything on the website that suggests it is. Is it just because of the fact that they have mentioned the other bid?

dsab

One Giveaway is the note in the window, which you will see in a lot of reposessed properties. It's usually a note by the Agent or Bank to inform the tenant/owner etc. that this property has been reposessed and who to contact in relation to it and where to pick up stuff.

One ouf our neighbouring houses has the same note, and it was also reposessed.

The fact that the Ad states the current bid for it is another clue, and usually only done when it is a reposessed property.

suki1964

A lot of repos have tape over the taps and appliances as well - something to look for in photos when house hunting

qwert_yuiop

Any thoughts on the housing market these days? Most of the for sale signs round here have been up for about 2 years. When and what is going to cause the ice to melt? Looks like the credit crunch is about to start Round 2, so surely the sellers are going to have to admit defeat some time soon. Meanwhile the buyers won't be able to get mortgages. An accelerated further collapse - why not?

x12yhp

Why should they accept defeat? At present there is no real mass motivation... yes unemployment is rising but that is not going to influence the majority of home owners. Until the cost of the debt rises to it's real level, things are going to be slow.

qwert_yuiop

x12yhp wrote: »

Why should they accept defeat?

things are going to be slow.

Well, if my neighbour's house is not selling after 2 years, it's simply because it's no longer worth what they think it is. The house was left to several siblings, and in the intervening time it's deteriorated impressively. Some day, one brother is going to demand this millstone be sold for whatever they can get. An admission of defeat?

tara747

With the OECD's forecast of a double dip recession for the UK, house prices will continue to fall in NI. IMHO.