Offer accepted on a repossessed property

Katieprecious

Hello

I've just had an offer accepted on a repossessed property and the information of it is listed online advising that people can counteroffer...
I've asked the estate agent how long this notice will remain online and they have advised it will stay online until the exchange of contracts, I was under the impression this notice should only remain online for a period of 7 days?

Am I right or wrong?

Thank you in advance for any advice.

waynede

I have just exchanged on a Repo, and up until exchange of contracts I was always informed that others could make an offer for the property and the sellers could accept.

Katieprecious

Thank you for your reply waynde. How did it go for you? Were any other offers received on your property or did it go smoothly? How long did it take until you signed the contract from receipt of your offer?

Thanks!

waynede

It all went pretty smoothly, after the offer was accepted I got a solicitor involved straight away and informed them that it was a repo and that we had the 28 day deadline.

I actually missed the 28 days deadline by a week but the sellers of the repo where happy to delay as they could see myself/solicitor where working to get all the required documents and searches done.

I must say it was a worrying time when the property is advertised in the local paper with a 'notice of offer' as it then allows others to make an offer, luckily no-one else offered.

Are you in a chain or a FTB? If a FTB then there should be no hold up and everything should go pretty quickly, I always made sure that the documents my solicitors sent me and needed back I sent back as recorded delivery.

Katieprecious

Yes I'm a FTB, my biggest worry now is setting up my mortgage! I'll feel much better when thats out of the way, we struggled to find one in september as neither myself or partner had any credit history. Now we have 3 months hopefully we are slightly more favourable. I think I might just go through the mortgage broker instead of trying to do it ourselves! I just want to do everything asap.

waynede

If you have a 10/15% deposit then almost every bank will be interested in offering you a mortgage, prodiving you don't have massive debts. Also you annual salary will declare how much you can borrow.

Myself/partner had a 15% deposit and almost every bank/broker we saw where confident that we would be able to get the amount we wanted.

sonastin

I believe that "7 days" refers to the fact that the offer has to be advertised for a minimum of 7 days - i.e. if you (miraculously!) managed to get everything in place ready to exchange in a couple of days, you would have to wait until the ad had been up for a full week before you could exchange. There is nothing that requires them to take the advert down after the 7 days is up. Best advice is to get to exchange as quickly as possible so that others don't have time to come in with a higher offer.

Milliewilly

sonastin wrote: »

I believe that "7 days" refers to the fact that the offer has to be advertised for a minimum of 7 days - i.e. if you (miraculously!) managed to get everything in place ready to exchange in a couple of days, you would have to wait until the ad had been up for a full week before you could exchange. There is nothing that requires them to take the advert down after the 7 days is up. Best advice is to get to exchange as quickly as possible so that others don't have time to come in with a higher offer.

Yes this is what got me as a cash buyer my solicitor was ready to complete in 5 days but as the estate agent had missed the press deadline for the ad the house had to 'wait' an extra week before it was advertised in the local press. In the meantime my offer price was on Rightmove for a total of nearly 2 weeks. Someone else offered (allegedly had sold but not completed and needed a mortgage) 10K more on the morning my solicitor was trying to exchange (Northern Rock's sols wouldn't take my sols calls - delaying tactic) so in the end I agreed to split the difference and go another £5K providing they completed by 10am the next day which they did. I still got the house for £50K less than the EA said he could sell it all day long for so I was happy.

papermoney

It will stay on the advert until you exchange contracts. I have recently bought a repo (got keys on Friday). Good luck.

G_M

Katieprecious wrote: »

Yes I'm a FTB, my biggest worry now is setting up my mortgage! I'll feel much better when thats out of the way, we struggled to find one in september as neither myself or partner had any credit history. Now we have 3 months hopefully we are slightly more favourable. I think I might just go through the mortgage broker instead of trying to do it ourselves! I just want to do everything asap.

You've agreed a price on a repo without having your finance sorted out.........?

Katieprecious

I've got the cogs in motion now, applied for a mortgage yesterday and I've spoken to an underwriter today and been advised my application has been successful and I will receive my mortgage pack in the post. I've also paid for the valuation so hopefully this will be processed quickly.

I'm wary that the date I've been given for exchange of contracts is 5th January, fingers crossed all is complete by then but I'm dubious about it with Christmas ect... Does anyone know how strict the "change of contracts date" is?

Thank you in advance