gazumped on repossession

N79

I doubt any of the other offers were made up as maninthestreet suggests - the bank would not stand for that sort of game and they are large enough customer to have sufficient leverage over the agents.

It sounds like the property was very keenly priced (ie would give a good rental return) and I suspect you ended up against a LL who can, in principle, view, exchange and complete within a day if there is sufficient motive (although with repossessions the lender usually wants a period post offer to see if any higher offers come in).

Good luck with your house hunting.

betmunch

From what I am reading the EA has done nothing wrong, they kept you informed they whole time and gave you the opportunity to increase your offer. You felt pressurised into making a decision because it had to be made quickly or the other bidder would have had it tied up before you had a chance to counter.

It is a shame that someone offered more after putting in a "full and final" bid, but then again, you also went higher than what you sealed bid was in the end too.

I'm afraid you have simply been caught out by the rules with repossessions. At least you were aware of what could happen. I have seen clients who have been told once there offer is accepted on a repo its off the market and its theirs which is simply not true.

I wish you luck in your house search though, I am sure you will find a better place soon enough

Running_Horse

It is nice to think the poor mug who lost their house will at least have the pleasure of hearing their final debt might not be quite so high. It could even be they come away from their heartbreak with a few quid in their back pocket. If you think the price is too high, don't pay it.

Jackinbox99

As others have said, this is the joys of trying to buy a repo. I went through the same thing last year. We saw a perfect house which needed no end of work. Up for £160k, agent said they had "higher offers already, and hinted at £170k would get it". We offered £170k and our hand was snatched off by the vendor - implying that the agent had made up the other bids. We went through the whole process of arranging mortgage, having full survey done, chasing the solicitors every day to hit the 28day completion rule. All through that time the agents obviously had to continue to market the property and 2 days before we were supposed to complete they had an offer of £180k. The agents said the vendors would sell to us if we matched it, but if not they were more than happy to take the other persons offer and go through the 28day process again with the new buyers.

We thought long and hard about it, but just couldnt justify £180k, so we walked away, loosing about £1500 in the process through the survey fees, mortgage fee`s etc. etc.

One of the most anoying things was though that the estate agents were quite rude and agressive so we really struggled to believe if their was a higher offer than ours or not, or were they just trying it on. The vendor company refused to speak to us directly, even to confirm if there was another offer or not, so unfortuantely you just have no choice but to take the EA`s word on things.

We learnt a lesson then not to fall in love with a repo house.

Trollfever

We thought long and hard about it, but just couldnt justify £180k,

Just as a side issue, but did the property actually get sold at £180k?

betmunch

Trollfever wrote: »

Just as a side issue, but did the property actually get sold at £180k?

Good question.

Would you mind checking it out on zoopla or somewhere and letting us know?

nads0622

Thanks for all the replies....I hope our experience highlights to others who maybe thinking of buying a repo the pitfalls and the process that can be applied by EA. The discussion is very useful because there are also many successful repo stories.

Although miffed, we understand that comes with the territory when dealing with repos, we remain positive of finding our 'ideal' family home and hope the next time the process is straight forward and not a repo:-)

emma6157

Hey

I bought a repo house last may, the most stressful thing of my life esp after reading all the feedback from everyone left on this site. I had the " cash buyer" come in at the last minute 2 days before exchange, i told them to stuff it and i was walking away offering no more, the cash buyer soon dissapeared and everything went smoothly after that. I know everyone will say it but with a repo house you need nerves of steel. I dont think i would do it again.

Good news though, i have a lovely house now and hopefully a profit of around 30k.

Em
x

themull1

Just offer £400,000 then pull out at the last minute. I've got PMT so at this moment in time, thats what i would do!!

beduffsteve

been gazumped today. was buyin a repo. was rushed. 28days. 4days till completion and another offer pops up. allready £2000 Into this. survey , mortgage fees , solicitor etc. had to increase my other by £3000 . surely this is an easy scam. the bank selling know your too deep in. this should be made illegal. only 4 days to exchange contracts... sickening... :-(