Repo Property- Best and Final Offers

hannahsmummy1

Hi All

Had a phonecall today from EA advising they have had a cash buyer and would we like to put another offer in- we have done and it turns out its the same amount that the cash buyer has offered- so we *think* we want to put in another offer....

The EA has said that its best and final offers tomorow- but in reality does this happen (esp with repos) I know that we could still not get the house right up until the last minute (FYI our 28 days is up a week monday) They have said that at this late stage because we have everything in place (mortage, solicitor and survey done) the bank want to close the deal so speak but is it the EA spinning us a line (sorry new to all this repo lark!) or not- they have also said that if we were to be the top bidders they would not put the new notice in the paper- is that rubbish too? I just dont know- sorry for all the questions!

Thanks in advance!

G_M

It's a means to get all interested parties o up their offers.
But whoever's offer is highest, and gets accepted, it will almost certainky then be advertised in the paper and higher offers invited.

Wait till then. See what the offer that won was, and put in a higher one.

The key is being ablt to move fast if/once your offer is accepted. Have you solicitor ready, your money ready, your surveyor reasy and make sure they all know time is of the essence

Moomum

We tried to buy a repo last year and it went to full and final offer three times, each time we went up and then on the fourth full and final we gave in, it was awful! So stressful. Nothing safe until contracts exchanged. We were a week away from exchange when it went to the last "full and final" offers.

hannahsmummy1

EA has phoned and said BAFO's before 4 this afternoon- we are going to make an offer and if its not to be its not to be. We have everything in place- all searches done, survey done, solicitor who has been working flat out and mortage is in place too so fingers crossed!!

pocketrocket1

when we bought our repo, our first offer (accepted) went in the paper. Then the gazumping started we went up a further 4 times (£40,000) but no other offers went in the paper we never knew what the other couple offered.

We kept dragging our feet while the solicitor sorted out the paperwork and stayed in controll (we always were the ones with the offer accepted as your solicitor cannot work if you are not the ones that are the 'buyers' at the time. When we put in our last offer it was accepted and we exchanged within the hour before the other people had time to come back again increasing their last 'regected' offer

It was a nightmare:eek: But we won in the end and i have my lovely home :T I hope it works out for you too, hold your nerve and good luck

MrJF

G_M wrote: »

But whoever's offer is highest, and gets accepted, it will almost certainky then be advertised in the paper and higher offers invited.

Me and my partner recently lost out on a repo, and the offer that gazumped us wasn't advertised. I queried this with the EA, they said that because there had already been a public notice that an offer had been made (which was our original offer) they didn't need to put a new notice for the new price

Very cheeky of them!!

This is a tough scenario though, as they are cash buyers so won't need a survey etc. We've learnt over the past month "everything happens for a reason", so don't get too down-hearted if it doesn't work out

best of luck!!

hannahsmummy1

once again- thank you- im just waiting to hear if our offer has been accepted. MrJF- thats exactly the way im looking at it- if it doesnt work out it doesnt work out! Its been an experience though- but not necessarily a bad one (even if things dont go according to plan!)

vesper

hiya and good luck. I'm just kind of going through the same process of buying a repo house, but we got our offer 'accepted' yesterday. Now just have to get everything moving fast, luckily we have a mortgage in place already and the surveys are going ahead on monday.
I am trying not to be hopeful but it's annoying me that I can't plan anything and doesn't feel very real. But we love the house and its a very good price for this area. We will just have to see if someone gazumps us.

G_M

MrJF wrote: »

Me and my partner recently lost out on a repo, and the offer that gazumped us wasn't advertised. I queried this with the EA, they said that because there had already been a public notice that an offer had been made (which was our original offer) they didn't need to put a new notice for the new price

Very cheeky of them!!
!!

Correct. It is unusual for subsequent offers to be advertised - just the first one, which can then generate gazumping.

hannahsmummy1

just been informed this morning that we had the highest bid.(although i suppose it doesnt mean anything!:cool:)

The EA have said that the bank are happy for them to not market the property any longer-so the EA said that its been pulled from the front window, they wont put it in the paper but it still has to stay on rightmove- dont know if this is good or is it rubbish?

Luckily everything else is still ticking along everywhere else so guess its just a waiting game now and hope we dont get gazumped again :rotfl:

vesper

hi how are you progressing with the purchase? We have now been outbidded and have put in a counter offer, but to be frank are reaching our limit now, if we go much higher there is no money left for improvements. OUr survey and valuation happened yesterday so should get some news from them in the next couple of days, and the solicitors are poised and waiting to sort the contracts out but they have started the searches. Almost wishing right now we hadn't got into this, I do love the house but not sure its worth the fuss, and if we keep getting outbidded and don't win it then its another load of legal fees down the drain (already cost a load on another house we were outbidded on).
If any one has got any advice on how to sway things our way with the vendor please let me know. I know some people have said on here that they won't take a slightly higher offer if you can offer a better deal overall ie started the process, money in place, mortgage arranged. But the offer they took was only £50 over ours!