Repo Property- Best and Final Offers

hgllgh

!!!!!! ... you have got to be kidding ... the EA has taken a bid just £50 over yours when you have everything in place? I can't see how that would be in anyones interest. Is the other buyer a cash buyer? the cynical amongst us might think they are inventing a buyer to get you to up your offer

hannahsmummy1

Oh Vesper thats awful about them accepting 50 pounds over your offer!!! We have not had any phonecalls from EA (but tbh I am expecting it!!) Everything else is in place (mortgage etc) If all goes to plan we *should* (fingers crossed!!!) be exchanging next week- after that I will breathe a small sigh of relief.

We have made our minds up that we will not be offering any more money and will pull out if another bidder comes along (we found out saturday that there was someone else going round today at 4.30 but we couldnt find out who he was)- i have not let myself fall in love with the house because I know what I'm like!!:rotfl: So if we dont get it maybe its not meant to be.

vesper

I know it's really heartbreaking all for the sake of £50. My OH phoned the EA up after this and 'threatened' that we would drop out if they were going to take offers slightly over ours who didn't even have prove, when we are ready to proceed. The EA said that they had been instructed to keep taking the highest offer what ever the circumstances, so this could go on forever until someone completes. I knew repos were hard to deal with, but this one is taking the p***!
Anyway the OH has requested that the EA talk to the vendor and ask as we have offered over the asking price and we are ready to fully proceed with contracts whether the vendors (the actual bailiffs on this occasion) is willing to take it off the market. Even the EA said that they are acting stupid as they will end up losing a realistic sale as she recons that the other bidder hasn't got the money to complete the purchase.

So can only keep my fingers crossed now. Unfortunatly this is one of the few chances of us buying a house as in my village they go for a fortune (a lot of Londoners come and buy up here as its an easy commute into London) and this one is very cheap in comparison.

hcb42

Sounds like one I fancied in Grantham...!!! (not in position to offer, alas!)

hannahsmummy1

quick update. Things are still going along with the house. We still have everything in place- the only thing that is holding is up is our buyers. We originally told them (35 days ago today!!) that we needed to move quick- (well we told our EA who said they would pass the message on) they agreed to this and said wasnt a problem- they are FTB. Anyways fast forward to week just gone- and Monday 28th Feb was *supposed* to be our exchange date- we had been pushing and pushing for this date- and everything was in place for this- until.... we get a phone call from our solicitors on wednesday (day 30) to say that our buyers had a few questions that they needed answered (mainly when was the central heating last serviced and had we had any electrical stuff done whilst we have been there) They had questions that we answered nearly 3 weeks ago- and its taken them until wednesday last week to ask some more questions.(which could have been answered very quickly had they asked them before!)

So... the bank have been in contact with our solicitor and asked if there is any way we can exchange on wednesday- which tbh does not look likely- the solicitors have asked could we get the buyers to hurry along- but is this our job? We have been in to the EA on Saturday and asked them to speak to the buyers today and get back to us today so we can at least go back with something solid to the bank/solictors.

They certainly were not kidding when they said repos were stressful!! Dont think i would every go near one again:rotfl:

hannahsmummy1

well... we were supposed to exchange last Friday but our buyers turned up late so didnt get done- so was supposed to happen yesterday- until the bank inform us that we have to complete in 7 days- this is the absolute first time we have heard this mentioned! Our buyers have no money and cant move until end of may anyway so looks like we are scuppered! We are ringing solicitors today to let them know we wont be going ahead as we cant possibly complete in 7 days. We are still selling our house today- so at least that part will be in the bag and might stand us in good stead for buying at the other end. Hey ho!!

ILW

hannahsmummy1 wrote: »

well... we were supposed to exchange last Friday but our buyers turned up late so didnt get done- so was supposed to happen yesterday- until the bank inform us that we have to complete in 7 days- this is the absolute first time we have heard this mentioned! Our buyers have no money and cant move until end of may anyway so looks like we are scuppered! We are ringing solicitors today to let them know we wont be going ahead as we cant possibly complete in 7 days. We are still selling our house today- so at least that part will be in the bag and might stand us in good stead for buying at the other end. Hey ho!!

You say you are selling today. if that is true there is nothing to stop you proceeding on your purchase. You can exchange and complete on the same day.

poppysarah

Don't bid up on repos. There's plenty of them about if you're prepared to be patient.