just about to exchange contracts then haybrooks say higher someone has put bid in

satchmeister

monkeymoomoo999 wrote: »

I see.

But when you buy a house and you are looking around can estate agents refuse to tell you what kind of person owns the house eg, if it been reprosest or not?

If it's a repossession there will be tape across the taps, sink, etc, no electricity, no water, probably a notice on the door and the EA has to make known the offers they have received. It's normally quite difficult to NOT know it's a repossession.

Moomum

We had exactly the same happen to us on a repo, we upped it twice and then when happened for third time we pulled out as was so stressful. New owners are in now so don't think they were messing us about. Oh the joys of buying a repossession.

monkeymoomoo999

natmid wrote: »

We had exactly the same happen to us on a repo, we upped it twice and then when happened for third time we pulled out as was so stressful. New owners are in now so don't think they were messing us about. Oh the joys of buying a repossession.

Well even if he upped it someone could come higher again at the last minute. I dont think he will be doing that though.

The house did have tapes on sinks taps etc but woudnt someone who wasnt living in it do the same?

Moomum

No it defo sounds like a repo, you are right, trouble with a repo is thar you aren't safe till exchanged contracts, we upped our offer and got outbid three times, so annoying.

JQ.

Yes someone could come in with a higher offer, but that's the whole point of repossessions, it's a race to get it exchanged before anyone else bids.

A guy at work was buying a city centre flat that had been repossessed. On the day of exchange, the person who'd been repossessed paid all the outstanding moneys to the bank and got the property back.

G_M

Your solicitor (if you are using one) will know it's a repo as the Title will be in the name of the repossessed owner, but it will be the mortgage company/bank that is selling.

Impossible to get this far without it being obvious. All the clues are there in the property too, as said above.

The bank HAS to get the best price possible within reason. Sometimes they ignore a slightly higher bid at the last minute - esp if it will significantly delay the sale. Is the new bidder a cash purchaser?

Either way, your friend has 2 choices: bid up or walk away.

monkeymoomoo999

G_M wrote: »

Your solicitor (if you are using one) will know it's a repo as the Title will be in the name of the repossessed owner, but it will be the mortgage company/bank that is selling.

Impossible to get this far without it being obvious. All the clues are there in the property too, as said above.

The bank HAS to get the best price possible within reason. Sometimes they ignore a slightly higher bid at the last minute - esp if it will significantly delay the sale. Is the new bidder a cash purchaser?

Either way, your friend has 2 choices: bid up or walk away.

DO fake bids happen alot?. I know they should update the advert to say an offer has been put in for xxx amount. Is there anyway of finding out?

Jenniefour

monkeymoomoo999 wrote: »

DO fake bids happen alot?

I believe you're referring here to auctions. The process your friend is engaged in is not an auction - it's a similar process to selling any property through an agent - the only thing that's different is they keep it on the market and carry on with viewings until exchange since they are looking to get the highest offer.

If a repo doesn't sell thorugh an EA then it would be sent to auction. Doesn't look like there's any possibility of that happening in this case - there are at least two interested parties - your friend and the other person who has put in a higher offer.

And they might not update the agents details to reflect the price the other person has offered. But I believe - and might be wrong here - before they exchange they have to advertise somewhere that an offer has been received of x amount - so that anyone else interested has time to put in a higher offer.

I would advise your friend to be guided by the agent, if the agent is willing to give an indication, as to what he may need to offer to get it - but it's still possible the other person will come back with a higher offer.

monkeymoomoo999

My friend has now got to the stage of sealed bids. If my friend wins the sealed bid could a 3rd party come in up to the last minute of exchange?

we find it odd that it should have been done in 28 days but their soliciter took their time 2 months to get paper work done doesnt this show its fake.

Moomum

Yes even after sealed bids someone can come in before exchange, we had two rounds of sealed bids which we won and then gazumped before exchange.