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

monkeymoomoo999

natmid wrote: »

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.

sorry to hear that. It getting silly now. I just wish I could find out if its fake or not but no way of knowing

betmunch

Its not fake.

A bank doesnt play silly games like an EA might be tempted to do. Before accepting a higher offer they will do their research to find out the exact position of the new bidder, just shouting out numbers does not make a good offer. The new bidder will have been required to show they have mortgage, or cash ready to go.

jwelsh_3

We're in a similar position - we bid £127,000 on a repossession and had it accepted, but someone else then came along and bid £129,000. we matched that bid, and as current bidders we had that accepted. Things trundled along for a week, but yesterday someone bid £131K. The seller rejected that because we were partway down the road and the extra £2000 wasn't enough, but when the new bidders went to £133K that was accepted. That meant we had to go to £133000, which was enough in the meantime, but the EA admits that if anyone goes to £137,000 we will be outbid again.
The thing is, we outbid a sitting bidder in the first place so we can't exactly take the moral high ground and feel mistreated, but it is nerve-jangling. We're still £30K below the next-cheapest house like ours on the street that isn't a repo, so we've got a bit to go before we give up, but it's like watching money drain out of our pockets for no gain.

laughingcow81

Unfortunately that is the risk you take with a repo.

Enfieldian

The agent would probably rather sell to your friend as they are already purchasing the property and an additional £2,000 on the price equates to peanuts in commission for the agent.

Trouble is the Bank will insist on the property being marketed until exchange and all other offers to be submitted.

If the agent does not comply with this then they can kiss goodbye to any future instructions from that lender which will be a big loss.