Estate Agents telling fibs?

LisaB1970

kate87 wrote: »

ahhhhhh....
So hypothetically then, we could put our offer in (which to be fair won't be much more than what the other people have already offered), and then we would still have to wait until we exchanged, and in that time someone else could still jump in, and the other buyers could still outbid us. This is far too nerve wracking!!

Yes, thats about it. It IS nerve wracking and a tad stressful, but if you REALLY want the house you have to be prepared to go for it. We had several other interested parties - one apparently a cash buyer - but despite that we got our lovely home. I think often the fear that you MIGHT be gazumped is far more common than the reality!

zara*elise

LisaB1970 wrote: »

I think often the fear that you MIGHT be gazumped is far more common than the reality!

Exactly! You might as well put an offer in, the worst they can say is no.

Hope you get it!

kate87

Thanks so much guys for taking the time to reply, I had no idea about all of this and it really has helped! Fingers crossed and i'll let you know how it all goes!

phoebe1989seb

We looked at a house recently that was a repo - although we weren't aware of this prior to viewing - and were told it was going to sealed bids.............again nothing in the advertisements or details to say this. It was on at £234,000 and whilst we decided it wasn't for us because of the area, it was later advertised on RM as having had an offer of £256,000 accepted. Two weeks later this was removed and another of the three agents marketing it had it as having an offer of £295,000 accepted! Personally we didn't think it was worth £234,000...............

It just shows though, how much over the original asking price these properties can go for if enough people are interested and I guess even now if a better offer comes along before exchange it could go even higher!

Fingers crossed for you

kingstreet

phoebe, you won't see a property advertised as going to sealed bids because that's a tool that's seldom needed. If a property has a high degree of interest it can be used to avoid a bidding war and it gives all potential buyers the same opportunity.

Buying a repo is a public process and sealed bids does give some element of privacy back to the offerers.

SouthCoast

A current bidding war on a repo

History

dateevent25 April 2011

• Brief Description changed: Fox & Sons are now in receipt of an offer for the sum of £195,000 £200,000 for the above property.Anyone wishing to place an offer on this property should contact: Fox & Sons, 20 Winston Crescent, Langney, East Sussex, BN23 6NL before exchange of contracts.

12 April 2011

• Brief Description changed: Fox & Sons are now in receipt of an offer for the sum of £180,000 £195,000 for the above property.Anyone wishing to place an offer on this property should contact: Fox & Sons, 20 Winston Crescent, Langney, East Sussex, BN23 6NL before exchange of contracts.

30 March 2011

• Brief Description changed: Fox & Sons are now in receipt of an offer for the sum of £190,505 £180,000 for the above property.Anyone wishing to place an offer on this property should contact: Fox & Sons, 20 Winston Crescent, Langney, East Sussex, BN23 6NL before exchange of contracts.

23 March 2011

• Status changed: from 'Available' to 'Public Notice'

27 February 2011

• Brief Description changed: Fox and Son Fox & Sons are delighted to offer to the market now in the ever popular North Harbour. Benefits include two bedrooms, lounge, fitted kitchen and en suite to master bedroom. Further benefits include double glazed windows. This receipt of an offer for the sum of £190,505 for the above property.Anyone wishing to place an offer on this purpose apartment property is being sold CHAIN FREE. should contact: Fox & Sons, 20 Winston Crescent, Langney, East Sussex, BN23 6NL before exchange of contracts.

19 January 2011

• Initial entry found.

kingstreet

SouthCoast, both those links "404ed" me.

Are they working for others?

vesper

I hope you are a patient person. We are going through trying to buy a repo house aswell at the moment and I can not believe how stressful it is. If this house wasn't so cheap and perfect for us I would have walked away. We are the highest bidders as the moment and have been for a few weeks but the vendor won't give us the go ahead to proceed at the moment. This is actually the second time we have tried to buy this house, the first time a couple of months ago we ended up being outbid and in the end the higher bidder dropped out.
This time the vendor has aggreed that if we are the highest bidder by the end of next week that they will take it off the market and proceed with us. Some how at the moment I think this is a lie as the estate agents have had about 23 viewings in the last couple of weeks.
All I can say is be patient and if you can't afford to lose any money walk away now.

SouthCoast

kingstreet wrote: »

SouthCoast, both those links "404ed" me.

Are they working for others?

You will need Property Bee for the full history.

http://www.rightmove.co.uk/property-for-sale/property-17857197.html?premiumA=true