Help/advice on repossesion offer please

bruciebounus

Yesterday I made an offer on a repossession house. I made an offer 5k lower than asking price which was rejected. Now I really like the house so decided to make an offer of the asking price. The estate agent told me there had been no other offers, so asking price was sure to be accepted. HOWEVER within 20 mins of making the asking price offer, I had a call from the agent to say that another offer higher than mine had been put forward, but they couldn't tell me how much for.

Now for one I find it strange that someone would put in a higher offer than the asking as their first offer. Also that the estate agent wont tell me how much the offer is, so I cant make a judgement to improve on it.

Or is this normal for a repo?

Thank you!

DannyboyMidlands

Just relax and wait. If it actually exists, they have to publish the offer. If/when they do you can decide on your next move.

kingstreet

Play it cool.

As it's a repo, the agent will publish a public notice confirming the agreed price and inviting anyone interested to contact them with alternative offers.

At that point, you will know what the others have offered. If there's enough interest, you may be asked to submit your best final offer in writing in a "sealed bids" process.

Being first in line isn't necessarily a good thing on repossessions.

bruciebounus

Thank you both, just worried as we really like this house! The agent did say the offer would be published in 10 days time, its just that by then they may have had their survey done etc, and the bank will probably still go with them as they have the ball rolling I suppose I just have to wait and see!

Doozergirl

Is it on with another agent?

bruciebounus

Doozergirl wrote: »

Is it on with another agent?

Hi Doozergirl, no as far as i'm aware, its only being marketed with the one estate agents, which was why I was suprised about the higher offer coming in so shortly after mine

_s79

Has your offer for the asking price been accepted or rejected?

GAH

When the other person called the agent to make an offer, the agent probably told them that there was an asking price offer (yours) on the table, so the bidder offered more.

bruciebounus

_s79 wrote: »

Has your offer for the asking price been accepted or rejected?

rejected

bunzee

I'd sit back and hold tight. If the offer is real they have to publish it to invite further offers, but having bought a repo last year when I first made an offer it was published and on the 7th day I was told a further offer had been made - but that one was never published so I don't think it ever existed! The agent told me the offer had come in and told me to increase my offer if I wanted the house. I decided against offering more, stuck to my guns and 10 days later I had a call to say the other offer hadn't come to fruition and did I want to go ahead at the price I had said? After letting them sweat for 2 days I said yes and it was all plain sailing from there (although it was more nerve wracking as it had to stay on the Market until exchange).

I think agents are pressured by the building society/bank and use some underhand tactics. It's a roller coaster ride if it works out, but if it doesn't it means something even better is just around the corner for you