Public notices on repossessed property

chocolatum

Hello,

Does anyone know when an improved offer is made on a vacant repossessed property and this is accepted by the bank/vendor is a public notice required ? Assuming a public notice was made on the lower offer.

Thanks in advance.

taxsaver

Yes, the lender will usually post again. I do not think it is actually a legal requirement that they do so at all, but is in fact more an act of prudence to reduce the risk of them being sued by the mortgagor or other interested parties for selling at an under value.

kingstreet

I don't ever remember any of the firms I worked for having to put in a second notice. Once the first offer was in the public domain, the lender appeared to accept the proper form had been observed and they'd simply go with the best offer they could get after that.

chocolatum

Thanks taxsaver - it's just very strange that several vacant properties have notices on them in right move with one agent apart from the one I put a bid in for.....they are still accepting bids on it but how can people bid on it if they don't know the current bid....

taxsaver

Yes, on reflection that's probably a fair point KM.

chocolatum

King Street, since you are a guru on here - I was asked to put in my final offer with another bidder (supposedly)... after that they decided to continue to market the property so really the other bidder could just go back in with higher offers....

kingstreet

A guru? Ha, haha, ha.

Don't forget that despite a public notice, the agent will be asked to actively market the property right up to exchange, just in case the lender can get any more for the property. That's their duty, after all.

All I can suggest is you get everything you can done as quickly as possible. Searches and survey concurrently, which is potentially bigger loss-making if you lose out, but will shave a couple of weeks processing time.

Being seen to be trying to get things done fast will stand you in good stead when the agent is reporting progress to the lender.

G_M

One notice is normal. Very unusual for subsequent accepted offers to be publicised.

Punters are often asked to put in 'best and final offer' - it's just a mechanism to get you to up your offer. Nothing to stop you putting another, higher offer later which still has to be passed to the bank/vendor who may well accept it.

they are still accepting bids on it but how can people bid on it if they don't know the current bid....

It's not an auction, so you are not strictly 'bidding'. Sometimes it is in the vendor's interest to publicise an offer (to get others to beat the offer), sometimes it is better for them to keep it secret (esp when they pressure you to enter "best and final offer").

However, new offers can continue to be made/accepted right up to Exchange. The only safe way is to have cash at the ready and Exchange contracts asap.

chocolatum

Kingstreet, I have just seen your location - I'm not a million miles away from you.

Survey tomorrow - that'll decide if I proceed.

chocolatum

G_M - by 'best and final' I was on the understanding that was what it meant! It certainly worked anyway...they even gave a deadline for this too. Another ploy by the EA to up offers.

celyn90

chocolatum wrote: »

Thanks taxsaver - it's just very strange that several vacant properties have notices on them in right move with one agent apart from the one I put a bid in for.....they are still accepting bids on it but how can people bid on it if they don't know the current bid....

When they phone to ask or put an offer in, they'll be told they have to do better.

We had an offer accepted below the asking price, before it went to notice. We used the time to get the mortgage app in and get the searches done before it went to notice.

We had raised to the asking price because of a new offer - it then went to notice. We had to raise again but a new notice was not issued. We were gazumped a third time after this then raised once more and got the keys on Thursday Only one notice (at the asking price) was ever issued.

We were not told at any point what the other guy offered. The property was being marketed through two agents and the other offer had come from the other agent. The company selling on behalf of the bank would not tell our EA what the new offer was at any time; but it was silly not to really as we just ended up going backwards and forwards with small increments.

We were asked for full and final offers twice

When we went to collect the keys one of the EAs in the office was telling someone on the phone that the house had just been sold :eek:

We didn't have any trouble with the mortgage part being slow - we found that the the slow step was the searches. The bank turned the application round within a few working days, and did the tweaks because of the asking price changes in under 48hr each time. We did find that what stood us in good stead at the end was being able to keep the same mortgage offer and re-gazump the last other offer in cash though. We had three lots of paperwork, as each price change meant new contracts and forms had to be reissued. We excahnged and completed on the same day.

What was stressful for us is that we had our honeymoon booked long before we found the house; so we doing a lot of it by skype from Iceland Our final offer went in whilst we were running to the airport gate to catch the plane We did tell the EA before we made the offer that we would be out for ten days in the middle of the 21 day process (which took 28 days total what with all the bank holidays and an issue with the survey) :eek::eek: One day I will look back and laugh... probably in a nervous fashion then change the subject.

We started on the DIY at the weekend... it is a total wreak inside too