I'm really worried about being gazumped

inigma

I have had an offer accepted on a repo but the conveyancing will take 19 working days due to the council moving offices. I have paid the conveyancer £300 and know that they are going as fast as they can and I have paid a mortgage which will cost me £1,300 (surveyor, booking cost etc). I got the mortgage through the estate agents and will be livid if they accept another offer.

I'm 29 I have had no social life/holidays/fun for the last 4 years saving up for a deposit, this will be my first property but I am really worried that someone will offer £10k more than me and I will have thrown almost £2k away.

Sorry wanted to rant somewhere and don't want to lay it on my parents or friends so I thought I could just write it out here and get it off my chest.

Alter_ego

The agent is obliged to get the best possible price on a repo. Hope it goes OK, 19 days is not long.

holly_hobby

The agent should not accept any further offers or instuct further viewings whilst the property is under offer (offer accepted) - its not law - but unwritten standard procedure. This applies even on a repo - but some agents are a bit unscrupulious.

When making the offer you should have done this on the proviso that no further viewings would be instructed - as to try and avoid being gazumped.

If you feel anxious, give the estate agent a call and make sure that they have suspended viewings whilst under your offer.

If you are gazumped ... look at it this way, it wasn't mean to be and there is something else more suitable waiting for you.

Hope this helps

Holly

inigma

I did ask the estate agent if the property would be taken off the market and he said that as it was a repo they are obliged to keep it on the market although he has said that whenever anyone enquires about the property he has told them it is under offer... but I know not to trust estate agents!

My dad always said that everyone who loses out on a dream home are miserable for 2 weeks then find an even better place. I'm more worried seeing my hard earned cash disappear

navmanwestmids

inigma wrote: »

I have had an offer accepted on a repo but the conveyancing will take 19 working days due to the council moving offices. I have paid the conveyancer £300 and know that they are going as fast as they can and I have paid a mortgage which will cost me £1,300 (surveyor, booking cost etc). I got the mortgage through the estate agents and will be livid if they accept another offer.

I'm 29 I have had no social life/holidays/fun for the last 4 years saving up for a deposit, this will be my first property but I am really worried that someone will offer £10k more than me and I will have thrown almost £2k away.

Sorry wanted to rant somewhere and don't want to lay it on my parents or friends so I thought I could just write it out here and get it off my chest.

I was in the same position as you until Thursday ! I made an offer on the 12th of July on a repossession property and finally exchanged on the 11th last week. My offer was subject to a three week exchange of contracts and a four week completion, but In the end if you didn't work it out I didn't exchange untill four weeks and 2 days.

But as I imagine you are feeling, I was really paranoid about being gazumped !! even more so when the estate agent that I'd made the offer with (the house was being marketed by two) told me that there was other viewings booked in after the vendor had accepted mine!

Still the feedback I got from them was, after chasing the viewers up to see what they thought of the property and to tell them that the house was under offer, they all became very uninterested. Despite my offer being 10k lower than the last price reduction!

My advice is just to hold tight and push your mortgage lendor as much as you can !! and keep the estate agent informed that the sale is moving along. You never know they might start to like you

and whether this is normal or not Im still feeling paranoid having exchanged contracts about something going wrong and me loosing my deposit !!!! and Im now meant to have secured it right ?!!!?

I think it just comes with buying a house, especially with a repo. Your'll get extra risks with them but hopefully your'll be able to bag a bargain!

zappahey

holly_hobby wrote: »

The agent should not accept any further offers or instuct further viewings whilst the property is under offer (offer accepted) - its not law - but unwritten standard procedure. This applies even on a repo

Holly

Nonsense, the agent is obliged to get the best price on a repo and must continue to market it.

Moomum

As I'm sure you know now your offer has been excepted it is likely that the price you are paying will go to public notice where it will be advertised and basically invites other offers. We went through it last year and wad a nightmare. We were gazimoed twice after public notices and in the end couldn't go higher. However the house we were after was in a very sought after road where nothing ever cones up for sale hence there was a lot of interest. Good luck and fingers crossed for you

angelsmomma

I am in the process of buying a repo. I have had survey done, paid for searches and have my mortgage offer in. It is now being advertised on rightmove and in the papers. I knew this up front and it is a chance you take.

I have already lost out on survey and searches from another property that wasn't a repo 2 weeks ago as it turned out to need too much work. I have kept £5000 back to cover any increase and just hope that if someone else does offer they will go with me as I am well along in the process

KateLiana27

inigma wrote: »

I did ask the estate agent if the property would be taken off the market and he said that as it was a repo they are obliged to keep it on the market although he has said that whenever anyone enquires about the property he has told them it is under offer... but I know not to trust estate agents!

My dad always said that everyone who loses out on a dream home are miserable for 2 weeks then find an even better place. I'm more worried seeing my hard earned cash disappear

The EA is right - it's a whole other ball park with repos, and the agent must continue to market it to get the best price. It's nothing to do with ethics. For a non-repo sale, it's entirely reasonable to ask for no further viewings or advertisements, but you just can't do that with a repo. It's a risk you take - but the pay-off is potentially getting a property at huge discount (with the added bonus of a quick sale!)

Your dad is also right Just do what you can. If it's meant to be yours, it will be.