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Update: 7 day window
LP84
Posts: 71 Forumite
Hi,
sorry to post again but any advice is much appreciated.
The 7 day notice ended yesterday on the house we made an offer on.
If someone comes in now, does the seller have to ask us first if we are prepared to adjust our offer, OR can they drop us and accept.
update: survey done, mortgage done, deposit in our bank ready, searches well underway.
Thanks a lot.
sorry to post again but any advice is much appreciated.
The 7 day notice ended yesterday on the house we made an offer on.
If someone comes in now, does the seller have to ask us first if we are prepared to adjust our offer, OR can they drop us and accept.
update: survey done, mortgage done, deposit in our bank ready, searches well underway.
Thanks a lot.
0
Comments
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it is a repo...sorry0
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Many lenders dropped the seven day notice in favour of a public notice which invites interest/offers right up to exchange.
As the CML code is clear on lenders ensuring they achieve the best possible price for the property when repossessing, I'm pretty sure if another offer comes in during the period following the expiry of the seven day notice and before exchange of contracts, the lender would still be bound to achieve the best possible price.
How that may best be achieved is open to opinion. I'd be surprised if you weren't given an opportunity to increase your offer in such circumstances.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Many lenders dropped the seven day notice in favour of a public notice which invites interest/offers right up to exchange.
As the CML code is clear on lenders ensuring they achieve the best possible price for the property when repossessing, I'm pretty sure if another offer comes in during the period following the expiry of the seven day notice and before exchange of contracts, the lender would still be bound to achieve the best possible price.
How that may best be achieved is open to opinion. I'd be surprised if you weren't given an opportunity to increase your offer in such circumstances.
Thanks. So, they have/will ask us if we are prepared to up our offer if someone else comes in?0 -
Kingstreet is right, as always. But I would just add that the lenders are usually practical about this. If a new offer comes in that's just a bit higher, they would probably not change horses provided that you are making good progress towards exchange.No reliance should be placed on the above! Absolutely none, do you hear?0
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Kingstreet is right, as always. But I would just add that the lenders are usually practical about this. If a new offer comes in that's just a bit higher, they would probably not change horses provided that you are making good progress towards exchange.
Cheers. just waiting on searches then hopefully can get the contract signed0 -
GDB is absolutely right. What we don't know is the tipping point where extra money outweighs the inconvenience of starting again with a new purchaser.
TBH I'd carry on making the steady progress you've reported in your other threads and reduce the chances of something negative happening by getting to exchange asap.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
On my recent repo purchase the vendor was phoning local EA's 10 mins before we exchanged in order to try and sniff out any potential better offers.0
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kingstreet wrote: »GDB is absolutely right. What we don't know is the tipping point where extra money outweighs the inconvenience of starting again with a new purchaser.
TBH I'd carry on making the steady progress you've reported in your other threads and reduce the chances of something negative happening by getting to exchange asap.
Thank you. Appreciate it0 -
DannyboyMidlands wrote: »On my recent repo purchase the vendor was phoning local EA's 10 mins before we exchanged in order to try and sniff out any potential better offers.
Sly! Was your experience smooth?0 -
Sly! Was your experience smooth?
Very smooth but probably because nobody else wanted it. The vendor was annoyingly demanding and our solicitor a bit tardy but we exchanged within 4 weeks of the offer being accepted and completed a week later.
It sounds like you've done all you can. Just chase up the flow of information, make sure everybody has what they need and try to relax.0
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