estate agants

fkelanne

right here i go, sorry if peeps dont understand.
The house we want, is up for sale it was up for 95k and then it got reposessed.(sorry cant spell) So i went up with a different estate agent for 65k, we phoned them up and said right we will give you 65k for it.
they have told us that it has 2 go in the paper for 2 weeks and peeps can still bid on it. i have been told that this isnt right and that it might even be illegal. can any1 help. we are ready for the mortgage to go ahead just waiting for them to say we have got it.can any one help?
ps the house has gone up for 65k not oir 65k or offer over 65k.

Majik

Seems right to me - most repos do this - the bank are, after all, trying to reclaim as much money as possible. It's a waiting game, but think of all the money you're saving. Make sure the EA keep you up to date, and don't panic! Every time a new bid comes in, the two weeks should be extended.

Majik

cattie

This is perfectly legal & in fact is the proper proceedure for reposessed properties. The lender is legally bound to get the best price possible for the property & often if there are 2 or more people after the same property the lender will often go with the one who can conclude the sale within 28 days, such as a cash buyer.

fkelanne

or right we throught they were just trying to get us 2 go higher in price. so how long should it be on the market?

cattie

If an acceptable offer has been made then the notice will go into the local paper inviting higher offers during the following 14 days.

Doozergirl

Even though they sometimes invite offers within 7 or 14 days, anyone can in fact offer right up until the point that you exchange contracts.

The closer you get to that point, however, the less inclined they will be to accept other offers unless they were considerably higher than yours.