a few questions

plumber_carl

going to look at a property tomorrow its a repossession it came on the market 3 days a go its a terrace which needs work but its cheep 40 k,, when i asked to view it i asked the agent had any one else seen it the reply was,,,,, some one is proceeding with the sale?? i would like this proberty and i have the cash in the bank to buy,,, how long will it take to complete the solicitor sale,,, i dont need a survey just to move quick to beat the other person,, also will the agent tell me the other persons offer if asked??? or any other advice or tips welcome

bobula

mmmmm gazumping

im sure youd just love it if it happened to you ....

snid

If its a repossession they have to accept the highest price - no?

So it shouldn't matter how quick you are?

plumber_carl

bobula if you read the question fully you will see its not gazumping,, it been on the market 3 DAYS

steve1980

If there is a buyer proceeding already as per

some one is proceeding with the sale

then you will be gazumping the buyer.

The sale will go through as quick as your solicitor can make it go through. Not having a survey is a really bad idea, especially if it needs a lot of work.

The agent will not tell you what the other person has offered. He works for the seller of the property, not you.

What's a proberty and what's with all the ,,,,,,, ,,,,,,,,,,, ,,,,,,,,,,

GAH

If the property has only been marketed for 3 days i would think that it would be highly unlikely that the lender/assett management company would have accepted an offer, even if it was at the asking price.

Speed of sale is never much of advantage, it will always be best price they are looking for. The agent aren't at liberty to disclose the price, but if an offer has been accepted, a public notice will be posted making everybody aware of the price anyway.

Just make your offer based on what the properties worth to you.

plumber_carl

As far as i know the first time this proberty been for sale was Friday 16 march as i get emails from find a property and it was listed on that day,, a neighbour also told me it was a reposition,,, and the sale sign went up a few days ago,,, so when i phoned at 9am this morning i was supprise she stated it had an offer ,,, or words to that affect cant remember the precise words,, such was my surprise

maryroberts

Be prepared to offer the full asking price if it's a repossession - if they have already accepted an offer it most likely is at the full asking price. The Public Notice will appear on Rightmove and the local newspapers so you will be able to see what offer has been accepted. You are quite entitled to put in a higher offer. But if only one estate agent is trying to sell it, they will probably put you off viewing it, if the person whose offer has been accepted is a cash buyer. They will probably require you to exchange contracts within 14 days if you are a cash buyer.

I've just been through this - we managed to exchange bang on the 14 days and I'm waiting for a call right now saying we have completed today. We were very fortunate indeed that no-one else offered a higher price, as is the norm with repossessions.

maryroberts

Forgot to mention that I've been keeping my eye on other repossessions in this area - it is quite normal for the Public Notice to be updated with higher offers. I've seen about half a dozen recently which have all sold for about 5 or 6 thousand more than the asking price. Some might call it gazumping, but with repossessions, they are trying to get the best possible price and the estate agents can't technically take it off the market until contracts have been exchanged, even though they can put off new viewers if they know that their client is a genuine cash buyer who can exchange quickly.

plumber_carl

its only on with one seller at the moment,,,they had no appointments for a viewing today but seem to be OK with me viewing it tomorrow as i have a time for viewing,,, thats interesting about it may go above the asking price,, something to bear in mind,,,, as for a bargain its about 15 k under value but requires a Lott of work so a good buy but not the bargain of the century