when to instruct solicitor

plumber_carl

im looking at a repossessed proberty,, as im told in an other tread,,, the agent as to accept the best offer,, what i would like to know is at what stage i need to instruct my solicitor,, at present there is a offer above the asking price made by a builder made just a few days ago ,, the agent as said that i need to improve this offer,, and in which case the builder may improve there offer,,, do i put in the offer and instruct the solicitor that day or do i wait a few days??? can any one run me through the procedure,,, its confusing as im told i will have to complete within 14 days,, but 14 days from when???

theGrinch

if you are clear as to which solicitor you will use there is no harm in advising them (the sols) of your intention and including their details with your offer.

14 days to complete doesnt sound right. very hasty. you need to clear this matter up.

steve1980

PROPERTY not proberty.

You instruct solictors once your offer is accepted. The agent doesn't choose the best offer, the seller (mortgage company) do so get that thought straight out your head.

Standard terms for repo properties is 28 day EXCHANGE not a 14 day completion.

doyouwantfrieswiththat

steve1980 wrote: »

PROPERTY not proberty.

You instruct solictors once your offer is accepted. The agent doesn't choose the best offer, the seller (mortgage company) do so get that thought straight out your head.

Standard terms for repo properties is 28 day EXCHANGE not a 14 day completion.

:mad: For goodness sake.

G_M

Shop around get quotes and select a solicitor but do not formally 'instruct' them till you are ready to proceed (ie offer accepted).

Then move fast. The deadlines on repos are fairly arbitrary: jst designed to put on pressure and keep things moving. Miss the deadline and you won't lose the property provided
a) you are progressing and close to Exchange
b) no better offer has come along

steve1980

doyouwantfrieswiththat wrote: »

:mad: For goodness sake.

Not the first time he's done it.

doyouwantfrieswiththat

steve1980 wrote: »

Not the first time he's done it.

Maybe so, but we know what he's talking about.

plumber_carl

An up date on this,,, yesterday i made an offer on this property,, the EA said she would be back to me and let me know if the offer had been accepted,, to day she was back and told me the offer had been refused as the other party had now bettered my offer,,, i phoned a conveyancer who said that they did a deal were no sale no fee,,, but they keep all the money paid from me so it could be used when i next decided to buy a property,,,, when i told them it would have to be completed in 14 days i was told that it would cost more ,, due to a solicitor may have to take it home or work on it at night ,,, that did not sound too convincing.... so its make or break time do i up the offer,, may be ?? or keep it in the bank till an easier deal comes

maninthestreet

Sounds like the EA is taking you for a ride.

plumber_carl

That i may never know,,, but i have not increased the offer yet

Phreaky

Keep in mind that for repos, they have to publish the winning bid for a month before the transaction can go through. Quite often you'll find that you have been bidding against phantom buyers, and that you were the highest bidder all along.

Make your bid at fair value, and leave it. If someone else really has outbid you, just gazump them when its published - your higher offer will always be accepted.