how long for offer on repossessed house to be accepted/rejected?

emmah89

Hi everyone.

So we got our mortgage agreed in principle and when we went to make an offer on the house, we were told that it is a repossessed house so slightly more complicated than a normal house regarding offers. we put an offer in on monday afternoon. how long normally would it take for a vendor/bank to accept or reject the offer? I realise it is slower than if we were buying from a non-repossessed property, but we weren't really given any timelines for the offer etc, and just wondered roughly how long it would take? we are keen to get the offer accepted and get the ball rolling.

kev225

When we made an offer on our house (also a repossession), it took 2 days for them to reject our offer, then 3 days to accept once we offered the asking price.

The major issue with many repossession houses is seeing them continue to be advertised after you offer has been accepted with something like this added:

"We are acting in the sale of the above property and have received an offer of £123,456.

Any interested party must submit any higher offer in writing to the selling agent before an exchange of contracts takes place."

In our case, literally a day before exchange another buyer offered a few thousand more, despite paying for surveys, solicitors fees etc. our offer was immediately rejected. Luckily the other buyers pulled out a few days later and we exchanged on Tuesday. But something to watch out for, I would certainly try and reach the exchange point as quickly as possible.

emmah89

yes, we have fell in love with the house, so really keen to get everything sorted. The house has been on for a few months unsold and without offers (though they have reduced the asking price), and we have all our fingers and toes crossed that we will get the house! will definately be ready for someone else to step in. thanks for the advice.

aralkaa

Hi there!
We've offered on a repossessed house last Tuesday and only heard back from the bank on Friday, after our solicitor phoned them up. Still, we need to wait another couple of days as they said they will only be able to consider our offer after 2 weeks of advertising (which will be on Monday). Buying a repo is definitely a stressful ordeal but if the house is worth it, all You can do is wait and hope for the best.

emmah89

aralkaa wrote: »

Hi there!
We've offered on a repossessed house last Tuesday and only heard back from the bank on Friday, after our solicitor phoned them up. Still, we need to wait another couple of days as they said they will only be able to consider our offer after 2 weeks of advertising (which will be on Monday). Buying a repo is definitely a stressful ordeal but if the house is worth it, all You can do is wait and hope for the best.

See the house we're after has been on several months. But we definately are waiting patiently.

Daveblaine

Ive bought repos and the basis of it is this. If a bank sells a house it involves 3 people the estate agent who submits a offer to the asset manager who inturn submits it to the bank the bank has to be seen to be making every effort to get the best price for the defaulting lender as the defaulting lender will have to pay any shortfall of the amount the bank gets. So basicly its got to be available at best prosible achievable price otherwise if the defaulting lender can prove that the best achieved price haz not been recieved they can sue the bank. So basicly the asset manager and the bank need to satify themselfs they cant get more money for the property. Basicly you put a offer in they drag there feet to see if anyone else comes forword with bigger offer and they will also have a meeting asset manager and bank ect to make sure everythings above board in my experiance it can take a week. Pain in the !!!! but a right buzz if you get a yes. Also if you get a no. Resubmit same offer a couple of months later and you may get a yes as the longer its marketed the more effort for best price theyv made!!! And remember anyone can offer more till day of exchange so basicly as soon as your solicitors got that contract get it exchanged!!!