PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buying a repossessed house

Options
191012141525

Comments

  • johnson293
    johnson293 Posts: 492 Forumite
    edited 6 July 2009 at 4:43PM
    Well, going to measure up tonight at the new house (accompanied by estate agent), and gonna try and find out as much as I can about status of existing utilities, potential damage to pipes, etc.

    Had word from my solicitor today that my buyers side is all ready - he just needs to sign one last document as he is back from business today sometime, and once that is done we are all set to exchange tomorrow!! :j

    Then, we are aiming for a completion date of this coming Friday, 10th July!! :j

    Have a quote in for removals (£180 to move full contents of 2 bed semi 4 miles away), and am getting at least one more before Friday, but this could be a busy week!!! :T
  • debbydoo
    debbydoo Posts: 57 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    if when buying a repo with no chain, someone comes in 4 days before we are due to exchange with a higher offer of only £1,000 more in a long chain would their offer still be considered? I do understand that they have to get the best price, but surely it would cost them more to re advertise and give the higher offer 28 days?
  • johnson293
    johnson293 Posts: 492 Forumite
    I think it would obviously depend on the bank selling the property, but I was told the further down the line we were, the higher the offer would need to be for the seller to walk away from us and go with another buyer.

    As you say, its their risk that they pull out of a sale thats almost exchanged to go with another sale just starting the process, so I would imagine it would probably have to be signifigantly (at least £5k) higher, if you are that close to exchange.

    Good luck!
  • debbydoo
    debbydoo Posts: 57 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thank you, we are waiting for the call at the moment but have an awful feeling that the EA is playing us, are we allowed to contact the vendor directly? would this be a wise move because the EA knows we have now committed the money for fees etc?
  • johnson293
    johnson293 Posts: 492 Forumite
    debbydoo wrote: »
    Thank you, we are waiting for the call at the moment but have an awful feeling that the EA is playing us, are we allowed to contact the vendor directly? would this be a wise move because the EA knows we have now committed the money for fees etc?

    No, you wont be able to contact them directly - it has to go through the EA. If you do indeed think you are being played, just hold your ground and try and call their bluff.

    However, the EA i dealt with told me that while they didn't encourage anymore viewings and subsequent higher offers after mine, they couldn't stop anyone viewing the property and making an offer if they insisted.

    As you understand, the vendor has to get the highest price possible for the property, hence the legal requirement of publishing the accepted offer and inviting higher ones. However, I dont think its in an EA's interest to lose a potential sale and start over again either, just to make the vendor a small bit extra - they will want the hosue off their books as soon as possible, I would guess.

    The EA should be fighting your corner, and stating that you are in the best position to exchange in 4 days, despite the £1000 extra - if the new offer was higher though, then they would probably be pushing you to increase.

    Like I say, if you are prepared to take the risk, stand your ground and stick to your offer - What you also need to consider is, is the house worth paying more for than the offer you've had accepted?
  • debbydoo
    debbydoo Posts: 57 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Looks like we will stand our ground and stick with our offer, thank you for the advice, has made me breath a bit easier just didn't feel like he was fighting our corner very hard, shame you can't choose your EA when your buying as well. Did you manage to exchange on the 10th?
  • johnson293
    johnson293 Posts: 492 Forumite
    Yeah, exchanged on the 10th, and completed/moved last Monday 13th.

    We had hoped to get the keys early and start moving stuff along oursleves before the removals got there, but we didn't get our new keys until late afternoon, removals turned up at teatime, so we weren't finished moving till almost 8.30pm!!

    Worth it now though, that we are starting to settle in our new home/neighbourhood.

    Good luck again, hope things work out with your purchase.
  • debbydoo
    debbydoo Posts: 57 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    congratulations, I hope that your new home brings you much joy and fantastic memories, am keeping everyting crossed so hope it works as having trouble walking
  • taffday
    taffday Posts: 7 Forumite
    edited 25 September 2009 at 9:19PM
    Can anyone give some advice? We are currently looking at buying a repossed houseand put in an offer of 68k the asking price is 69,950. the estate agent has called us today to say that the management company don't even put a first offer through to the vendor as this is never the full amount you would really offer, so want a second offer.
    Is this a bit dodgey?
    Not very impressed at all!
    Cheers Taff
  • That sounds a bit dodgy to me. I thought that EAs were legally required to put forward all offers to the vendor?!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.