Buying a repossessed house

ROCC*

We saw a repo for £79,950 and went to EA as were interested. Was told a substantially higher offer had come in and would be in the paper that week and did we want to make an offer. We waited for the paper and was surprised when we found it was £50 more! The offer was a cash sale. Although we have 40% deposit and the rest guaranteed mortgage. This week our offer of £1000 more and £3000 more has been rejected - any thoughts as to why????:mad:

littlened

We're buying a repossession at the minute, and last weekend someone broke in and stole the combi boiler...we've had 2.5k taken off the cost of the property though.

poppysarah

ROCC* wrote: »

We saw a repo for £79,950 and went to EA as were interested. Was told a substantially higher offer had come in and would be in the paper that week and did we want to make an offer. We waited for the paper and was surprised when we found it was £50 more! The offer was a cash sale. Although we have 40% deposit and the rest guaranteed mortgage. This week our offer of £1000 more and £3000 more has been rejected - any thoughts as to why????:mad:

cash=king and usually developer who'll be buying more than one off the ea.

TopKat*1

I was buying a repo until estate agents rang me and told me some1 has offered more but wouldnt tell me how much, ill just buy the paper Monday. I dont completely trust EA's and am very interested to see how much more they have offered. But I think we will leave it anyway we dont want to go higher and we are getting messed about alot.

besonders1

Trouble is EAs can say anything about offers especially over the phone when nothing is in writing. That why I would try and avoid repos . Imagine being outbid on an offer of £100k then putting in an offer of £110K then finding out later the the person who outbid you only offered £101K. I think repo houses seem to be the new evil cash cows.

AMD1981

Hi there, i put in an offer on a repo yesterday and was told there were 2 other interested parties. They (EA) phoned me back today telling me the repo company wanted all 3 parties to go in with our best offers. It was also meant to be in the paper today as the first offer, that was accepted, went in last week. Surprise surprise its not in the local paper.

Are they playing games?

Queenieviolet

They could well be! We made an offer on a repo house and were;) told that a better offer had been made and we only had until midday the following day to up our offer. We were really tempted but something didn't ring true - why did we have to decide right away. We spoke to our solicitor who told us it is common for estate agents to play this type of game. We didn't call back and lo and behold, just after midday we got a phone call to say the other offer had been withdrawn. We now live in that very house! I can't advise you what to do as they may not be bluffing, but consider how desperately you want the house and don't be pressured into a quick decision.

AMD1981

Queenieviolet wrote: »

They could well be! We made an offer on a repo house and were;) told that a better offer had been made and we only had until midday the following day to up our offer. We were really tempted but something didn't ring true - why did we have to decide right away. We spoke to our solicitor who told us it is common for estate agents to play this type of game. We didn't call back and lo and behold, just after midday we got a phone call to say the other offer had been withdrawn. We now live in that very house! I can't advise you what to do as they may not be bluffing, but consider how desperately you want the house and don't be pressured into a quick decision.

Thank you. I went in with my best offer which was only £100 more than my original and told them that was it. Now I wait!! I was the last person to go in with my offer apparently! Not sure I quite believe them but there we go!!

kirky2187

Hi guys...
I have just put an offer on a repo for just under the asking price. I outbid someone else who offered through a different EA. It seems like the agents are in a bit of a bidding war but I really like this house. I'm in a good position as I'm a FTB and I have my mortgage offer in place. I can't help but get excited although I know I shouldn't. I won't find out if the offer is accepted until tomorrow. The EA accidently told me which lender the property is with so if I ring them does anyone know if they will tell me anything or do they have to go through the EA? Wish me luck.... any advice? Cheers

munkeeman

I have been chasing a repo on the market for £255,000 for the last two weeks, and I don't think you can trust the EA's at all.

The Saturday girl doing the open house told me there had been hardly any interest in it and that she thought the price was too high. However the full time staff member told me there had been 14 viewings when I was interested in making an offer.

Since then I have been told that the price is £210,000 and the assett management company will not budge for any less. I asked for further details on pricing etc on Friday and received a call back on Monday to say that they had received an un proceedable offer of £210,000 and I would need to make an offer close to that to be taken seriously. ( I have sold so proceedable).

I offered £200,000 and was told that they would put it forward but did not think it would be high enough. I received a call at 10 am this morning to say it had been thought about and rejected. I was then advised that if I upped my offer and as being proceedable this would go through. Quick response of no you're okay £200,000 stands get back to me if others don't sell was given.

Received another call at 4pm today to say that they had spoken to someone else in the company and they would like to proceed with my offer of £200,000.

As per other notes on here, stuck to your guns and do not let the EA dictate to you. There is always another house.