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'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Repossession Buying Tips and Tactics
cbr600f
Posts: 90 Forumite
Hi im 4 days in on public notice ive had word this evening that there has been an offer placed its higher than mine but they are mortgage and cash deposit. Im cash. The company dealing woth the house for the lenders has asked the EA to ask me what i want to do. Now i said to the EA i need some time to talk to wife.
my idea is this - to wait as long as possible until i hear from EA that company and lender have agreed other sale or something else. On monday i have an appointment with ny solicotor to exchange contracts. now if i wait till then to stick or bid then there is less chance of a bidding war as ill have signed and done the deal on the same day.
Can the lenders accept other offer without giving me an oppirtunity?
What are peoples thoughts?
my idea is this - to wait as long as possible until i hear from EA that company and lender have agreed other sale or something else. On monday i have an appointment with ny solicotor to exchange contracts. now if i wait till then to stick or bid then there is less chance of a bidding war as ill have signed and done the deal on the same day.
Can the lenders accept other offer without giving me an oppirtunity?
What are peoples thoughts?
0
Comments
-
My understanding of repos from adverts I have seen is that when a higher offer comes in they reset the public notice period (up to a point).
It doesn't seem likely that you will be able to place a bid at the last minute and have it accepted the same day.0 -
Meaningless. You can only Exchange if the seller has accepted your offer and agreed to Exchange. If they have accepted a higher one, you have no 'Exchange date'. All you can do is offer to increase and wait for the seller to decide.... or for the other buyer to up their offer....i have an appointment with ny solicotor to exchange contracts.
Unusual. More normally, only one public notice is placed (to satisfy the courts in the event of a challange that they sold below value)My understanding of repos from adverts I have seen is that when a higher offer comes in they reset the public notice period
Just decide how much you are willing/able to pay and negotiate up to that point and then stop.
Be aware agents sometimes 'indicate' there are other offers to persuade you to offer more. It may/may not be true.0 -
As it stands the seller has accepted myy offer and agreed to exchange.
My reasoning is...
Less time, less bids, less money.
As i have control of the time in a sense, if i reduce that then chances are there will be less bids. So if i stall till monday then increase on monday then sign on monday then theres not much time for the others to bid more.0 -
They may have done so when you originally made your offer, but since thenAs it stands the seller has accepted myy offer and agreed to exchange.
I interpret that as "Your offer has now been outbid and we are therefore going to sell to the new buyer unless you wish to increase your offer. Are you prepared to do this?"there has been an offer placed its higher than mine but they are mortgage and cash deposit. Im cash. The company dealing woth the house for the lenders has asked the EA to ask me what i want to do.
If this was not the case, there would be no need for them to ask you "what you want to do."
But of course I am just making a deduction from what you have told us. I may be wrong.0 -
The other offer has not been accepted yet. So that suggests to me that it may be close to my offer. Otherwise they would have snapped it up?
Im sure ill get more details tomorrow. In any case reserving my bid till a later date can only be beneficial in my mind... If the other offer is taken, i dont bid then the other buyers may not be on their toes when the public notice finishes.
Im sure there must be a guide to repossessions and tactics on bidding somewhere surely?0 -
Solicitor has said do it on friday and tell lenders were ready to exchange on monday. She said had i not have picked up the phone then the waiting thing could work better. As they have a liability to let me know about another offer. So for future referance...
My plan is to get to friday without saying ill increase or decrease. Then put in an offer 1k higher to see if its accepted.
Has anyone been in this situation and what worked for them?0 -
Solicitor has said do it on friday and tell lenders were ready to exchange on monday. She said had i not have picked up the phone then the waiting thing could work better. As they have a liability to let me know about another offer. So for future referance...
My plan is to get to friday without saying ill increase or decrease. Then put in an offer 1k higher to see if its accepted.
Has anyone been in this situation and what worked for them?
As a cash buyer and this far advanced with the legal work, you are in a great position. They would be foolish to drop you and start with another buyer if the only difference is £1000. So, my view is that you either stick where you are or you offer a significant amount more. As G_M said, you may simply be bidding against yourself, as there may be no other buyer at all.
Edit: I have bought several repos. The first one was off a 7 day notice. I didn't offer a huge amount more than the other buyer, but I was a cash buyer. That's what makes me think that your being a cash buyer will swing it in your favour, unless the other buyer has offered a lot more.No reliance should be placed on the above! Absolutely none, do you hear?0 -
As a cash buyer and this far advanced with the legal work, you are in a great position. They would be foolish to drop you and start with another buyer if the only difference is £1000. So, my view is that you either stick where you are or you offer a significant amount more.
After thinking about it some more, I may stick with my bid but only say that on friday, so the lender has to decline or thinks may aswel go with me becuase were so close to completing. If they decline and take other offer i will probably increase by £1000 thensee if that is accepted, if not bid another £1000 and so on.As G_M said, you may simply be bidding against yourself, as there may be no other buyer at all..
This could be but the info the EA gave me sounds pretty reliable. I.e. all info about mortgage buyer with cash deposit etc.Edit: I have bought several repos. The first one was off a 7 day notice. I didn't offer a huge amount more than the other buyer, but I was a cash buyer. That's what makes me think that your being a cash buyer will swing it in your favour, unless the other buyer has offered a lot more.
Wont be able to find out their bid will i?0 -
Wont be able to find out their bid will i?
Ask the EA. Either they tell you or they don't. I don't see why you should have to bid blind. The other bidder knows what you bid, so it's unfair if you aren't told what they bid. You can always use the nuclear option, ie you are withdrawing your offer and flouncing off unless they play fair.
I'll repeat that as a cash buyer, far advanced in the process, they will not want to lose you. The EA does not care how much the property sells for, and this is all more work and delay for him before he can collect his fee.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Ill give it a go, previously they have said they are not allowed to disclose the bids, some sort of legislation or something? Perhaps i should ask what exactly that is?...Ask the EA. Either they tell you or they don't. I don't see why you should have to bid blind. The other bidder knows what you bid, so it's unfair if you aren't told what they bid.You can always use the nuclear option, ie you are withdrawing your offer and flouncing off unless they play fair. .
Yeah that may be a good option, i guess i just have to read what the EA is saying and decide how to proceed.I'll repeat that as a cash buyer, far advanced in the process, they will not want to lose you. The EA does not care how much the property sells for, and this is all more work and delay for him before he can collect his fee.
Thats how i see it too. Ive had no contact with the EA today, a few days might make her sort things out for me.
I mean when i stuck to my guns before when they rejected my offer and asked for 1k more and i said no (well i said could i have a sealed bid, the answer was no so in effect rejected their offer of 1k to accept), the whole day went by and at around 5pm the EA phoned back and said ive just been chatting with the company working for the lenders, and asked them to rethink the bid to get the ball rolling, anyway the lenders did and accepted. So maybe that will happen again but with the EA saying come on this is a cash buyer willing and ready to exchange on monday (as soon as the 7 day public notice is up)...
Ill remind her of that next time she phones.0
This discussion has been closed.
Categories
- All Categories
- 347K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.7K Spending & Discounts
- 239.3K Work, Benefits & Business
- 615.1K Mortgages, Homes & Bills
- 175K Life & Family
- 252.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards