Repossession Buying Tips and Tactics

GDB2222

There's no legislation preventing them from disclosing the other offer.

cbr600f

Aha! That is excellent news. Although if i find out their bid, then the otherside may find ut my bid? (but it shouldnt matter because it would be too late!)

GDB2222

cbr600f wrote: »

Aha! That is excellent news. Although if i find out their bid, then the otherside may find ut my bid? (but it shouldnt matter because it would be too late!)

I don't understand this 'too late' bit. The vendors won't exchange until they are satisfied they have the best offer available. Best offer does not just mean highest. They can allow for your ability to proceed. This bidding war could go on for a while still.

cbr600f

hmm... I guess they can draw it outcant they. Im hoping they will see that i am ready to exchange on monday and take it. Im going to contact the EA today do you have any main points that i should ask her to pass on to the lenders?

Im going to ask what the current situation is. (is my offer still accepted or have they took other)
The remind her to tell the lenders everything is in place to exchange on monday. With completetion as soon thereafter as they require.

And then see where the lender stands after that?...

Then if they have or are going to accpet other offer, raise mine 1K to see if that sways them, if not go higher...

ILW

I would suspect they will keep the process going all the time they have two or more interested parties. Does not seem to be any reason they have to accept any offers by a particular date.

cbr600f

ILW wrote: »

I would suspect they will keep the process going all the time they have two or more interested parties. Does not seem to be any reason they have to accept any offers by a particular date.

Yes, i can see what you mean. Perhaps the necular option is a viable one in that case. Take one of the interested parties out (i.e. Me) or threaten too.

I would imagine the lenders want their money? And cash seems alot less risky than a mortgage....? And no doubt they would be getting the money from theirselves! they are probly the mortgage lenders. I know the name of the banking groups and its quite a prominent one.

GDB2222

That sounds about right. Emphasise that you will be able to exchange on Monday. I would insist on the EA telling you what the other offer is. If they refused, I'd take my ball and flounce off.

I'm not sure that I would go up in increments of £1k. That just gives the impression that by waiting long enough the sky is the limit.

You need to remember that, for the sellers, this is just another file. Not very important. They have to justify taking your offer if it is lower than the other one. So, if you say 'exchange on Monday at my price or I withdraw completely', that will make them think. But I wouldn't do any of this unless I knew what the other offer is. For example, if they bid £30k more than you, you just look silly if you raise your offer by £1k. You'd be better off saying that you'll still be interested if the other offer falls through.

cbr600f

In the first instance raise by 1k as that is what they asked for last time and i said no. So that must be the figure theyre aiming for.

Okay here i go im going to ring the EA now.

cbr600f

well...

Lots of interest in this property. 2 more viewings today and another tomorrow.

The EA is Calling the company to remind them that i am willing and able to complete on monday.

I havnt budged as of yet, ill wait to see what to company says.

if its negative ill increase.

Apprently the EA cant tell me other bids because the company says what they can and cant disclose. It may be if they accept other bid it may be put on rightmove, its upto the company.

The sale is still agreed with me as of now, so thats good. But today the other sides mortgage in principle and cash deposit has been verified.

So we shall see... I thought best to get their thoughts first.

The EA was pushing the lots of interest, and the company will just get the best offer etc. Trying to get me to increase i dont know? she could be right..

She rang back...

The comapny said they would let me exchange on monday if i put in a bid higher than the other sides. BUT the EA would then have to go back to the otherside to ask if they want to increase their bid....
So do i do that today or do I wait till monday???

GDB2222

Well, ask the EA how much you need to bid?