Repossession Buying Tips and Tactics

dinofabio

Strapped wrote: »

If you try this then they will readvertise at your lower offer or tell you to sod off.

Agreed. Pretty sure they would re-market the property as the 'best offer' approach has not been achieved - all the other interested parties dropped out when they saw the public notice price.

You will be politely barred from the Estate Agents as they will think you have a loose screw.

The repo company (corporate client) will have nothing to do with you thereafter, and will treat any further offers with the contempt they deserve.

All in all a bad idea that is doomed to failure and get you informally blacklisted too.

cbr600f

Hmm My idea sounded good to me. I mean all id have to do it say after inspecting the property they structure has obvious problems so therefore i withdraw my original offer and am now offering xyz!

Anyone done this?

Well the EA is bound to only show the public notice offer and no subsiquent bids.

cbr600f

On another note, Today is the day i intend to exchange. Ive been told if i offer higher than the mortgage buyers they will exchange today. BUT before that happens the other buyers will have an opputunity to increase if they wish or can. Hopefully they cant.

GDB2222

cbr600f wrote: »

On another note, Today is the day i intend to exchange. Ive been told if i offer higher than the mortgage buyers they will exchange today. BUT before that happens the other buyers will have an opputunity to increase if they wish or can. Hopefully they cant.

If they have any sense, they'll offer £75,000 (as per item 3 of your list, but scaled down to a more sensible level), then you'll go off in a huff, and when it gets to time to exchange they'll drop their offer to £60k (as per item 7 of your list).

Here's hoping they're not reading your posts on this forum.

cbr600f

Yes here to hoping. I mean ive not given any exact details away, imagine how many properties are being sold right now.

And f course the amounts i gave are not representative of what im actually offering.

I havnt come in high on my current intended property but in future if this fails i think i will offer high to make the oppisition a lot lower.

Currently my offer is still sale agreed, so i stuck with my 1k more and asked them to decide, me or the mortgage, once to other offer is accepted (just to make sure there is another offer) ill proceed.

Im gutted i didnt have the go in High idea before i started with this property. But to be honest ive learnt alot from this first repo!

Especially with everyones input....!

tushingham

Any update on this today?

cbr600f

I got the house, after all that. So unfortunetly i didnt get to try my tactics... Another time.