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buying a reposession
unknowndave
Posts: 18 Forumite
Hi all
We're looking to buy a reposession. In an area that's not particularly desirable but close to family for us. needs the garden doing up, otherwise ok to move in.
Offered 55000, but that was declined immediately so upped to 58000 which we were told would prob be accepted. Was in there at 4 on sat dropping aip off. Had a phoncall 10 this morning to say they had a better offer over the weekend and that we needed to increase our offer.
They told me there's been no other interest in the property the twice that wrapped viewed. Do you reckon they're trying to blag more money out of us cos they've seen what the upper limit for our mortgage is?
Am i right in thinking the higher offer needs to be advertised?
Thanks
Kim
We're looking to buy a reposession. In an area that's not particularly desirable but close to family for us. needs the garden doing up, otherwise ok to move in.
Offered 55000, but that was declined immediately so upped to 58000 which we were told would prob be accepted. Was in there at 4 on sat dropping aip off. Had a phoncall 10 this morning to say they had a better offer over the weekend and that we needed to increase our offer.
They told me there's been no other interest in the property the twice that wrapped viewed. Do you reckon they're trying to blag more money out of us cos they've seen what the upper limit for our mortgage is?
Am i right in thinking the higher offer needs to be advertised?
Thanks
Kim
0
Comments
-
Yes. Always a mistake to show an AIP if it shows more mortgage available than you need for a 90% mortgage.unknowndave wrote: »Do you reckon they're trying to blag more money out of us cos they've seen what the upper limit for our mortgage is?You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Really. i was reluctant to but Peter Alan said they couldn proceed with the bid unless we showed the aip. (also wanted proof of deposit but they haven't pushed for that)
any suggestions on what to do to void a bidding war with real/phantom bidders?0 -
They are playing you like a fiddle.
The only way to avoid this is to stop offering more money.0
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