Offered on a reposession - how long?

Vegeta

I offered cash for a reposession which already had an offer on it and the estate agent asked for proof of funds and ID which I provided (blanked the account no. and sort code obviously).

This was 2 days ago and I have still not heard back from the EA. I did ring yesterday and the EA told me he sent the proof of funds and other documents to the vendor (asset management company or bank). Not heard anything since then and don't want to keep ringing EA.

Is it normal for it to take longer than normal in getting an offer accepted on a repo, especially a cash offer? The price isn't the problem. I'm wondering whether the EA's are simply ignoring me and want to give the house to the current buyer who is about a week into the process of buying (not a cash buyer).

poet123

In my experience it takes ages and they will make you jump through many hoops in the process. Not an experience for the feint hearted or one I would care to repeat.

Vegeta

poet123 wrote: »

In my experience it takes ages and they will make you jump through many hoops in the process. Not an experience for the faint hearted or one I would care to repeat.

What sort of hoops are we talking about? I was told by the EA before offering that even if I get a survey done (I am), the vendor won't reduce the price.

I am aware of the procedure of buying a repo but if there is any other advice you can give, that would be great. I only decided to go after a repo because I am in a strong position to buy (cash) but I am aware that I can be gazumped at the last minute.

I just didn't expect it to take days for an offer to be accepted. Any reason why? Is it because it's a cash offer?

cootuk

possibly going back to the original buyer asking them to pony up a bit more to outbid you?

pinkshoes

Is the other offer cash or a mortgage?

Did you match the other offer?

Vegeta

pinkshoes wrote: »

Is the other offer cash or a mortgage?

Did you match the other offer?

The other offer is mortgage backed. I beat the other offer a bit because I knew what it was due to the public notice showing the price of the current offer.

hamster2013

i would also think the EA has informed the other party and is waiting for them to increase their offer
and they probably have gone back to the bank to see if they can borrow more.

Vegeta

hamster2013 wrote: »

i would also think the EA has informed the other party and is waiting for them to increase their offer
and they probably have gone back to the bank to see if they can borrow more.

From what I've been reading, the bank selling the repo don't always just want the highest offer, they also favour cash offers because the sale can be completed quickly though I could be wrong.

I could probably complete in 7-10 days if they accept my offer but it looks like I'm being ignored.

poet123

Legally they have to take the highest offer.

So it is tooing and froing and tension till they make their minds up, then they can change it at any time, and they often do.

If your solicitor is not absolutely on the ball they can pull the plug at any time. When your offer goes in it will have to be advertised again, and as you say up to the time contracts are signed and exchanged they can go with someone else.

Everything is sold as seen and you are unable to test the heating/electrics. We just found it very stressful and the EA came under a lot of pressure from the repo agent to push us. We (my son) completed in 15 days and that was over Christmas and the LA searches and environmental search was sitting on the desk of the person concerned and it nearly cost us the house. It was immaterial that no one else could have completed sooner, they were very aggressive in their dealings and we very nearly pulled out due to how they behaved. The repo agent was called Spicer Hart.

Vegeta

So are the selling agents legally obligated to advertise each accepted offer in a public notice or do they only have to do this once? I'm reading conflicting information online.

Thrugelmir

Vegeta wrote: »

So are the selling agents legally obligated to advertise each accepted offer in a public notice or do they only have to do this once? I'm reading conflicting information online.

If the asking price is achieved. Then could turn into a contract race between the parties. As the debt is incurring the debtor, interest on a daily basis. So a further nominal increase in any parties offer is of no interest.