Offered on a reposession - how long?

watkins101

Im in exactly the same position, Im at 3 days and waiting:(, The EA has recommended that my offer is accepted but what will be will be. I am a cash buyer and like you had to show them I had a balance in the bank before they would even put my offer through.

The only thing that gives me some comfort is that if my solicitor can get the sale through in 3 weeks as they think then the seller taking ages to consider a bid works in my favour, as does the hoops any other buyer has to jump through to even get a bid in.

Good luck...

poet123

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.

Yes, we were told every offer has to be advertised and so, like you, the next would be buyer knows what they have to beat.

As well as working against us in terms of people not being available to do their jobs over the Christmas period, we think it also worked in our favour in that few people were actively looking at that time either.

Vegeta

Well, I guess all I can do then is wait for the EA to contact me regarding my offer. I'll post back if there is any update to the situation.

thriftymcnifty

It took 2 weeks for my offer to be accepted on my flat! Admittedly it was a lower offer. Had to wait for some meeting or other at the bank.

My girlfriend also bought a repo recently. Her and another party offered similar amounts so they went to sealed bids (best and FINAL)....was then asked to submit another final offer! She refused and still got the place. Loads of pressure from the bank to complete quickly. Get to nearing exchange and the EA has forgotten to put the notice offer the offer up (which apparently has to be up for a week). So delayed a week, THEN it transpires they put the notice up for £800 more than the agreed price! So she either had to wait a week or pay the money. The agents eventually offered to pay £400 which she took to get rid of the stress and risk of losing the property.

As someone else said, not for the feint hearted.....

Vegeta

BTW, do the EA's forward the copy of ID and bank statement to the vendors of the repo or are those copies for themselves only?

Do these repo companies want a statement of a potential buyers bank statement if it's a cash offer or do they only want an EA to confirm they have seen an original statement for proof of funds?

poet123

Vegeta wrote: »

BTW, do the EA's forward the copy of ID and bank statement to the vendors of the repo or are those copies for themselves only?

Do these repo companies want a statement of a potential buyers bank statement if it's a cash offer or do they only want an EA to confirm they have seen an original statement for proof of funds?

I think they will be forwarded to the vendor, they were in our case.

Vegeta

poet123 wrote: »

I think they will be forwarded to the vendor, they were in our case.

And how long did it take for the vendor to respond to your offer?

poet123

About a week, but the house was up with two EA's and the other EA submitted an offer so after accepting our offer they changed their minds and went to best and final.

We won, but had to offer as high as we were prepared to go which was over the asking price (so it may have been a lot higher than the other offer, we have no way of knowing) but still below market value.

Then they pushed and pushed every day even over Xmas when all council offices were closed, they wanted the searches back. They were unreasonable to deal with. Right up until the hour completion occurred (and I am being absolutely serious here) they kept saying they were pulling out because we were not proceeding fast enough.

We were so close to walking away and telling them to stuff it.

Vegeta

Ok, so I made contact with the estate agent today and he explained the situation to me. He said there is a delay in the chain and that the chain is that he has contact with the repo company who has contact with the lender who has contact with the person who lost the repo house i.e the original owner.

He said there were problems contacting the original owner.

Does this all sound legit? I didn't know that any offers made are passed onto the original owner of the repossessed house.

poet123

Vegeta wrote: »

Ok, so I made contact with the estate agent today and he explained the situation to me. He said there is a delay in the chain and that the chain is that he has contact with the repo company who has contact with the lender who has contact with the person who lost the repo house i.e the original owner.

He said there were problems contacting the original owner.

Does this all sound legit? I didn't know that any offers made are passed onto the original owner of the repossessed house.

I don't have any experience of being told that but I suppose it could depend on individual lenders. If the price achieved is much less than they owe leaving them with a debt then maybe they have a say?

Can't help you any more that that I am afraid, all our dealings were via the EA who then dealt with the agent appointed by the lender. There was no mention of the defaulting owner.