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Estate Agents keep delaying closing date on Bank Sale
Labasheedy
Posts: 205 Forumite
Estate Agents keep delaying closing date on Bank Sale.
Hi
Hope someone can advise us. We have had the estate agents push forward the finishing date on a house that is a bank resale, I expect a repossession at some stage.
They finally had given 7 days notice in the paper, but this has now ran another 2 days over this date.
We are the highest bidder and very eager to close, but they have another interested underbidder party who keeps delaying, by not being available to answer their phone, or now they have decided to wait on a survey.
I'm so stressed about about being pushed about, can we really do anything, are they being reasonable, or are we at their mercy?
Hi
Hope someone can advise us. We have had the estate agents push forward the finishing date on a house that is a bank resale, I expect a repossession at some stage.
They finally had given 7 days notice in the paper, but this has now ran another 2 days over this date.
We are the highest bidder and very eager to close, but they have another interested underbidder party who keeps delaying, by not being available to answer their phone, or now they have decided to wait on a survey.
I'm so stressed about about being pushed about, can we really do anything, are they being reasonable, or are we at their mercy?
I started off with nothing and I've still got most of it left.
0
Comments
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Buying a repossessionis always more stressful.
There are no rules.
The bank has to get the best price possible, but prefers to do this in the shortest time.
Sometimes speed helps. Sometimes they'll go for a higher bidder.
You can
* give them a deadline to exchange and say you'll withdraw (but they may well call you bluff!)
* increase your offer
* wait0 -
We're such wusses that a withdrawal deadline is almost too scary I think!
Thanks, I just wondered if you felt they were being unreasonable, or if this is normal form.I started off with nothing and I've still got most of it left.0 -
It sounds like a repossession or some other form of corporate client. (usually repo)
Sadly for you, there is nothing you can do. You can either withdraw your offer or see it through. They are hard going, and if you withdraw they may come back to you. Alternatively they might not.
How much do you want the house?
If a repossession, even after the 7 day notice, anyone can still put an offer in up until exchange of contracts.£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0 -
Oh, yes this is completely normal £2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0 -
As G_M says if this is a repo the bank will have an obligation to their client to get the best price possible, so as such should consider all available offers.0
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Thank you and just to say we managed to hold out as the highest offer in the end, just need to get contracts signed now! I started off with nothing and I've still got most of it left.0
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Errrrr.... then how do you know you will be the highest offer?Labasheedy wrote: »Thank you and just to say we managed to hold out as the highest offer in the end, just need to get contracts signed now!
It ain't over till the fat lady... does whatever fat ladies do.0
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