Offers on Repossessions

f1rsttimebuyer_2

I'm currently in the process of trying to buy a repossessed property. Our estate agent told us that if our offer was accepted, it would be published in the local newspaper and anyone wanting to pay a higher amount would have the right to do so before contracts are exchanged.

We put an offer in 10k above the asking price today, but the estate agent has said they've received a higher offer and said we have chance to increase before 10am tommorrow.

He won't tell us what the higher amount is and I feel he is just trying to rinse us for more cash as he has seen our AIP and know we could pay more.

If the highest offer is published in the local newspaper, why can't they just tell us what it is now?

I've advised I'm not increasing my offer any further and will wait until I see the public notice in local newspaper... If its still within the price we're willing to pay then ill just increase my offer at that point.

Was that the right thing to do? And does anyone know which paper would publish the offer for a property in Leeds city centre?

Thanks

kingstreet

Wait for the public notice and offer accordingly.

There isn't one particular paper, your agent will publish it in their usual advert, probably in a free/cheap weekly. Ask them which they use...

f1rsttimebuyer_2

I emailed and asked the name of the newspaper and he hasn't replied.

Building_Surveyor

Your first mistake was showing him your AIP.

f1rsttimebuyer_2

He said the vendor needs an AIP to accept the offer as exchange of contracts needs to take place within 28 days so can only accept offers from serious applicants. Seemed quite reasonable request.