Repossession Price Drop

MrsTotallyT

We've just offered and been accepted on a repo asking £160k and made offer of £150k. We sent all proof of our mortgage and paperwork through to estate agents today to firm up the offer. We have a FTB buying our property.

However, we've just checked agents website and it seems that today (just after we made our offer) they have lowered the price of the property to £154k.

Are they using us as bait to reel in other buyers and start bidding war - because I cannot think of another reason to lower the price on the same day that a firm offer was made and accepted. Seems a bit of a dirty trick to me???

Is it worth us forking out for our mortgage process and survey, or do we throw the towel in now>:(

Advice would be appreciated

maisonette

When we were trying to buy a reposession everytime an offer was made/accepted the estate agent changed the asking price on rightmove to reflect that offer - not just the added blurb bit that says 'an offer has been accepted in the sum of X' but the actual price itself. I hope that's not the case in your situation as that would mean there is another offer. Does it have the 'an offer has been accepted blurb' on the listing and is it the amount of your offer?

MrsTotallyT

Hi
No, we only formally made the offer this morning, alongwith all the paperwork to prove we had funds to go ahead, but they dropped the price this afternoon.

But worried about going ahead with this now.

kingstreet

TBH, it makes little difference.

You're the "trailblazer" and your offer is the one being advertised to all and sundry in the public notice, giving anyone else interested the opportunity to offer.

Ensure you do not spend any money until you are sure the public notice has been out for a few days.

Someone else can still make a higher offer, but chances are, if they intend to do so, they will do it fairly quickly.