We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bidding on a Repossession
Options
JProcter1407
Posts: 2 Newbie
Hi. We have seen a repossession that is under 21 day notice as a bid has already been received. When we submitted our bid the estate agent told us that is not a significant change to the original offer so would not put it forward. Is there a minimum percentage over the original offer that has to be submitted before it is considered? Thanks
0
Comments
-
No not a minimum percentage. It can often depend on the person with the best likelihood of early completion when offers are very close together. So a cash buyer would be preferred over somebody needing a mortgage.
If you want the house you have to go in with your very best offer as an offer has already been provisionally accepted to see if it's high enough to tempt the lender to go with your offer instead.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Thanks Cattie :-)0
-
In these, some is about price, and some is about circumstances as you as prospects - how much deposit have you got, are you in a chain, how soon could you complete?
In the past I was the preferred bidder where I wasn't the highest priceSo many glitches, so little time...0 -
If you know who the former owner is, your statement that the agent would not communicate your offer might mean that they have less losses which they owe to the lender, because the lender has a duty to the repo'd person to get the best price. They don't have to try hard as it is to meet the requirement, but it is not acceptable for the Agent to fend of bidders for the sake of his mate who is giving him a kickback.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
-
Did you submit your offer in writing and give full detail your status?
When I placed an offer on a repo I had to supply copies of bank statements to show how I would finance the purchase.
How long into the 21 day notice is the current offer as I'm sure if they are only a couple of days away they would not be interested unless you went significantly higher - how much over the current price were you. I was told that they would not consider anything under £2k.
How long has the repo been on the market as it may not have received a lot of interest.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards