Where do I stand?!?!

phil1cam

Hi all,

Long time lurker!!
I have checked all over the site, but seem unable to find the answer to my little question..
I am currently buying a repo property, it went through the 7 days in the local newspaper after my offer was accepted.
A higher offer was given by a.n. other.
This was accepted. I then increased my first offer by 2k.
This was accepted.

A.N. Other, is now unable to be connected - vanished off the face of the Earth, acording to estate agent.

Am I in my right to re offer my original price, based on the fact the 'other' person can not be contacted??

I used to hear about fictious offers being made to pump up the prices, but surely this practise is no gone???

Many thanks in advance!!

hcb42

nothing to lose..

eddddy

phil1cam wrote: »

Hi all,

Long time lurker!!
I have checked all over the site, but seem unable to find the answer to my little question..
I am currently buying a repo property, it went through the 7 days in the local newspaper after my offer was accepted.
A higher offer was given by a.n. other.
This was accepted. I then increased my first offer by 2k.
This was accepted.

A.N. Other, is now unable to be connected - vanished off the face of the Earth, acording to estate agent.

Am I in my right to re offer my original price, based on the fact the 'other' person can not be contacted??

I used to hear about fictious offers being made to pump up the prices, but surely this practise is no gone???

Many thanks in advance!!

Hi phil

So I think you're saying you've had an offer accepted, and now you want to drop it by £2k.

As it's a repo, somebody in the mortgage co will have to decide whether to accept your reduced offer - and if their decision is challenged later on, that person may have to defend it in court.

So don't expect them to give in easily, if at all.

But you don't have too much to lose from trying...

The only real downside is that if it all falls through, the EA may think of you as a 'gazunderer' and advise other sellers to be wary you when they are considering offers.

phil1cam

Thanks, Eddddy,

As it is a repo property, it is still on the market with 2 estate agents until exchange of contracts.
The second estate agent is still advertising the property at original asking price.
I am so tempted to use this as a way to get the price down to original asking price.
Surely if I pulled out of this, then went into the second estate agent, and started the process again, I would be able to offer the original asking price?

It is the fact that the second bidder can no longer be contacted to ask if he wants to put in another offer or not that is really annoying me.

Surely if that is the case, his offer is invalidated?

My mortgage advsior, told me to pull out, and then the estate agent should come running to me, with the original price, but I don't have the bottle to do it!!!

pawpurrs

It all has to be very above board with repos, doubt theres something, iffy, you cant just go to the other agent! The bank will still know its the same person, and the introducing agent gets the commision, in any case. Don't start playing silly !!!!!!s! It will just get messy, if you want to reduce your offer, be above board about it, but bear on mind if the original offerer comes back you could lose it, and ypu will not be favoured for this behaviour.