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Final offer on repossession
Comments
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Everyone wants a bargain. A lot depends on price of rent and consequent yield as a high yield will appeal to the BTL market.0
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The EA is asking for your best and final offer. They may not have asked the other prospecive purchaser for their best and final offer..................
....I'm smiling because I have no idea what's going on ...:)0 -
Your problem is the weasel words of both the EA and banks. Who'da thought it eh?
Final and Best have meanings in English, but you aren't entering in to a legal contract at this point - not until you exchange of course. So the words have no meaning to the above two organisations.
If I were you I would have told them my second offer was "final" and that means you won't be putting in a new one. Depends how principled you are I guess.
On another issue - does anyone else have problems in IE11 with blank lines not showing up in the edit window on these forums?0 -
On another issue - does anyone else have problems in IE11 with blank lines not showing up in the edit window on these forums?
There are issues reported with IE11, some people can't post smilies.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
For all you know you could stick with your offer and there next final offer may still be lower without you having to increase at all.
I would go back and say the last off was your highest and see what they come back with 1st. If their offer does come back higher that's when I would go in with a higher amount.0 -
The EA is asking for your best and final offer. They may not have asked the other prospecive purchaser for their best and final offer.
Perhaps, however, they have asked me twice "best and final offer" so it is clear what they are asking for is us to keep increasing offers, not actually a best and final offer.For all you know you could stick with your offer and there next final offer may still be lower without you having to increase at all.
I would go back and say the last off was your highest and see what they come back with 1st. If their offer does come back higher that's when I would go in with a higher amount.
This is what I was thinking, I wanted to confirm that I can still increase after this apparent "final" offer before changing my offer again (appears I can)
I think they're trying to say final as they are wanting to send whoevers solicitor the sellers contracts or something0 -
It's not the EA who is not honouring the concept of "best and final", it is the current bidders. The EA actually wants both of you to give your best and final so that they can get on with the sale quickly - which is in the interests of the EA's cashflow and the repossessing bank's obligations to the debtor.
But as the other bidder didn't give his best offer and it wasn't final, the EA has to continue with the performance of inviting bids. And if you don't give your best or final offer this time, the dance will go on.
But that isn't the EA's fault or a problem with the language of what he is requesting.0 -
You can offer as many times as you like but usually someone's best and final offer is the maximum amount they can afford.Perhaps, however, they have asked me twice "best and final offer" so it is clear what they are asking for is us to keep increasing offers, not actually a best and final offer.
This is what I was thinking, I wanted to confirm that I can still increase after this apparent "final" offer before changing my offer again (appears I can)
I think they're trying to say final as they are wanting to send whoevers solicitor the sellers contracts or something
The EA has nothing to do with the contract process, that's between the buyer, the seller and their solicitors......................I'm smiling because I have no idea what's going on ...:)0 -
Is this right? Surely best and FINAL offer means FINAL meaning the bid can not be changed again? I was not happy yet they insist they will still request best and final again for Monday
I like the property and would increase again slightly if need-be surely final offer means final offer?
Ah, the schadenfreude of someone buying a repo complaining that the process is unfair.0
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