First Time Buyer Vent

tootiemac

Hi All,

Please forgive my naivety on all this before I begin I am still learning (fast).

As the title says we are FTB and thought we had all our ducks in a row. We have our AIP and a Solicitor so thought yip lets getting looking.

We never imagined we would find a house as quickly as we did but a little diamond in the rough came up within 5 weeks of looking on sale as a repo from the bank as the heritable creditor.
After 2 visits with different helpers for opinions on work needed etc we decided it was for us.

Now I fully believe if something is for you it wont go past you but this last week is putting my belief to the test.

We spoke with our solicitor on Monday and asked to put an offer in of £135k on Tuesday first thing. I found him "slow" off the blocks not getting our offer in until 12:10 on Tuesday and his complete instance that it must be in writing by fax was slightly annoying but hey who are we to argue we're just FTB we know nothing.

We waited the rest of Tuesday but no answer came so we had an overnight wait until Wednesday at 9:30am when the 1st rejection came direct from the EA to us.

I tried to contact my solicitor but he was OOO un-contactable until after 2pm, so we decided lets just jump to £137.5k maybe that will do it and his "assistant" submitted this verbally for us at 9:45am.

the 2nd rejection was swift at just 10:30am, so slightly un-nerved we decided to wait for our solicitor to return to the office and call us back.

He did so at 1:45pm and after a short discussion we decided let go for £139k which again he insisted was done in writing by fax at 2:10pm.

Having heard nor seen nothing to show they had submitted this offer I called the EA involved at 4pm to check.
They confirmed the offer had been received and sent on so I asked if there had been any development the reply was "nope none".

This morning the call comes again from the EA to "let us know" that between our 2nd and 3rd offer someone had registered their interest and the bank had now decided a closing date was best.
"OK" i replied slight shocked "when?" the reply stunned me slightly Monday at 12 noon.

I then phoned the solicitor who was slightly condescending with his well we knew this could happen and then basically cut me off before I was finished.

So after all of that (sorry! ) here are my main grips :

1. Why did no one tell us that someone registering interest could stop us in our tracks - we would have played it differently had we known this.

2. The EA's obviously knew yesterday it had gone to a close date why not tell us straight when I called?

3.is it really fair to hold it open over the weekend? (I know life's not fair but still) its not like they can do anything on Saturday or Sunday is it.

4. Will we be informed if the other party actually put an offer in (not what it was just that they have submitted one)?

Sorry Im so tired as I have had 2 sleepless night waiting and now im looking at 4 more

hazyjo

Repos are sometimes 'held open' until exchange of contracts. It's up to whoever's selling it to get the best price.

Not sure who would have 'warned you' about buying them - I guess it's down to you to do your research before offering. People probably just presumed you knew. Not really anyone's responsibility to inform you, more your own to find out before.

I wouldn't particularly want to buy one. I'd have to be desperate for it.

If they're putting a close on bids, that's probably a good thing. At least they'll give you X amount of time to buy it should your bid be the highest.

Good luck!

Jx

CLAPTON

a bit confused?
are you in Scotland?

normally one doesn't ask the solicitor to put your offer in: you do it yourself

hazyjo

CLAPTON wrote: »

a bit confused?
are you in Scotland?

normally one doesn't ask the solicitor to put your offer in: you do it yourself

Ooops read that- then forgot it. Guessing you may be right... not sure how repos work up there, but probably the same/very similar!

Jx

Lord_Baltimore

You've upped your offer twice in response to rejection; if I were a seller and felt you were getting near what I wanted but that you might be squeezed for a little more, I'd throw in some 'competition' too.

There might well be someone else who has registered an interest but that's not the same as an offer on the table.

I'd decide how much I'm prepared to pay and leave it at that. If someone else gets it, well you "fully believe if something is for you it wont go past you" and that may be the other party.

Don't let a weekend of sweating it out get to you either; if you don't get this place there are plenty of others.

beecher2

tootiemac wrote: »

Hi All,

1. Why did no one tell us that someone registering interest could stop us in our tracks - we would have played it differently had we known this.

2. The EA's obviously knew yesterday it had gone to a close date why not tell us straight when I called?

3.is it really fair to hold it open over the weekend? (I know life's not fair but still) its not like they can do anything on Saturday or Sunday is it.

4. Will we be informed if the other party actually put an offer in (not what it was just that they have submitted one)?

Sorry Im so tired as I have had 2 sleepless night waiting and now im looking at 4 more

Assuming you're in Scotland.
1. A closing date means you put your best offer in so don't know why you think you've been stopped in your tracks. The EA won't have accepted another offer because of yours - it'd go straight to a closing date once the second note of interest comes in. Kind of up to you to learn how it works.

2. You don't know the exact time of when the register of interest took place - would've gone to a closing date anyway by the sounds of things

3. How isn't it fair to have a closing date on a Monday? Not sure what the problem is with that. There might be other people interested after all

4.You'll need to put your own formal offer in via solicitor, with the date of entry etc. You'll be told if you're successful or not - if you aren't then that's it I'm afraid.

suggest you find some websites on buying in Scotland as none of what's happened is unusual in anyway.

BTW, offers have to be put in by your solicitor in writing

tootiemac

beecher2 wrote: »

Assuming you're in Scotland.
1. A closing date means you put your best offer in so don't know why you think you've been stopped in your tracks. The EA won't have accepted another offer because of yours - it'd go straight to a closing date once the second note of interest comes in. Kind of up to you to learn how it works.I consider myself stopped in my tracks because up until then my offers had been considered in the individuality at the time of presentation and now this offer wont be considered until Monday and possible not for its own merits anymore

2. You don't know the exact time of when the register of interest took place - would've gone to a closing date anyway by the sounds of things.at 4pm on Wednesday the girl tells me my offer has been forwarded no other news she said, this was 2 hours after it went in. but come Thursday morning some has registered interest between our offers no if at 4pm this hadnt happened and then they say it did between 12- 2 im not sure who to believe if ours was in before surely it should be considered?

3. How isn't it fair to have a closing date on a Monday? Not sure what the problem is with that. There might be other people interested after all this is true there might be but it just holds it over our head for 2 extra days given that our offer went in on Wednesday when possibly no-one else was interested its 5 days of waiting and wonder

4.You'll need to put your own formal offer in via solicitor, with the date of entry etc. You'll be told if you're successful or not - if you aren't then that's it I'm afraid. all our offers have gone in via our solicitor i believe this is the only way to put them in legally.

suggest you find some websites on buying in Scotland as none of what's happened is unusual in anyway.

BTW, offers have to be put in by your solicitor in writing

i have read everything i could and thought i had been wise with my question to the solicitor.
I am aware that people can offer more even after we have offered and i am aware they don't have to accept anything they don't want to.

I was aware that registering your interest meant that you had to be informed if an offer was entered on the property but not that if someone registered their interest it meant the consideration of your offer could be put off "incase they offer".

They explained everything else around offering, Why not mention this was a major possibility. None of the guides mention it.

As first time buyers you rely on what your told and read if no one mentions it how will you know.

googler

tootiemac wrote: »

....
They confirmed the offer had been received and sent on so I asked if there had been any development the reply was "nope none".

Normally, an offer tendered in writing has a limit date by which it must be accepted or declined. What was yours?

A typical standard offer is shown here - http://www.lawscot.org.uk/media/418745/csc%20third%20edition.pdf - see condition (second) toward the bottom of it.


This morning the call comes again from the EA to "let us know" that between our 2nd and 3rd offer someone had registered their interest and the bank had now decided a closing date was best.
"OK" i replied slight shocked "when?" the reply stunned me slightly Monday at 12 noon.

I then phoned the solicitor who was slightly condescending with his well we knew this could happen and then basically cut me off before I was finished.

Do you need a better-mannered solicitor, then?

So after all of that (sorry! ) here are my main grips :

1. Why did no one tell us that someone registering interest could stop us in our tracks - we would have played it differently had we known this.

What would you have done differently?

3.is it really fair to hold it open over the weekend? (I know life's not fair but still) its not like they can do anything on Saturday or Sunday is it.

Anyone who sees and likes it over the weekend can offer on Monday morning

4. Will we be informed if the other party actually put an offer in (not what it was just that they have submitted one)?

If there's a closing date, you should be informed shortly after that date and time whether or not you've been successful. If not, it's up to the selling agents how much they tell you about any other offers.

I'm not sure what you see as the problem with someone else noting interest after you offered. Someone else could have offered in the same way you have shortly after you did, and that would have given the sellers two offers to consider without declaring a closing date. Anyone can offer at any time, the same way you did.

If your offer hasn't been accepted or declined by your limit date (check with your solicitor what this was), you have the option to regard your offer as withdrawn and go look at other houses.

googler

If you make an offer with a limit date as shown in the sample offer linked to above, you have to make a decision at your limit date, if you haven't had a Y/N response from the seller or their agent - do you

Withdraw due to their lack of response?
Chase them for a response?
Wait further?

Looks like you chose the third one....