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The Great Hunt: Have you bought a repossession property?

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Comments

  • e_clark
    e_clark Posts: 14 Forumite
    Possom wrote: »
    What would happen if they only received two identical offers? Sometimes a bidder can offer the same amount in order to prevent a bidding war.

    Quite a specific question lol. I would presume whoever bid first? Bidding the same amount is not outbidding someone.
  • Possom
    Possom Posts: 433 Forumite
    e_clark wrote: »
    Quite a specific question lol.

    .....:).....
  • We bid on a repossession and it was accepted, then someone came along and bid £2k more - we didn't have any more money so refused to up the bid but said we would exchange the next day - the mortgage company accepted this so I would say it is not always the highest offer that wins!
  • e_clark
    e_clark Posts: 14 Forumite
    We bid on a repossession and it was accepted, then someone came along and bid £2k more - we didn't have any more money so refused to up the bid but said we would exchange the next day - the mortgage company accepted this so I would say it is not always the highest offer that wins!

    I'd say you were in a very unusual (and lucky) position then as they are legally obliged to accept the highest offer due to selling on behalf of previous owners and their obligations. Could be that the other bidder didn't actually exist and they were just trying to get you to increase your offer, that happened to us a few times!
  • I know we were lucky! They did exist - it was up with 2 estate agents and the 9thers were trying their hardest to get a better offer!

    We were already 3 weeks from our offer and notice had gone in the paper so they knew we were serious. Although it was 24 hours from hell trying to get everything in place! Thankfully our very understanding solicitor was happy to exchange with only a faxed copy of our mortgage offer! ☺
  • justjohn
    justjohn Posts: 2,260 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    mmmm bought a few were peeps have died. And family have been left the house.


    Usually find in my area repo's are either dumps/bad properties or are snapped up when advertised by local estate agents. Many never hit the auction scene.(in Scotland)


    BTW highest offer is not always published in scotland
  • justjohn
    justjohn Posts: 2,260 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    e_clark wrote: »
    I'd say you were in a very unusual (and lucky) position then as they are legally obliged to accept the highest offer due to selling on behalf of previous owners and their obligations. Could be that the other bidder didn't actually exist and they were just trying to get you to increase your offer, that happened to us a few times!


    incorrect ...They can take a lower offer as long as they can prove just cause for not taking the higher offer.
  • e_clark
    e_clark Posts: 14 Forumite
    justjohn wrote: »
    incorrect ...They can take a lower offer as long as they can prove just cause for not taking the higher offer.

    I'd like to know where that comes from and what conditions it operates under? I'm pretty certain they have a legal obligation to accept the highest offer from the research we did when buying...
  • justjohn
    justjohn Posts: 2,260 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    not all offers are solid offers. someone can make an offer and have no mortgage in place, with the possibility of not even getting a mortgage.


    Someone may be able to complete sooner than another purchaser. (there are costs involved in delaying a sale)


    There are many reasons for not taking the highest offer.
  • ladeeda
    ladeeda Posts: 199 Forumite
    Possom wrote: »
    What would happen if they only received two identical offers? Sometimes a bidder can offer the same amount in order to prevent a bidding war.


    All right Possom ;)

    The offer has to be a valid offer. I could sit and make phone calls all day long putting dud offers in on properties, but they could hardly be classed as serious offers...

    The highest valid offer will have to be published. If you have seen a house you want up with an agent, just ask the agent where they publish the info. They will tell you.
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