Offered on a Repo !! very nervous now

bikingbarney

Well after flying down to the midlands on Thursday and viewing the repo on Friday we have to day put an offer in on it, only to be told that someone else had had an offer accepted on it this morning !!

Sop straight there and then I upped my offer to what I think is above the other party offer and the EA started asking for proof of funding etc. Apparently the other party are FTB'ers.

Not heard anything back today so have a nervous wait overnight to hear anything !!!:eek:

wish me luck.

oh and just out of interest who would be looked on more favorably?? A FTB'er or someone that has sold his house to a cash buyer and is ready to go having made a slightly higher offer?

dirty_magic

Are you a cash buyer too? It depends how much they want to sell I suppose, I think first time buyers are favourable though.

Are you sure the offer even exists? I don't trust estate agents one bit. I'm in the nervously waiting camp too and it's not fun!

bikingbarney

Im not a cash buyer but have quite a bit of equity in my property and a mortgage in principle already done.

Are the lenders being more strict with FTB'ers nowadays?

dirty_magic

They weren't with us but I think that's because we have a decent deposit and we're asking for 30k less than they've said we could borrow. He also said they prefer FTBs who are renting rather than living with parents as it shows you are managing bills at the moment.

I think these new affordability rules might have been blown out of proportion by the press tbh. There were no intrusive questions about how many kids/holidays/meals out etc we intend to have as suggested. Though we haven't done full application yet!

I'd try not to worry too much if I were you, you don't even know that these buyers exist, and if it's a repossession I think they have to take the highest offer anyway to satisfy the lender. I could be wrong though.

Good luck!

Eta - if it's a repo don't they tell you what the other offer was? I thought they had to add the disclaimer saying they've had an offer of £xxx, higher offers should be made to agent?

eddddy

If it's a repossession, the banks overriding duty is to accept the highest offer (from anyone that can complete in 28 days).

They won't be very interested in whether you're an FTB, cash buyer or whatever.

In extreme cases, they may use their judgement - i.e. if they believe the person offering the highest amount has no prospect whatsoever of completing in 28 days.

But they may have to explain themselves in court, if they don't accept the highest offer. So they will be very cautious about this.

bikingbarney

Well they have come back to us and as there are two interested parties they have asked for best and final offers !!

DOnt know what to do now as obvisoulsy we want to secure the house but dont want to pay a lot over what the other party are likely to offer.

dirty_magic

Did you get the house or are you still waiting?

Doozergirl

The cheeky way to do it is to word your offer a specific amount over the other party's offer. For example, "our offer is £1000 higher than the other party's offer".

Good Luck with it . Where do you live now? I moved here 11 years ago, it is lovely.

bikingbarney

We are still waiitng for the other part to submit thier best and final.

Then the comapny will decide on whose offer to go with.

Our house in Droitwich has sold to a cash buyer and I am just waiting on hearing from the repo before instructing solicitors.

MadelinesMum

I was following a repo recently (just watching as I hadn't sold mine). It was on for £150k and now has an offer notice for £186,750. I would loved to have bought it, as although it had been smashed up it had great potential.

snifflette

Doozergirl wrote: »

The cheeky way to do it is to word your offer a specific amount over the other party's offer. For example, "our offer is £1000 higher than the other party's offer".

Good Luck with it . Where do you live now? I moved here 11 years ago, it is lovely.

Can you do that?