Reids Rains - Offer rejected

JencParker

Nobbie1967 wrote: »

They've probably done you a favour by not accepting your offer. They could have accepted, then left it on the market and accepted a better offer from someone else later leaving you with wasted survey/legal fees.

I agree - the repossession sold a few doors away from me had a number of offers over the period of time the first offer was made and the exchange of contracts. Each time a higher offer was made (and accepted provisionally), the latest offer was actually published and offers over were invited, so beware a repossession is not an easy way to buy a house - you could easily be gazumped. This is not the fault of the EA but the bank is obliged to sell to the highest and most ready offer.

Alfrescodave

FTB with no experience of house buying. You are on a steep learning curve.

ruggedtoast

kgrant wrote: »

Reeds Reins estate agents are pure rubbish for us.

I put an offer on a property last week (valued at £79,950) which was quite desirable location for me but needs remedial work, reconfigured from oil to gas and it's a repossession so I was willing to pay just under the asking price at £75k.

They called me the next day to go to the branch to show the proof of funds etc etc which I was told by my mortgage advisor this is not a legal requirement. Their mortgage advisor was very shy at start but recommended it would be bestfor us to get a DIP with them but the rates he was trying to get us sign up to were plain ridiculous. When we said that we actually have DIP then he started to show us better ones but I still knew that they cannot give us better rate from what we already have!!!!

2 more days passed and we asked what the update was in regards to our offer and whether it was accepted or not. They told us that our offer had been passed to the seller and they were waiting for the response.

3 more days passed and we called whether the seller decided or not. They told us that seller was only interested if we can "up our offer". They told us the offer would not be considered at all if we did not do that and this was the ONLY thing before the offer was accepted. The branch manager actually said this;

" The client are not willing to accept an offer of £75,000 at this stage – that isn’t to say that in time that offer would be acceptable – it will depend on what interest there is on the property and also what the under bidder comes back with. As the property is only on the market and there is a lot of interest they feel that at this point the asking price is achievable.

Yes the property does require some work but bear in mind it was priced to reflect this as well.

I will let the client know that you are not increasing at this stage – and I will keep you informed as to any movements on the property."

JOKE!

I am a FTB with all finances in place so we replied;

" Honestly £75,000 is taking into consideration the remedial works so we would not be in a position to move on £75,000 and so we believe that £75k is our one and final offer and if this is not acceptable at this stage please let me know their thoughts if a deal can be done as if not we wont sit on this for long."

We plan to leave our offer on the table but does anyone agree Reids Rains are terrible? Any ideas on what to do next as we feel this property is ideal but we won't be pushed into asking price for a property needing work or for a repossession?

I am afraid they will probably just peg you as a PITA who would be difficult to deal with.

If you wanted to keep your offer on the table why did you email them signalling the exact opposite?

While ultimatums and and final demands look great on TV shows they rarely get you very far in a sellers market in real life.

If I were you I would wind it in in future and say that while you are disappointed your offer hasn't been accepted and will pursue other options, you would be happy to hear from the vendor or their agent in the future if they would like to reconsider.

Will get you a lot further imo.

Btw . Lenders are required to get the best price they can for their client in the case of repos. If the property was valued at more than your offer they are unlikely to accept straight away.