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Buying a Repo
Comments
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By law, the bank is required to achieve the best price reasonably possible - so they must accept any higher offers until exchange of contracts happens.
So they did think your first offer was acceptable, and they would sell it for that price - unless they get a higher offer before exchange of contracts.
This is where I'm getting confused. I get that they need to get the most they can for the house, but at what point can get sign contracts if they're still fishing for a higher offer? Is it when we're ready, as they've accepted our offer?0 -
This is where I'm getting confused. I get that they need to get the most they can for the house, but at what point can get sign contracts if they're still fishing for a higher offer? Is it when we're ready, as they've accepted our offer?
The bank isn't waiting for higher offers, they are waiting for you to sign/exchange contracts.
If you are cash buyers, and you don't want searches, survey etc, you could probably sign/exchange 1 or 2 days after your offer is accepted.
But if you take, say, 21 days to get your mortgage sorted, get searches done, get a survey done etc,... that gives somebody else 21 days to come in with a higher offer.
Or if you take 28 days to get yourself ready,... that gives somebody else 28 days to come in with a higher offer.0 -
The bank isn't waiting for higher offers, they are waiting for you to sign/exchange contracts.
If you are cash buyers, and you don't want searches, survey etc, you could probably sign/exchange 1 or 2 days after your offer is accepted.
But if you take, say, 21 days to get your mortgage sorted, get searches done, get a survey done etc,... that gives somebody else 21 days to come in with a higher offer.
Or if you take 28 days to get yourself ready,... that gives somebody else 28 days to come in with a higher offer.
Thank you, that's really really helpful:)
We're now done with surveys and the searches should be completed soon, so we just have to hold tight and hope it doesn't creep up much further. Our 28 days would be up on the 20th of September so provided we get through searches soon we should make it.0 -
I managed to complete on a repo in a month from viewing.
You have to keep moaning at people or they will not do anything - everyone is lazy.
I was not in a chain, so that will be adding to your stresspvoutput.org/intraday.jsp?id=39350&sid=359520 -
I bought a repo. It took three months to complete (completely normal) and it was no different from buying any other property. I wasn't even a cash buyer.0
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When I bought both my repos I had mortgage providers and solicitors geared up to complete within 28days. The 28days started from the point that the sellers accepted my offer and we met the timescale for both properties.
One house had no other bidders so it was no prob. The second house had a second bidder but the EA worked hard to convince the sellers that they should stick with me as I was in a much stronger position to complete quickly. Get your EA to fight your corner with the sellers - thats their job!0 -
When I bought both my repos I had mortgage providers and solicitors geared up to complete within 28days. The 28days started from the point that the sellers accepted my offer and we met the timescale for both properties.
One house had no other bidders so it was no prob. The second house had a second bidder but the EA worked hard to convince the sellers that they should stick with me as I was in a much stronger position to complete quickly. Get your EA to fight your corner with the sellers - thats their job!
The agents are trying hard, bless them. The other offer is from the other agent on the sale, so it's in their interest for us to get it. Unfortunately, Move With Us seem to have an awful reputation for just going for the money rather than the position the buyer is in.
Our searches have started today so fingers crossed, as the LA manages them digitally, it should only be a few days until we're ready.
Our buyers are now dragging their heels despite wanting to be in next week, which is incredibly frustrating.0 -
Aaaand now someone has come in with an offer 3k over ours and it doesn't look like we can afford it.
More annoyed that we could finally see the finish line, and now it's been snatched away, and we've lost a thousand pounds in the process.0
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