Buying a reposession

joeyjac

Well.....

When i went to view it was full of developers! Not surprising considering the price.

Someone has already put an offer in at £112500 but to mortgage co want more. Apparently a builder has been in and said 10-15k work needs doing.

I'm willing to go up to £120 ish but would ideally like to pay less!! Problem is all offers now will go to mortgagee after the 7 day period and then thats it, no chance to offer more. Also i'm aware that we could be the highest and still lose out to a cash buyer.

Anyone got any advice?

joeyjac

I've put an offer in for £114500, the agent seemed to think this would be enough to secure house, aparently i can increase offer if neccessary within the 7 days but not after.

Just a case not of waiting ang hoping!

Thanks for everyones advice, really helped.

Jo

Doozergirl

The EA will not encourage you take make any offers after that time because it makes their job more difficult. Really, they just want to see bids on the table and then let the mortgage company pick the best offer.

You can offer higher, later. The mortgage co is legally obliged to consider all offers made.

Hope it goes okay for you anyhow

dolce_vita

Doozergirl wrote: »

The EA will not encourage you take make any offers after that time because it makes their job more difficult. Really, they just want to see bids on the table and then let the mortgage company pick the best offer.

You can offer higher, later. The mortgage co is legally obliged to consider all offers made.

Hope it goes okay for you anyhow

After reading your earlier posts on this thread, there was me thinking that there wouldn't be any others looking at this house.

sunshine_shell

I tried to buy a repo.... got totally done over! My bid was accepted so i started the solicitors malarkey, then they accepted a higher bid than mine... i lost over £300 then when that woman pulled out because she realised they could do it to her they came crawling back to me.... i actually told them to F off!!

silvercar

The lender will be looking at the position of the potential buyers, not just the money on the table. You need to persuade the estate agent that you are in a good position to move quickly, so that the estate agent presents your bid to the lender in the best possible light.

Doozergirl

silvercar wrote: »

The lender will be looking at the position of the potential buyers, not just the money on the table. You need to persuade the estate agent that you are in a good position to move quickly, so that the estate agent presents your bid to the lender in the best possible light.

I agree, put your offer in writing with detailing the amount of deposit you have, your solicitor's details, the name of your lender, a copy of any mortgage decision you might have and the fact that you are aware that the property needs a significant degree of work.

If you were to offer higher at any point, at least they will know that you are showing signs of being a serious buyer.

joeyjac

Its great to see all the advice, thanks everyone.

We're going into agents today to see their mortgage advisor, I am already sorted with a mortgage but apparently the mortgagee want everyone putting bids in to prove their finances are in place. Thats fair enough, I'm keeping my current mortgage though.

Also going to talk to my solicitor today, I'm not going to tell him to do anything until the 7 days are up just in case, although I realise I could still get outbid after the 7 days. Is it just me or is our house buying process rubbish? :rolleyes:

kelhodgson

This is a really interesting thread for me. I am a FTB waiting to find out if my offer on a repo has been accepted. It'll be a week tomorrow since I put the offer in. I have my mortage and am ready to go... I'm fed up with all the waiting.
Good luck Joeyjac. I have my fingers crossed for you too.
x

joeyjac

kelhodgson wrote: »

This is a really interesting thread for me. I am a FTB waiting to find out if my offer on a repo has been accepted. It'll be a week tomorrow since I put the offer in. I have my mortage and am ready to go... I'm fed up with all the waiting.
Good luck Joeyjac. I have my fingers crossed for you too.
x

Have you heard anything today? My 7 days is up on thurs, so far no word from agent. They say no news is good news, lets hope so.
My solicitor is getting the ball rolling but has said if it falls through before the end of the week he won't charge us, He's a gem!