Advice Needed RE: Offer

Jorgan_2

Munk3h wrote: »

We're not sure who owns it. The management company is acting on behalf of a client, as you mention, most likely the original lender on the property. Can we ask the estate agent and find out who actually owns it, whether this is the case? What benefit does it get us to know who the management company is acting on behalf of?

We are worried that if it takes a week+ to get an offer response, how long will it take to exchange.

If the property has a HIP, the name of the seller (lender) will be on the sales statement. Lenders do not usually want their name associated with repo's, but HIPs has done away with that.

Some lenders are a nightmare when it comes to giving replies to management companies, when it comes to offers. Some take a few days, others have taken three months. Putting a deadline on a response will not work, in my experience.

With regards to exchanging contracts, the majority of management companies specify either 21 or 28 days to exchange, with completion either on the same day or 7 to 14 days later.

In most cases, once an offer has been accepted, they will not enter into re-negotiations, unless the survey shows up a few issues.
Have you had a morgtgage agreed with a lender? This is one of the first things a management company will ask the EA when the offer is put forward. They will also expect you to have a solicitor instructed, so that when an offer is accepted, contract information can be sent out immediatley.

Munk3h

We have instructed a solicitor and have provided proof of funds. Not sure what else we can do. We havn't seen the HIP pack, should we request it?

Jorgan_2

If you really want to know who the seller actually is, then ask to see the HIP pack. It may not be actually with the EA at the moment, depending how long it has been on the market, in which case you will have to wait for the agent to receive it and there is no way of knowing how long it will take to come through.

vicks276

Can't really help on the offer side of things, but we're in the process of buying a reposessed property with a cash offer.

The previous owner's mortgage company owns the house. They gave us a tight 14 day deadline to instruct a solicitor, get surveys and searches done and exchange contracts. With it being a cash transfer, the exchange and completion happens on the same day. We're currently waiting for the keys from the agents.

I wish you the best of luck with your move

Vicks xx

Munk3h

Can I ask how long you were waiting for a response Vicks? I just wish we would get a response and could start moving. Its the not-knowing that is killing us.

vicks276

We went into the agents and they phoned straight through to the company. First offer was rejected, had a little think, increased it slightly and they rang straight back through and accepted it.
Sorry you're being messed about, its a pain in the aXXe i know!!

ps we've just this second had a phone call - can collect the keys in half an hour!!!!

Jorgan_2

Munk3h wrote: »

Can I ask how long you were waiting for a response Vicks? I just wish we would get a response and could start moving. Its the not-knowing that is killing us.

Most repo's also have to have a public notice printed in the paper, stating the offer figure and inviting interested parties to place a higher offer either witin 7 days or before the exchange of contracts. So once your offer has been accepted, there is still a risk of someone coming in with another offer.

Munk3h

Thanks for all the help guys. Wish you all the best in your new house Vicky!

dopester

Munk3h wrote: »

We are worried that if it takes a week+ to get an offer response, how long will it take to exchange.

In your position as FTBs with finance secured, you can afford to relax and not worry.

dopester

Just clicked the link... £144K for a 2 bed flat in Preston. :eek: