bendy Posted July 30, 2015 Share Posted July 30, 2015 I'm half arsesedly in the market for buying at the moment (please refrain from crash crash crash posts, I won't go into detail but I was on here in 2004 before my 2007 re-reg and if I'd have lied like some in 2002 would be part of the HPI crowd no doubt, but hey ho). Anyway I'm due to view a property and have been told that if (we) make an offer then it will stay on the market for further viewings (TBF to the EA they do state that this is something that they don't no under normal circumstances if an offer is accepted and has been proved to me when I tried to book a viewing that had listed and 'sold SSTC' in the same day or 2). So just wondered if anyone else had any experience of this? Have been viewing for roughly a year now (prices static/marginal 2-3% decreases around here) so I'm not in any rush, I assume I'd be well within my rights to say to EA that if I do make an offer and later find a place that I think is better value then I'll pull out of the contract leaving the seller ga******ed or whatever the crappy terminology is and also be able to say to the same EA that I'd do that exact scenario even if the better value listing was with them? Mods - please move to buying and selling after a few days cheers. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted July 30, 2015 Share Posted July 30, 2015 Is it a repossession ? as they have to be advertised and be open to offers for a set period of time by law Quote Link to comment Share on other sites More sharing options...
jammin35 Posted July 30, 2015 Share Posted July 30, 2015 I'm half arsesedly in the market for buying at the moment (please refrain from crash crash crash posts, I won't go into detail but I was on here in 2004 before my 2007 re-reg and if I'd have lied like some in 2002 would be part of the HPI crowd no doubt, but hey ho). Anyway I'm due to view a property and have been told that if (we) make an offer then it will stay on the market for further viewings (TBF to the EA they do state that this is something that they don't no under normal circumstances if an offer is accepted and has been proved to me when I tried to book a viewing that had listed and 'sold SSTC' in the same day or 2). So just wondered if anyone else had any experience of this? Have been viewing for roughly a year now (prices static/marginal 2-3% decreases around here) so I'm not in any rush, I assume I'd be well within my rights to say to EA that if I do make an offer and later find a place that I think is better value then I'll pull out of the contract leaving the seller ga******ed or whatever the crappy terminology is and also be able to say to the same EA that I'd do that exact scenario even if the better value listing was with them? Mods - please move to buying and selling after a few days cheers. How long has this place been on the market? If it's been on a while, i wouldn't worry too much as its unlikely you'll have another offer come in. My theory: they are doing this because they are seeing lots of failed sales. Maybe use property bee to see if the owners of this particular property have experienced such an occurrence. Might explain the mindset. Assuming you are in England or Wales, then you can pull out right until you exchange contracts, so you are in control. We had this happen to us in 2007 when we last bought. Elderly woman in crappy house needing full redecoration holding out for an unrealistic asking price. I was naiive back then, so i paid it. Then she got a higher offer some weeks later, after we'd had the surveys done. EA said the woman "just wanted what the house was worth" and asked if we would be prepared to pay £20k more. I told them most emphatically not (my wife was keener on paying more than i was). Long and short, the other buyer had seen that it was a corner plot and made a higher offer without realising there was a covenant preventing building on it. Offer withdrawn a week later. By which time the lady concerned had found herself a retirement bungalow that she was "in love with" whined the EA, saying that she would "sell it it to us for our original offer if we could move quickly, but you would have to commit to moving quickly". In my memory, i laughed in the EA's face, but in truth that might be a trick of the mind. And the EA actually got a little narky when i told her that we'd offered on another. House sold a year later for less than we offered. Quote Link to comment Share on other sites More sharing options...
bendy Posted July 30, 2015 Author Share Posted July 30, 2015 Not sure if repo - would the EA disclose, not on market for long but in need of 'modernisation' (hate that term). Cheers nice to know what card to play if I get messed around, as I say the market is going nowhere but possibly down no matter what the media spin (I do however think that TPTB are trying to maintain this as an equilibrium ) Quote Link to comment Share on other sites More sharing options...
smiley Posted July 30, 2015 Share Posted July 30, 2015 Is there any way in which the housing market actually functions - you know, like, properly? Quote Link to comment Share on other sites More sharing options...
long time lurking Posted July 30, 2015 Share Posted July 30, 2015 Not sure if repo - would the EA disclose, not on market for long but in need of 'modernisation' (hate that term). Cheers nice to know what card to play if I get messed around, as I say the market is going nowhere but possibly down no matter what the media spin (I do however think that TPTB are trying to maintain this as an equilibrium ) Proberley not ,but there are ways of finding out`ish Search for the last date of sale here https://houseprices.io/ Is it being sold with vacant possession ? and empty of furnishings if so its odds on its a repo or a probate sale You can also pay for a search on the Land Registry http://www.landregistry-titledeeds.co.uk/?gclid=CPTm8Iayg8cCFSMewwodbO0MIw can`t rember which one but one will provide the details of the bank the mortgage is held with if the property is a repo Could be just the EA playing games Quote Link to comment Share on other sites More sharing options...
bendy Posted July 30, 2015 Author Share Posted July 30, 2015 I'll check all this if I think it's worth an offer - I know to be my home it'd need a wall knocking through (fortuantely have someone who can tell how easily doable this is from floorplans alone). I would think it's maybe an inherited property rather than a repo but I haven't seen it yet so can't confirm. Quote Link to comment Share on other sites More sharing options...
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