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When To Instruct Solicitor

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#1 7777777


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Posted 20 March 2012 - 06:50 PM

im looking at a repossessed property,, as im told ,,, the agent has to accept the best offer,, what i would like to know is at what stage i need to instruct my solicitor,, at present there is a offer above the asking price made by a builder made just a few days ago ,, the agent as said that i need to improve this offer,, and in which case the builder may improve there offer,,, do i put in the offer and instruct the solicitor that day or do i wait a few days??? can any one run me through the procedure,,, its confusing as im told i will have to complete within 14 days,, but 14 days from when,, not sure if it makes any differance the property been on the market 5 days,, it will be a cash sale,, it 40 k

#2 Son of Taeper

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Posted 20 March 2012 - 07:08 PM

As I recall it's a bit of a game.
All parties want the best price.
I would wait until my offer was accepted, then make sure the property was taken off the market as a proviso.
You mention a builder has interest.
How do you know that???
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#3 peter_2008


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Posted 20 March 2012 - 07:12 PM

ASAP would be the answer.

14 days from when offer is accepted. The risk is that if you get gazumped, you lose money paid to the solicitor.

Also, 14 days doesn't sound enough to do a proper search (contaminated land, subsidance, floods etc). That's high risk too.

Those are not the only reasons that you should stay away from that deal. By the sound of it, you are not a pro. It would be very risky to pay more than a builder. If a builder, armed with tradermen at discount rate, thinks a property isn't worth certain money, he would be right. And I would not disagree with him. I would walk away.

#4 7777777


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Posted 20 March 2012 - 08:19 PM

as i belive the EA is duty bound to accept the highest offer? so cant be taken off market?? regarding searches etc the house is 1920 ish and it was mortgaged in 2003,, im in building so ok with the structure,, and work required,,, my concern is i dont know the procedure for buying repo,s if its relevant the properties 41 k now and worth 75 ish done so no massive profit,,, any thoughts

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