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House Price Crash Forum


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About martakii

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    HPC Newbie
  1. In my experience you can offer on a repossessed house at any time upto exchange of contracts. The vendor/banks are required by law to achieve the best possible price. If they turn down a higher offer then they are liable to the default borrower. Not a position the bank will put themselves in. So until exchange the property is on the market no matter what the agent says. The sealed bids, open day viewing arrangement etc are sales techniques. My advice is number one find out if the property sale price will be advertised after a sale is agreed. Number two make a reasonable offer now in writing clearly defining your position and cash nature. Three can only be determined once events take place but by making an offer now you are in the consideration. All your other points are answered by the sale price getting advertsied or not. If it does you can make a later offer they have to take it. If its not advertised then its a blind game I'm afraid. Ask for your written offers to be sent also to the vendor or send them directly as well if you know the lenders. The agents may not be completly impartial.
  2. Normal procedure is that once a sale is agreed the lender will require the agent to advertise saying that a sale has been agreed and what the price is. This is after the sale is agreed through whatever route. If I were you I would ask the agent if the property has to be advertised once the sale is agreed. If yes then make a reasonable offer now and wait and see what happens. You can always make a higher offer if somebody beats you in sealed bids. You will know what to offer as it will need to be advertised. A repossessed house is never really off the market because the bank is duty bound to achieve the best possible price. Any offer you make by law has to be forwarded to the bank no matter what the sales stage. The key is if the vendor is required to advertise the sale agreed price, once you know this you can make informed decisions. If they are not required to advertise then you’ll need to bid normally. However remember even if you are beaten you can make a later offer whenever you like. There is no best and final with repossessed homes.
  3. Hi I have bought a few bank owned houses and in all cases the selling agent was required to advertise the sale agreed price in a local newspaper. This is to invite the best possible price and cover the bank from accusations of underselling. I would ask the agent if this practise will occur in this case. You can then not even bid until a sale is agreed and then make a decision. Good luck
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