#1 on West side Posted August 31, 2009 Share Posted August 31, 2009 Yes, I know... using the terms decorum and EA in the same paragraph is bound to create many a flaming response, but bear with me... When looking for homes in the past, I have occasionally phoned an EA, only to be told that the property that I enquire about has gone under offer. "What is the offer price?" I would ask, and every time the reply would be "We are not allowed to tell you that". So, Is this the general rule? Then have a look at this ad in RightMove, where they openly invite for higher offers linky (look at the bits inside the description) Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted August 31, 2009 Share Posted August 31, 2009 Thats the usual notice for an offer on a repo. They have to give 7 days for a higher offer so that the person owing the money is assured that the highest price was achieved. Spot on. They are legally obliged to get the best price they can within a reasonable time period so that the debtor knows they are being totally screwed. Quote Link to comment Share on other sites More sharing options...
hev Posted August 31, 2009 Share Posted August 31, 2009 Spot on. They are legally obliged to get the best price they can within a reasonable time period so that the debtor knows they are being totally screwed. Yep, again spot on. Haart do seem to have an ongoing contract and deal with most of the repos locally, the agents tell you that they are not allowed to divulge that it is a repo despite the murder scene tape and notice in the window. They will normally disclose how much has been offered on a repo property prior to the notice appearing in the local paper. Quote Link to comment Share on other sites More sharing options...
#1 on West side Posted August 31, 2009 Author Share Posted August 31, 2009 Yep, again spot on. Haart do seem to have an ongoing contract and deal with most of the repos locally, the agents tell you that they are not allowed to divulge that it is a repo despite the murder scene tape and notice in the window. They will normally disclose how much has been offered on a repo property prior to the notice appearing in the local paper. Thanks for clearing that up for me. Every day a school day here on HPC Quote Link to comment Share on other sites More sharing options...
Tunnel Vision Posted August 31, 2009 Share Posted August 31, 2009 Hmmmmmm, I've seen a quite a few of these repos advertising the offer price and inviting higher offers. One thing that strikes me is that they are all around 5% of the asking price give or take a little bit. I have yet to see, say 200k house with an advert stating "we have recieved an offer of 150k and invite offers over .... blah blah blah" I wonder if some of these repo offers really are genuine. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 31, 2009 Share Posted August 31, 2009 half a mill for a repo...even rich are broke. Quote Link to comment Share on other sites More sharing options...
HPCbeliever Posted August 31, 2009 Share Posted August 31, 2009 Repo here (falling down). Asking price was £395k. Apparently the offer was £460k. However that was about 6 months ago and it is still on Rightmove! Quote Link to comment Share on other sites More sharing options...
ginnie Posted August 31, 2009 Share Posted August 31, 2009 Back to the original question - I have made 2 offers on seperate properties in the last 6 months. In both cases there were already offers on the houses but each EA I was dealing with refused to give me any indication of the offers received - one apologised for not doing so but told me it was illegal to provide this info. Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted August 31, 2009 Share Posted August 31, 2009 Back to the original question - I have made 2 offers on seperate properties in the last 6 months. In both cases there were already offers on the houses but each EA I was dealing with refused to give me any indication of the offers received - one apologised for not doing so but told me it was illegal to provide this info. I'm not sure it is technically illegal but it would breach confidentiality of some sort. That is different to the repo instance in which the EA MUST demonstrate that they have taken reasonable steps to get the best possible price. Quote Link to comment Share on other sites More sharing options...
ginnie Posted August 31, 2009 Share Posted August 31, 2009 Herefordshire! Quote Link to comment Share on other sites More sharing options...
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