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happy_2008

Term Under Offer?

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Me and the gf are FTB with a deposit of around £30k each and have been recently browsing the property ladder. We had our eye on a few properties which are now "Under offer" as follows:

=====================================

address of property

We are acting for the mortgagees and have received an offer of £105,000

on the above property.

Any interested parties must submit any higher offers in writing to the selling agent, Bairstow Eves, 125 Daigeln Drive, South Ockendon, Essex, RM15 5EH before an exchange of contracts takes place.

======================================

Now we were keen to view this property but how does this Under offer work? It sounds if we could hi-jack the the purchase at any time until the contracts have been exchanged potentially leaving the current buyer out of expenses etc. Is this a normal practice?

Also, with the above property now on offer, could we realistically arrange a mortgage in principal and put a offer in to? I am planning to contact the EA and arrange for a viewing asap to review the property.

Any advice would be appreciated

Thanks

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We are acting for the mortgagees and have received an offer of £105,000

on the above property.

Thanks

A repossession. The offer is probably a professional BTL on the agents' books. So purely a business transaction, and you're not gazumping some poor innocent. But that's only probably.

The flip side is, you're bidding against seasoned professionals. If they see you're keen, they'll eat you for breakfast.

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Have you seen any photos of the property? The one were saw was a repo and there was yellow tape over the loo, basins, kitchen gas hob etc.

The amount offered has gone to the bank or building society for their approval but the EA has to advertise it to see if it is the best and final offer.

We did put an offer on one repo and the agent kept coming back and claiming other offers were made just to try and bid us up. We refused and a couple of weeks after they were back to say that the first offer had fallen through and would be bid again. We walked away at that point.

If you have a look at the Land Registry for that property you may be able to see which bank has a charge on the property and negotiate direct with them instead.

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Have you seen any photos of the property? The one were saw was a repo and there was yellow tape over the loo, basins, kitchen gas hob etc.

The amount offered has gone to the bank or building society for their approval but the EA has to advertise it to see if it is the best and final offer.

We did put an offer on one repo and the agent kept coming back and claiming other offers were made just to try and bid us up. We refused and a couple of weeks after they were back to say that the first offer had fallen through and would be bid again. We walked away at that point.

If you have a look at the Land Registry for that property you may be able to see which bank has a charge on the property and negotiate direct with them instead.

Yeah there are some pictures of the property with tape over them, so does this usually mean that the property is a repossession?

Also, how do i go about into researching into the Land Registry to deal directly with the bank?

Sorry for all the questions but as a FTB any advice would be great.

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Yeah there are some pictures of the property with tape over them, so does this usually mean that the property is a repossession?

Also, how do i go about into researching into the Land Registry to deal directly with the bank?

Sorry for all the questions but as a FTB any advice would be great.

Yes it's likely to be a repossession, they are legally obliged to get the best price to stop a mortgage company taking possession, selling for peanuts and leaving the person liable for the short fall.

Go here....

http://www.landregistry.gov.uk/wps/portal/Property_Search

Enter the address and you can pay £4 for the title register, it will give you all the details of a property, what the outstanding mortgage, who owns it and who the mortgage company is. It will also tell you if there are any other charges against the property. For me it's essential if you are considering offering on a place.

But..... IMHO the bank won't be interested in dealing with you, they are banks not estate agents.

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A repossession. The offer is probably a professional BTL on the agents' books. So purely a business transaction, and you're not gazumping some poor innocent. But that's only probably.

The flip side is, you're bidding against seasoned professionals. If they see you're keen, they'll eat you for breakfast.

If the bid is anywhere near the asking price, I very much doubt it.

The professional will be waiting until the property goes to auction.

The offer could well be fictional. Every house in the area that I am looking that has had one of these offers, has come back on at a lower asking price a couple of months later

tim

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  • 189 Brexit, House prices and Summer 2020

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      • down 5% +
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      • Even
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      • up 5%



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