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flyingscotsman

Offer On Repossession

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Hi

We submitted an offer for a house being sold by an estate agent who is acting on behalf of the bank.

The offer has been rejected and we have now been asked to submit our "best offer" together with more formal information on our circumstances - e.g. what finance is in place etc.

Our understanding is that in house sales like these you can put in an offer and then even if it is accepted you can still be beaten by a better offer until contracts have been exchanged.

The estate agent informs us that when an offer has been accepted it will be advertised as such with an invite to further potential bidders.

Therefore I think we should just make a slightly better offer and if it is again rejected we ask how we will find out what the accepted offer is. My guess is will show up on Rightmove as that is where the house is currently advertised. We can then decided whether to improve upon the last offer we made.

The idea that we should just come up with our "best offer" now does not seem acceptable to us.

Any advice on how to handle circumstances like this would be much appreciated.

Thank you.

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Hi

We submitted an offer for a house being sold by an estate agent who is acting on behalf of the bank.

The offer has been rejected and we have now been asked to submit our "best offer" together with more formal information on our circumstances - e.g. what finance is in place etc.

Our understanding is that in house sales like these you can put in an offer and then even if it is accepted you can still be beaten by a better offer until contracts have been exchanged.

The estate agent informs us that when an offer has been accepted it will be advertised as such with an invite to further potential bidders.

Therefore I think we should just make a slightly better offer and if it is again rejected we ask how we will find out what the accepted offer is. My guess is will show up on Rightmove as that is where the house is currently advertised. We can then decided whether to improve upon the last offer we made.

The idea that we should just come up with our "best offer" now does not seem acceptable to us.

Any advice on how to handle circumstances like this would be much appreciated.

Thank you.

You can of course always top your so-called 'best offer' if outbid.

Ultimately, you should bid no more than what you think the house is worth to you and what you can comfortable afford.

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You can of course always top your so-called 'best offer' if outbid.

Ultimately, you should bid no more than what you think the house is worth to you and what you can comfortable afford.

Topping the "best offer" if outbid was the plan I mentioned in my starting post.

And of course we'll only go as high as we dare :)

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im about to put a bid in for a repo through estate agents. i hate the way they broadcast what your offer is in the paper. they dont do that with private sellers so why they do it because the banks are selling really pisses me off.

could i submit an offer on the basis that no such info was published?

is there any way that i could lose money by paying for fees etc and then get gazumped?

i hate being fked about. if an offer is accepted then its accepted, i do not want to be used as a backup bid or marker.

any advice?

thanks

Edited by houses-do-my-head-in

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  • 404 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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