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Differences On Bidding On A Repo V Regular Sale?

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If bidding (not by auction) on a house repo are there any differences in doing so in comparison to a regular sale?

Even though you've bid on a repo, you can still pull out of the deal even if it goes sale agreed, provided you haven't signed contracts. Just as you can with a regular sale.

Any differences here that I should be aware of?


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None that I am aware of. We put in sealed bids on a couple of repos through an Estate Agent and so have friends/neighbours of ours. We wrote "subject to contract, Finance, survey" written on them. Ours were always too low but my old neighbours bought their flat this way.

The bank is the institution that makes the decision on which bid to accept.The agent should be passing these offers to the bank.

With one flat we put in a bid on the agent rang us the following week to see if they could squeeze any more money out of us. The bank accepted one of the offers and then a couple of weeks later there was another offer to put in a bid as the original one had pulled out.

Good luck.

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Banks are now just as greedy as any other seller.........(they no longer accept offers and quite often set a fixed price)

we bid on one - and were laughed at

over a year later I noticed had gone through land registry at a lower price than our offer

mind you it did flood late last year (OH how we laughed!)

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