If it is a repo the agent doesnt really make that much on the fee - usually only 1% - so they won't be all that bothered by an increase of a few thousand really. The banks force the agents to advertise once an offers accepted, and higher offers can come in at any stage.

However, you need to find out the situation of the other buyer - cash buyer, mostly mortgage etc - as this makes a difference to the banks decision. Ask them to go to sealed bids or best and finals (same thing really)

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Originally posted by VegasPhil

quote:

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Originally posted by Cosmo
Just walk away, its a buyers market.

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Not for the Repos it isn't :P

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quote:

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Originally posted by Cosmo
Just walk away, its a buyers market.

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Is it a Repo?

If it's new to the market they have to be advertised in most cases the local paper over a weekend. They are priced competativley and viewers will crawl over them. Our repos always go to Sealed Bids at the end and the Highest offer gets it - no questions, No further offers.

Go to your agency and request a date to enter a sealed bid. If not ask for a cut-off date for offers, any sensible agency should offer this.

To stop all this trouble we normally arrange a day for block viewings and don't allow anyone to offer until the monday after the prop has been advertised.

Finally a lot of repos have to have Public Notice put in the paper. Check this, if it's the case then keep your eyes peeled for an invite to put in a higher offer.

Remember - If it's an absoloute bargain there will be people crawling all over it. You will need to be careful with your offer amount to get it right.

Just walk away, its a buyers market.

of course.... think its time we give them a taste of their own medicine ;)

Of course they will try and 'bounce' the two bidders off one another, say the commision is 5%, 5% of £100k is better than 5% of £90k.

bit of a update -

-bro rings agency and says this bidding war can go on forever.

-agency says no, u get to bid and whoever is higher out the 2 will get the house.

-bro says so if i'm the highest bidder ur gonna take the house off the market then?

-agency says no

- bro says wots the point then??

- agency says i dunno?

to me it sounds like they're playing games with him... not sure wot bro is planning to do tho.

When I have bought houses, I've always asked the seller to take it off the market or I walk away, the term 'Sold subject to contract' doesn't sit well with me as it's meaningless, house prices will drop further so don't be in a rush to part with your money if you have any doubts.

bro's been told if someone offers it has to be £5k or higher. i suppose bro could keep going up in 5k's lol

house is a bargain compare to wot its worth lol

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Originally posted by Mo
so tell me bro to say he's gonna put in a higher off then not actual put it in?

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If its a reposession then it will be getting sold on behalf of a bank with firm instructions to get as much as possible for it.

Id say the supposed new offer will probably be legit. As for them not saying how much more.........probably so that if they say £120,000, you dont come back with £120,001........as that could go on forever.

Im guessing its going to be a bargain if its a reposession, maybe offer a few % more to see if he can get it.

aye bit crappy here. bank accepts so its sounds like u got the house and u contact solicitors to do paperwork and then new offer comes along and u loose house and left with solicitors fees!

the house is a repossession

Sounds like a dangerous game to me. Id quickly tell them to GFT.

Find another house, maybe go round the folks house & take a shit on their lawn for being gizumping fuckfaces! :thumbs:

This is why I think Scotlands systems better, offers over, everyone gets the chance to bid whatever they want to pay for the property & the highest on the closing date wins or fixed price, 1st person to offer x amount gets the house!! Much more simple imo!!

so tell me bro to say he's gonna put in a higher off then not actual put it in?

they won't even tell him the new bid.. so hows he expected to bid higher?

Yeah it depends how far along it is but can happen up until a fairly late stage. I know when my sister was buying her first house the guy accepted a higher offer and she was a few grand out of pocket because of this.

Tell your Bro to call their bluff, they may not have another offer and just trying to push the price up - its not exactly a sellers market at the moment and full of buyers.

thats crap... will get him to have a word with his solicitors

http://en.wikipedia.org/wiki/Gazump

Yes, id be wanting some proof though that another higher offer has actually been made. Surely theres a solicitor involved at this stage that can do the leg work?

But yes it happens alot in England, imo a flaw in their system. Its called gazumping.

Think you can do this until the very last minute in England.

My bro went to see a house and said he'd pay the asking price. the bank accepted but its still on the market to see if they can get any higher bids. A new bid has apparently been placed, so they told my bro he'd have to bid higher BUT they won't tell him what the new bid is???