Buying a repossessed house

DrPhilG

Shadowhearth, if you don't mind me asking, how far from asking price did you buy for before it all went under?

My offer was about 20% below asking.

ShadowHearth

DrPhilG wrote: »

Shadowhearth, if you don't mind me asking, how far from asking price did you buy for before it all went under?

My offer was about 20% below asking.

It was 80k, we tried 75k and they refused, then we finder out that bank had already refused 79k offer before. So we just accepted to give full asking price as property was a great bank for your money even at full asking price.

I wouldn't be surprised if they will refuse your offer m8. Thought I domt know what sort of money you buying it for.

Just before you really go for it, make sure there was a proper repossetion procces, as you will get in limbo state as me and will waste time and money.

DrPhilG

I pushed the EA on what the bank would consider, and he came back to me saying that another bid has come in €15k higher than mine...

Smells like BS, but might not be.

ShadowHearth

DrPhilG wrote: »

I pushed the EA on what the bank would consider, and he came back to me saying that another bid has come in €15k higher than mine...

Smells like BS, but might not be.

no one bids by 15k lol. real bids go by 1-2k maybe 5, but not 15k lol. i smell bull**** m8.

if not secret how much is asking price? you can pm me if you want. i really dont think 2 of us in competition as its not same region or price range?

Damie

DrPhilG wrote: »

I pushed the EA on what the bank would consider, and he came back to me saying that another bid has come in €15k higher than mine...

Smells like BS, but might not be.

Take 1k off your original offer and give it to the EA, tell him your offer will be -1k every week until you withdraw altogether, do not get emotional about this house, the EA is trying to squeeze you, why not squeeze back.

DrPhilG

Damie wrote: »

Take 1k off your original offer and give it to the EA, tell him your offer will be -1k every week until you withdraw altogether, do not get emotional about this house, the EA is trying to squeeze you, why not squeeze back.

Agree it's a squeeze but I think I'll just leave my initial offer.

I'm feeling about 60/40 confident that the other offer is BS for 3 reasons;

1. If the other bidder knew what my offer was, why bump it by so much? Even if they were making an agressive move to try and scare away other bidders, €15k is extreme, especialy in a slumped market!
2. If they didn't know about my bid (why not) then who in today's market goes in only €10k under asking?
3. It's too coincidental that a few hours after I try to squeeze the agent for info on the lowest the bank will accept, suddenly an offer comes in at around the value I expected the answer to be.

I'm looking for alternatives, including maybe building from scratch. I had fallen for the house, but the next best thing is to take the elements of the layout etc that I liked and build from that!

Victor

DrPhilG wrote: »

2 things...
1 - Is he not obliged to bring my offer to the bank/vendor's attention when it is made? It's been over a week.

Its quite possible that he told them immediately but the bank's disposals committee hasn't met yet.

DrPhilG

Victor wrote: »

Its quite possible that he told them immediately but the bank's disposals committee hasn't met yet.

Maybe, but I asked if the bank had responded and his words were "I'll be updating them within a few days including details of your offer". I got the impression that he hadn't told them anything yet.

Angryvermin

DrPhilG wrote: »

Agree it's a squeeze but I think I'll just leave my initial offer.



I'm feeling about 60/40 confident that the other offer is BS for 3 reasons;

1. If the other bidder knew what my offer was, why bump it by so much? Even if they were making an agressive move to try and scare away other bidders, €15k is extreme, especialy in a slumped market!
2. If they didn't know about my bid (why not) then who in today's market goes in only €10k under asking?
3. It's too coincidental that a few hours after I try to squeeze the agent for info on the lowest the bank will accept, suddenly an offer comes in at around the value I expected the answer to be.

I'm looking for alternatives, including maybe building from scratch. I had fallen for the house, but the next best thing is to take the elements of the layout etc that I liked and build from that!

There really should be some independant arbitrator, ombudsman who can verify the offers that an EA has recieved.... only the crooked EA's should have any ssue with this.

I'm in the process of buying myself at present, and have found the EA simply horrible to deal with, rude and pushy at every opportunity.. I really hate giving them my business, but the house was 40k less than any other similar in the estate in last 6 months (aparently these guys were in a rush to sell) I managed to get another 30k off that after some severe pressure from EA, basically telling me the offer was rejected... then 2 weeks later, the phone rings :cool:

Now I'm only wondering how much more I could have gotten off the price though:rolleyes:

I was given every line in the book, personal favourite was 'the bank wont let them sell for anything less than 10k below current asking price', also had an absolutely packed viewing on the first occassion, which I would bet my left one were all/mostly shills.
Same EA has had another house up as 'for sale' for the last 3 months, but every time I asked, they said it was really sale agreed, but they just weren't ready to change the signs yet and keeping names of interested partys in case anything changed...? Odd to say the least.
They tried pulling similar cr*p with me then after I put my deposit down... I called them 3 times, then eventually showed up at their office in person before they changed it to sale agreed.

/rant

(There are some nice EAs out there too that I've dealt with )

Anyway OP, the point of my meanandering prelude is, don't trust them... In this market, there is usually only one real buyer in contention, if any at all!
If someone really has bid 15k more than you, then its probably them.
You'd realistically need to be prepared to out bid them by another 10k to have a fair shot... everyone leaves about that much wiggle room above their offers if they are serious, and the EA's are well aware of that, and the good ones can smell the 'want' off you, and bleed every drop... really interesting psychology behind bidding wars - but there is no need for any of that in this market - there will be another house!
I let many the one's go by me... hard as it is when your heart is set.

Say you've had an offer accepted on another property at the same price, and that the other EA is waiting on you to get back to them to confirm - but that you'd REALLY prefer this house, but will go have to go with the other one now...
That other offer could disappear miraculously quickly!!

If not, you just gotta accept it wasnt for you

shawnee

Is there any way of finding out what bank owns a property ??

cyrusdvirus

shawnee wrote: »

Is there any way of finding out what bank owns a property ??

or finding out what bank owns WHAT properties??

shawnee

I am writing about a particular property and I have been informed that it is owned by a bank. I am just wondering , how do I find out which bank ??