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Need some advise

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  • Need some advise

    Hello everyone, this is my first post here so please be gentle.
    I'm selling my house right now. Me and my wife we both really like one house but we just don't know what we can do to get that property. Its a repossessed property. We've put our offer down which according to the property agent is pretty good. However they've gone ahead with someone else. In the beginning they told us that person had 14 days to submit the deposit but now its been well over 4 weeks and as per the agent, the company selling the house has given that guy one more week. Is this right? My understanding is they give you up to 14 days and if you can't put down the deposit they go to the next best offer.
    I would like to know what we can do within our rights to secure that property? Would it be worth contacting the company selling directly? I just don't want to go against the agent.
    Any advise would be greatly appreciated.

  • #2
    Re: Need some advise

    Repossession properties can be a real problem for buyers and closed bidding and gazumping are unfortunately common. The problem rests with the fact that the bank repossessing the property is bound to try and get the highest value for the property, which means even when they appear to have a buyer, they will chase any possible higher offers from other interested parties until they get the highest deal.


    • #3
      Re: Need some advise

      Brian thanks for your response. What you've said makes sense. Do you think there's anything we could do to secure this house? As per the estate agent our offer is on par with the other person.
      Our own gut feeling is its the estate agent who's not being honest. We think he's not putting our name forward to the mortgage lender selling this property because he's done some sorts of deal with the other person but this is our own guess work and we could be completely wrong! Otherwise I can't see a mortgage lending company waiting for 28 days just to secure the deposit from an interested buyer!!!