stevie-b Posted July 14, 2009 Report Share Posted July 14, 2009 Hi I am in the process of buying a repo house. I gave my first written offer to the agent having provided proof of funds and identity. Two days later the agent poned to say the seller would accept two thousand more. After a bit of umming and arring i offered this price , in writing. I then recieved a copy of the letter the agent sends to the vendor, I got no coppy of the first letter The letter i recieved states "OFFER 1" and makes no mention of my previous offer being declined. The vendor is the parent company to the EA. I think the agent did not pass my original offer on and i am being taken for the £2,000. Any advice would be welcome. Link to comment Share on other sites More sharing options...
Melboy Posted July 14, 2009 Report Share Posted July 14, 2009 The Vendor could have informed the EA that not to bother them with any offers below £xxxxxx and during the telephone conversation the Vendor might have said well, I am happy if it was 2k more and I will accept.......and so on...... What is important is your happy with what you are prepared to pay to secure the deal and if the 2k extra is a problem than drop out and offer your initial lower price and state this is your firm and final offer. Mel. Link to comment Share on other sites More sharing options...
cardifflandlord Posted July 14, 2009 Report Share Posted July 14, 2009 By law the EA MUST pas on ALL offers to the vendor. They do not have a choice in the matter. J Link to comment Share on other sites More sharing options...
stevie-b Posted July 14, 2009 Author Report Share Posted July 14, 2009 The Vendor could have informed the EA that not to bother them with any offers below £xxxxxx and during the telephone conversation the Vendor might have said well, I am happy if it was 2k more and I will accept.......and so on...... What is important is your happy with what you are prepared to pay to secure the deal and if the 2k extra is a problem than drop out and offer your initial lower price and state this is your firm and final offer. Mel. chears Melboy, Its not the money its the principle. Like most people I don't like to be taken advantage of. The house is worth the extra 2K and i've budgeted for a further 3K from public notice. I like to work with people i trust and i dont trust these agents, unfortunatley they have a property i want. Link to comment Share on other sites More sharing options...
stevie-b Posted July 14, 2009 Author Report Share Posted July 14, 2009 By law the EA MUST pas on ALL offers to the vendor. They do not have a choice in the matter. J Yes but what do you do, complain to the agents? Link to comment Share on other sites More sharing options...
Melboy Posted July 14, 2009 Report Share Posted July 14, 2009 By law the EA MUST pas on ALL offers to the vendor. They do not have a choice in the matter. J Very True! I know that and I also know that's it's against the law to use a mobile phone whilst at the wheel of a motor vehicle. Who knows what really goes on behind closed doors of EA's office. How do you know that an offer was not passed to the Vendor? and was rejected on the telephone so the EA has passed the offer to the Vendor who has asked for 2k more. Short of approaching the Vendor directly which you are entitled to do to ask them directly of the original offer what more can you do? I am selling a property right now and I have left instructions to my EA not to even bother to contact me if offers come in at below a certain £xxxx however, my EA has the minimum figure that I will accept and would close the deal on that figure and then tell me I have sold my property. Not every property deal runs on straight tramlines and Clueless is a buying a repossession which has rules of it's own one of which is the repossession company, by law, has to achieve the best possible price AND that price, if accepted, has to go to Public Notice for a minimum of 7 days in order for any higher offers may come in. I have lost 2 repo. properties over the years in this way. In my experience most repo's. through the mortgage companies will agree the selling price and stick to it if they know who they are dealing with and Clueless has probably filled the main criteria for a successful deal by showing funds in place and a quick completion which is normally 28 days or less. Mel. Clueless.... are you dealing with Countrywide or Halifax? This has their stamp all over it. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.