Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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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???
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John
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Registered: 30th Jun 03
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Think you can do this until the very last minute in England.
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Colin
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Registered: 4th Apr 02
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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.
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Colin
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Registered: 4th Apr 02
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http://en.wikipedia.org/wiki/Gazump
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Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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thats crap... will get him to have a word with his solicitors
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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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.
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Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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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?
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Colin
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Registered: 4th Apr 02
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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! 
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!!
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Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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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
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Colin
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Registered: 4th Apr 02
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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.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by Mo
so tell me bro to say he's gonna put in a higher off then not actual put it in?
No, Id tell him to say he is walking away and see what they say.
If the offer is real then so be it, saves your bro getting involved in a bidding war, if its not real then they'll back down and your bro can take them to the cleaners.
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Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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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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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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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.
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Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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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.
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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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.
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Mo
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Registered: 29th Jan 03
Location: Bolton, Drives Q3 S-line +
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of course.... think its time we give them a taste of their own medicine 
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Just walk away, its a buyers market.
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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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.
Corsa 2.0 16v Vegas - Sold
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VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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quote:
Originally posted by Cosmo
Just walk away, its a buyers market.
Not for the Repos it isn't 
Corsa 2.0 16v Vegas - Sold
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by VegasPhil
quote:
Originally posted by Cosmo
Just walk away, its a buyers market.
Not for the Repos it isn't
More competition than a standard sale, but at the end of the day the amount of buyers is drastically lower than previously. Reading your post above though, if its like that, then has no option but to either enter the bidding or go elsewhere.
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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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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