Q: I am a first time buyer, a house and have just seen, what a repossession.It is currently on the market for ￡ 115,000 with 3 different brokers. I have an offer for the asking price with one of the agents. They have told me that even has the same range with one of the other agents have been, and that offers will be open until Friday afternoon, where they will contact me and the other interested party to see if we want to increase our offer. Now, this is good practice by the agents, and it is wise to increase my offer much on the price appreciation?
Thanks your help
G Waters
If you want the house then you may need to increase your offer above the price it's been put on the market for. Often on repo's the price is set a bit lower than comparable properties as they want a reasonably quick sale.
Remember with repo's that it's often the person who can complete within 28days that is successful, even if their offer was a bit lower than the other person who perhaps has a property to sell so not in a postition for a quick completion.
Also remember with repo's that even if your offer is accepted, by law it has to be advertised in a local paper somewhere what the offer was & inviting higher offers before exchange of contracts.
If you are going to offer more then by increasing your offer by an odd amount, such as £116,027 rather than a rounded amount such as £116k for example can often make all the difference in getting lucky.
tags: First Time Buyer, interested party
posted in mortgage by admin
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