Buying a repossessed house
I am trying to buy a repossessed house, but I am told that even though my offer is accepted the house will continue to be marketed up to exchange of contracts. A higher offer came in which I once again topped. I am not prepared to start paying for conveyancing as this outbidding could go on for some time, yet contract exchange will be delayed until it is done. How can the agents be allowed to keep accepting bids?
Unfortunately there’s nothing you can do about this. It is standard practice to continue to offer a property that has been repossessed for sale as the mortgagors insist on this as a way of ensuring they get market value. It does not mean that they will replace you with another buyer necessarily so my suggestion is get on with it and don’t adopt the moral high ground or you will lose it. If you are unable to buy it in the time scale then acknowledge that too. In my experience a hostile attitude to the agent – whilst seemingly justified serves no purpose.
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