To think the estate agents are bluffing

[DobbyIsAFreeElf]

I viewed a house last week and put in an offer below asking price because of the work required. The house is a corporate sale/repossession so the company wants the highest price possible. I was phone over 24 hours later to say my offer was accepted and they said I needed to hand in my ID and decision in principle. Today I took them in and they scanned them in. Less than 2 hours later I received a phone call saying my offer has now been rejected and they have received a higher offer. Is this a stunt that they pull to make me put a higher offer in now they have seen how much I can borrow and the deposit I have?

No that's probably right and quite common on repossession sales. The companies don't care, they will go for the highest bid. I'd bet good money if you dont increase you're out.

I believe in repossessions they continue to take offers right up until the sale goes through, and the bank decides what to do, so this early on in the process they probably would be open to taking higher offers.

Quite possibly, yes.

Do you think your offer is a fair one given the condition of the property?
Are things selling quickly in your area?

Tell them in that case, you'll go ahead with viewing another property with another estate agent, which might be more suitable anyway...

They might be bluffing, who knows? Upto what you do next.

I offered £4K less than asking because it needs new door, damp proofing in 3 rooms, gutter clearance and possible a beam in the roof replacing due to the damp.

The company/bank will not care about the current condition. They want to get their money back and will accept whichever offer is highest. We were in this situation and were the highest bidders. Not only did the EA have to keep it on the market but we were told to put down a 80k deposit on a house worth 230k because it's what the bank stipulated. We had a very lucky escape.

I believe in repossessions they continue to take offers right up until the sale goes through

They do yes. Until exchange they are open to any offer. From a viewer, a developer, anyone. If you're buying a repossessed property you've got to hold your breath and your nerve to see if someone else offers before exchange.

But if you're only 4K under asking, then the new bid may not be much higher, quite frankly the bank won't give a fuck if it's a fiver higher. They will take it.