Offer on a sold STC repossessed house

[Cherys93]

I and my husband fell in love with a property only around the corner from where we currently live. It was up for 260k but easily worth 300k +

The house is being repossessed by the bank, the owner unfortunately lost his wife and due to mental health struggles with payments and maintaining the property (horder)

We actually met him on our way out of the viewing and he was so lovely.

We offered 280k but the bank chose someone else as our property was not even on the market yet. (We chose the same estate agents as the bank to make things easier.

The property has been sold STC from about 8 weeks we now have an offer on our house who has a new buyer offer on his house so the chain is small.

We know through the estate agent and the gentleman that lives at the property that we were the highest offer.

Now we're in a position to buy we have offered the 280k again but are willing to offer more if it means we secure our dream home.

My question is how likely are the bank going to accept?

We know if they do accept the other buyer may start a bidding war which we are prepared for.

I know this is guzumping and we think it's morally a grey area but this is our dream home and we want to at least try our best before we close that door.

It’s not ‘morally a grey area’ it’s morally reprehensible, and it would serve you right if you get two months and several thousand pounds into the process when the sale falls through.

Presumably the other buyers are well down the line with the sale and the bank is too. Therefore they won’t want to start all over with a new party, especially one in a chain. So I don’t think they will suddenly accept your offer, and it’s not ‘morally a grey area’; it’s a terrible thing to do.

Just offer. The bank may be required to take the highest, concrete offer.

I had a situation where we had sold and went to see a house. Made an asking price offer and was told that the owners wanted to let others view and go to bids. We were given 24 hours to prepare a bid which documents from others we just couldn't get hold of in the time. It appeared the estate agent had arranged a mortgage for the successful bidders. Mmmmm

I have bought repossessed houses before and always understood that the bank must consider all offers before the winning party completes as they have a duty to maximise the price for the mortgagee, that's why they put a notice in the paper advertising the offered price and giving a period within which other offers should be made. In this instance it isn't gazumping in the usual sense because inviting higher offers is part of the legal process.

If it’s your dream home, I’d go for it.

This happened to me 5 days before completion on a repo property. It broke my heart and embittered me.

if you do this you are immoral