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10 October 2011

Who decides what offer to accept on a reposessed house?

Just put in an offer on a repossessed house, having upped a little after our original offer was refused. This time, the agent says they've spoken to the bank and it's being "taken to the board" (?!). How do banks assess whether to accept an offer? Is there a dedicated person/department? Do they all sit round a table once a week and look through lots of properties? Our offer was 18% below the asking price, but it was made last Friday, a day when some UK banks were downgraded and some dire depression-type predictions were made by the BoE. Will this make them more likely to accept and cut their losses?

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