Why has our offer not been accepted.

[auditt]

Hello,
The property we have viewed is a repossesion, and the mortgage company want a cash buyer, which we are, we are not in a chain, and can exchange in a matter of a couple of weeks or sooner, we have a soliciter in place and money in a brief case!!!.
We offered the full asking price with cash on table...The estate agent submitted the offer and was told by the mortgage company that they were not going to accept the offer and to leave it on the market, and for the estate agents to still show the property to any perspective buyers which they have done.
10 days ago, the estate agent rang us and said that the mortgage company wanted all final offers for this property...A sealed bid....We submitted another offer, which we were advised the next day was considerably higher than any of the other sealed bids.
Our new offer was submitted to the mortgage company, and we are still waiting to hear from them, to whether they are going to accept our offer.
The estate agent is still showing the property, but still no one has offered any where near our offer.
We phone the estate agents and ask for news, they phone the repossession company who are in contact with the mortgage company who own the property and still no answer.
It has now been nearly 4 weeks since we saw the property and made our first offer and 10 days since submitting our sealed bid, which is still today the highest bid by far.
We have the letters from the estate agents stating that they have submitted our sealed bid.

Why oh why is it taking so long for the mortgage company to accept our offer.

Thanx in advance, AudiTT.

I hope someone can shed some light on this.

[MustafaTickl]

They are just holding out in the hope of a better price, that is all, unless your statement that you "have the money in a briefcase" is factual and true in which case nobody will touch it with a bargepole.

[rabbitygirl]

If you have the cash go to an auction. You CAN pick up a bargain but not always. Many repossessions end up here. View it, get it surveyed if its what u really want (it is money lost if you dont end up getting it tho) There is no hassle generally and you exchange at the hammer fall and complete in as little as 14/21 days (with a repo). Cash on the table talked for me when I bought thru an agent but as MustafaTickl says they are just trying to get the best price they can which is what they are supposed to do