URGENT ADVICE PLS! am I being conned?!!

karenthemummy79 · 30 May 2009 at 10:58AM

Hi - thanks for taking the time to read this!

I am REALLY stressed!!! :mad:

I am in the process of buying a repo and the 28days to exchange have been and gone due to probs with the house (no NHBC or Architect cert & issues with the title) which have now all been rectified at our expense!!! The only thing that is left to do is to make the drive suitable for disabled access (the drive has never been surfaced so is stone) which we have had a quote for and the asset management company have taken 11days (so far) to get qtes! They are supposed to be either getting the work done (cheapest qte) or knocking the amount off the house for us to get the work done in between exchange and completion.

I have been chasing and chasing every day through both my solicitor and the EA for these qtes as it is all that is needed to exchange (solicitor has deposit etc etc) so I was hoping to exchange yesterday but the asset management company told my solicitor yday morn that the qtes will be in yday anoon which will then be sent to the mtg company and they will come back to us with a decision yday or mon.

NOW....... I have got to go and see the EA in half an hour because ANOTHER OFFER HAS COME IN!!!!! apparantly it is through the 2nd agent that has the house on their books!!! The EA we are dealing with have been putting people off the house (because of all the issues) and have been saying to people it is due to exchange. They also have all the keys so I felt quite safe that we would know if there were any viewings arranged by the other EA. Apparantly this other offer is from someone that saw the house ages ago!!!???

I am obviously FURIOUS as we should of exchanged by now but it is because of them that we havent and we have had to do all the donkey work on this house for someone else to come in with an offer!!! I am a bit worried that it is all just a ploy to get us to increase our offer at the last minute as they know that we are going to renegotiate the price down to cover the costs of the drive, architect cert etc!!!!

I am SOOOOOOOOOOOOO angry!!!!!!!!! :mad::mad::mad:

poppysarah · 30 May 2009 at 11:04AM

Repos are hassle - because offers can come in like this.

I don't know why you're asking them to get quotes for work you want doing at all. I would have thought this was causing an uneccessary delay. Normally you buy a repo as seen.

karenthemummy79 · 30 May 2009 at 11:08AM

Thanks for your reply!

Because we need the drive done to get a final certificate issued by building control so that the architect can issue the architect certificate which is ESSENTIAL to get the mortgage!!!

Because it is essential the property is unmortgagable without it so basically, it has been agreed that it should be at their expense but these qtes have taken SO long to come back and we have had a qte ages ago - which they are aware of but just wouldnt make any decisions until they had 3 qtes in!! I dont even know if they have had them yet!

I dont know what the other offer is or what their situation is but the fact that they looked at the house ages ago (supposedly) I am guessing that they have had an offer on their house so are possibly in a chain which we are not!!! we were literally just about to exchange!

I am just hoping it isnt a cash buyer and that the offer is alot higher!

I really dont want to increase my offer as I think they should just stick with us after all the hassle and expense that we have gone through!!! SO frustrating!!

SouthCoast · 30 May 2009 at 11:11AM

After your lender takes your property into possession they have a legal duty to sell the property for the best price that can reasonably be obtained. The property will generally go on the market as soon as possible and your lender will get independent, expert advice on the price it should be sold for and the best method of sale.

http://www.cml.org.uk/cml/consumers/guides/debt

Someone once posted "You snooze, you lose"

karenthemummy79 · 30 May 2009 at 11:18AM

Thanks for that Southcoast - I am fully aware that they have to be seen to be getting the most for the property as possible and that is what worries me!!!

I know when we put our original offer in they tried their damn hardest to get more out of us!!!

The EA did say to us at the time that they will also take into acct peoples situation and ability to proceed so I am just hoping that is what we have as our advantage now!!!

The problem is - even if they are in a chain etc - a higher offer will probably mean that they will try and get us to increase our offer but I really think we are going to have to be confident and say no!!! we are about to exchange - take it or leave it!!!

Wish me luck!! going to the EA now!!! I SO hope we dont lose this house after all this!!!!!!!!

princessamy86 · 30 May 2009 at 11:19AM

Don't panic too much, I've sold a couple where the repo company stuck with the original buyer in a similar situation- money in their pocket now is better than maybe money in their pocket in 4 months!

PasturesNew · 30 May 2009 at 11:19AM

Repos are a pain in the 4rse. That's why traditionally "normal people" don't buy them.

It's a whole can of worms. Just the sight of that tape over the loo and taps makes my heart sink.

Good luck with it.

I just wouldn't have the constitution or confidence to buy one.

hethmar · 30 May 2009 at 1:39PM

It may be that the other people dont realise how far advanced the process is and think they are in with a chance of a lower rather than higher offer. Let us know how it goes.

karenthemummy79 · 30 May 2009 at 2:10PM

Update...

Well, apparantly the other offer is more than likely from one of the bidders that was bidding originally (there were 3 of us) and there highest offer was 2500 less than ours.

They have now come in with a higher offer (EA wont tell us how much as he doesnt know with it being a different EA that has taken the offer) but I believe they need a mortgage so are going to come across all the hurdles that we have.

The Asset Management company HAVE now had the qtes in for the drive so we are ready to exchange but they have decided to take it to final bids by 12pm on Monday!!!!! cheek of it!!! we could exchange by then!!!!

I have told them they already have my final offer and to like it or lump it based on the fact that we are ready to exchange!!!

I hope I have done the right thing and now have 48hrs of stress before we know anymore!

I am trying to think positively that surely they arent even considering the other offer at this late stage but are just using it as a way of trying to get more money out of us! They would be stupid to take another offer that is more than likely only £2450 higher than ours (ours is 2450 below asking price) especially when so many offers arent going all the way through to completion in the current market!

Again wish me luck for Monday!! I will update you and fingers crossed, by the end of Monday I will be cracking open the champagne after exchanging contracts!!!!!

AMILLIONDOLLARS · 30 May 2009 at 3:02PM

(no NHBC or Architect cert & issues with the title) which have now all been rectified at our expense!!!

Are you saying that you have paid for these to be recified and now someone else is going to come along and reap the benefits? Surely it should have been the sellers paying towards these cost, if not, shouldn't the sellers not take into account the money you have spent so far correcting these problems right. I think you've been conned!!

AMD

franklee · 30 May 2009 at 3:07PM

Good luck for Monday :j

URGENT ADVICE PLS! am I being conned?!!

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