We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying a repossession HELP badly needed:
Options
fisrtimebuyer
Posts: 20 Forumite
Hi
Basically my partner and my self have ben looking to buy our first property, we found one with xxx . We were told it was a repossession, and as first time buyers we are in a very good place to move quickly. So we fell in love with this flat, and put in a offer I believe it was under £8,000 under the asking price asking price of 104,000 1 bed flat). We felt confident that this would be acceptable as another flat in the same house (the house was converted) with 2 bedrooms and 2 living rooms had been accepted under 15,000 under the asking price and this was with the same lender. Well we put in our offer 3 weeks ago, and fox and sons keep saying they have heard nothing from the bank (this really shocks me) as we were told they needed a quick sale. Now i have spoken to several people including people who used to work at fox and sons, who have said all the same thing. They lie and cheat, one person who previously worked their said they reserve repossessions to investors who will use their company in the future.
Firstly is this legal ?
Secondly after speaking to my broker he said it sounds like they are *blocking me *, and probably haven't put my offer through ?
he advised me to speak to a legal professional to see the land registry information to see who the lender is.
I have found out who it is but i don't know were to go from here ? if i speak to the bank which department do i need to speak to ? Its Mortgage Express ? I have never heard of them.
Thirdly surely it doesn't take 3 weeks to get a yes or no answer even on a repossession ???
Please can anyone help! I love this flat and don't want to lose it but I don't now what else if anything I can do . i dont see why they are blocking me, i am using their broker, i have a mortage agreed in principle.
This is my first time buying a property and im really ready to lose it.
Any help would be greatly appreciated :A
Stressed out first timebuyer
Basically my partner and my self have ben looking to buy our first property, we found one with xxx . We were told it was a repossession, and as first time buyers we are in a very good place to move quickly. So we fell in love with this flat, and put in a offer I believe it was under £8,000 under the asking price asking price of 104,000 1 bed flat). We felt confident that this would be acceptable as another flat in the same house (the house was converted) with 2 bedrooms and 2 living rooms had been accepted under 15,000 under the asking price and this was with the same lender. Well we put in our offer 3 weeks ago, and fox and sons keep saying they have heard nothing from the bank (this really shocks me) as we were told they needed a quick sale. Now i have spoken to several people including people who used to work at fox and sons, who have said all the same thing. They lie and cheat, one person who previously worked their said they reserve repossessions to investors who will use their company in the future.
Firstly is this legal ?
Secondly after speaking to my broker he said it sounds like they are *blocking me *, and probably haven't put my offer through ?
he advised me to speak to a legal professional to see the land registry information to see who the lender is.
I have found out who it is but i don't know were to go from here ? if i speak to the bank which department do i need to speak to ? Its Mortgage Express ? I have never heard of them.
Thirdly surely it doesn't take 3 weeks to get a yes or no answer even on a repossession ???
Please can anyone help! I love this flat and don't want to lose it but I don't now what else if anything I can do . i dont see why they are blocking me, i am using their broker, i have a mortage agreed in principle.
This is my first time buying a property and im really ready to lose it.
Any help would be greatly appreciated :A
Stressed out first timebuyer
0
Comments
-
In no particular order:
1) Put your offer in writing. It's easier to 'ignore' a verbal offer.
2)Phone them daily and ask a) when it was passed to the bank and b) when they expect an answer
3) phone mortgage express and ask for the repossession dept. Ask for confirmation they have received the offer.
However, be warned that buying reposessions is a nightmare. Even after they accept, it will remain on the market and your offer amount may well have to be advertised in the paper. A higher offer can mean you lose it at any time before Exchange of Contracts.
oh, and yes, if they are waiting to see if they receive a higher offer, then they may well not reject your offer....or accept it yet. Hence 3 weeks.0 -
I would advise you to remove the name of the agents from your post!0
-
They lie and cheat, one person who previously worked their said they reserve repossessions to investors who will use their company in the future.
Estate Agents lie and cheat......................................0 -
Mortgage Express is Bradford and Bingleys buy to let branch.
I doubt that your agents are corrupt, as if they were to do it they would risk losing all the repo business they current get.
Having worked in a repossession department I am not sure ringing the bank will work as they might not speak to you. It will be hard to figure out who to speak too, and there are data protection issues.
I think all you can do is put the offer in writing. Perhaps the bank is busy, or holding out for higher offers.0 -
Probobly varies but worth a try.I am not sure ringing the bank will work as they might not speak to you.
I knew of a repo, found out from neighbours it was with Bristol & West (BOI) and called. They told me which agents would be dealing with it and when.
They later confirmed they'd received my offer when, like you, I was unsure the agents had passed them on.0 -
BitterAndTwisted wrote: »I would advise you to remove the name of the agents from your post!
Thank you, I was so frustrated when I first wrote this I didn't think clearly, however I just wanted to see if I was the only one with this experience. Reading the reviews .. well it just maybe that i have a *morally questionable estate agent* I understand why they are waiting, but at the same time I lost a another I liked property due to the delay. I maybe a first time buyer but I thought that they would want to sell the property commission ext.
I have met many lovely/helpful ones in my area but they all say the same about the 1 im dealing with, I just don't know to proceed or who to belive.I have tried calling everyday , promised call backs and never got anywhere. I actually asked to speak to the person dealing with the sale after getting through to the wrong person and was put on hold (hand over the receiver and i heard the between the 2 people in question's conversation). I wont go into detail, but not very pleasant.
Yes looking at other threads this maybe the start of even more stress to come. Any advice how to deal with repossessions/tricky situation
Thankyou everyone0 -
If your offer is not being taken seriously or if your offer is being blocked then the EA should have the good manners and competence to inform you. Three days would be inexcusable never mind 3 weeks! My brother made an offer on a repossession at 9 am and was told by 3pm on the same day of their decision. Why should it take any longer?
If you really want this property then why not consider going in person to the EA and personally hand over an offer in writing and ask them to sign a declaration that they have received it and request that they call the assets management company (or whatever company is dealing with the property) there and then.
Good luck!0 -
Finally got my offer accepted... now the trouble has really begun. EA wants me to use their FA and I don't think I can back out..0
-
fisrtimebuyer wrote: »Finally got my offer accepted... now the trouble has really begun. EA wants me to use their FA and I don't think I can back out..
'wants me to' does not mean you have to! Course he wants you to!
Arrange your finances the way you want to, not the way he wants you to!
But do it fast.... it's a repo!!!!0 -
Say No. Walk away. Don't be bullied. Make sure they tell you face to face when you are sat down. Stand up and say No. If they insist sit down again, and bang the table with the palm of your hand and say No. If they threaten to reject the offer, say 'OK, I will take that as coercion to use your financial services, do you want me to leave here able to say you are using coercion to make me use your financial services?'.fisrtimebuyer wrote: »Finally got my offer accepted... now the trouble has really begun. EA wants me to use their FA and I don't think I can back out..Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards