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Repossession Advice (Buying)
Pmyhill123
Posts: 2 Newbie
After agreeing a price for a property to purchase from a repossession company, and keeping to their tight schedules today we were informed that they were pulling out of the deal, with no apparent reason.
Having already paid for survey and land searches, aswell as deciding that 'this is the house' we are obvioulsly dissappointed.
Can anyone advise if this company is acting with in the law as I understand its an area where legal procedures need to be adhered to stringently?
In short I wouldlike to know if I would have a case for puruing action to recoup the money outlayed, or better still perservere with the purchase,
Thanks for reading!
Having already paid for survey and land searches, aswell as deciding that 'this is the house' we are obvioulsly dissappointed.
Can anyone advise if this company is acting with in the law as I understand its an area where legal procedures need to be adhered to stringently?
In short I wouldlike to know if I would have a case for puruing action to recoup the money outlayed, or better still perservere with the purchase,
Thanks for reading!
0
Comments
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Normally repo property stays on the market until exchange of contracts, has someone come in and out bid you.
The company selling the property need to realise as much cash as possible for the property so that it pay of all creditors who have security on the property.0 -
I see what you are thinking but, if they are to raise as much cash as possible then I think I would have been asked if I would want to match or raise on that offer?
Thanks for you reply0 -
You would have thought so, maybe something has come to light from their end maybe another creditor who has an interest in the property has surfaced.
Can you ask your solicitors to ask their solicitors what has happened.
If its not gonna happen then chin up and keep looking.0 -
There's nothing you can do to recoup your costs as you didn't exchange contracts. Yes, procedures need to be adhered to but that's compliance, not conveyancing. Conveyancing law doesn't change when it's a repo.
I would try to find out what's up. I've seen a repo pulled as well because someone else with an interest appeared. It did come back on the market.Everything that is supposed to be in heaven is already here on earth.
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placed an offer on repossesed house within two days of a first offer being made £3000 pounds more first time buer with mortgage ready to go despite eastate agent phoning daily to find out what position was on my offer they finally answered ten days later saying they were going with the first offer My main concern is for the unfortunate former owners who have just been done out of £3000 they didnt even try to get the first offer increased so the out come this friday it will be singed sealed and fiddled THE REPOSSESION LAW IS AN !!! AND CERTAINLY DOES NOT PROTECT THOSE THAT IT SHOULD0
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So were you sold, mortgage ready and ready to go?chris_bond wrote: »placed an offer on repossesed house within two days of a first offer being made £3000 pounds more first time buer with mortgage ready to go despite eastate agent phoning daily to find out what position was on my offer they finally answered ten days later saying they were going with the first offer My main concern is for the unfortunate former owners who have just been done out of £3000 they didnt even try to get the first offer increased so the out come this friday it will be singed sealed and fiddled THE REPOSSESION LAW IS AN !!! AND CERTAINLY DOES NOT PROTECT THOSE THAT IT SHOULDAfter the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
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But do you have anything to sell??chris_bond wrote: »motgage in principal I think is the termAfter the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
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Oh, that wasn't very clear. Thought it was the other offer!chris_bond wrote: »no as I said first time buyer
The house legally belongs to the repossessor, but as you are aware they do have a duty to raise the max for the former owner's benefit too. Your problem is now to find the former owner and let them know, as they have the clout to insist on the repossessor doing it right. You don't have that clout.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0
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