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Ripped Off By Seller
carriediamond
Posts: 2 Newbie
Hi All I am desperate for advice. I have had my offer on a house I wish to buy accepted only to find out recently that due to the current owners having huge debts the house is acctually going to be repossessed by their mortgage company and cannot be sold to me. I have already payed out for all the legal and conveyancing fees and my own house is due to complete in the very near future. I am now going to have to find somewhere to rent which I have not budgeted for. I don't understand how the sellers can legally market a house and accept an offer on it when it is not theirs to sell?? Do I have any rights to at least get my money back from them for the pointless searches etc? Have they broken the law and if not who is liable? Please help.
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carriediamond wrote: »Hi All I am desperate for advice. I have had my offer on a house I wish to buy accepted only to find out recently that due to the current owners having huge debts the house is acctually going to be repossessed by their mortgage company and cannot be sold to me. I have already payed out for all the legal and conveyancing fees and my own house is due to complete in the very near future. I am now going to have to find somewhere to rent which I have not budgeted for. I don't understand how the sellers can legally market a house and accept an offer on it when it is not theirs to sell?? Do I have any rights to at least get my money back from them for the pointless searches etc? Have they broken the law and if not who is liable? Please help.
Had you exchanged contracts with them?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Its all about timing and what happened when (i.e. marketed and offer accepted prior to repo hearing).
If I were you I would get on the blower to the mortgage co straight away and let them know about your intended purchase - they may bite your hand off!0 -
If the sellers went to court and contested the repossession hearing with evidence of your iminent purchase, there is a good chance the judge will suspend the repossession, allowing your purchase to go ahead.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I don't understand how the sellers can legally market a house and accept an offer on it when it is not theirs to sell??
Until repossession it is theirs to sell. Doubtless their attempt to sell was to avoid repossession.Do I have any rights to at least get my money back from them for the pointless searches etc?
If you haven't exchanged then you have no rights to any money from them. Even if you did, they are being repossessed, therefore they are broke ie they have no money.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
hi
had a friend in a similar situation they had already exchanged on theirs, and day before exchange on their purchase it was repossessed. They got in touch with the bank that repossed it and 1 week on sale was back on track and went through - hardly any delay.
At the end of the day the bank will want it sold to get their money back I am sure they would not throw a guaranteed sale away especially in the current market.
Good luck and don't give up yet.0 -
No contracts have not been exchanged.0
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carriediamond wrote: »No contracts have not been exchanged.
I don't think you can get your expenses back from anyone, I'm afraid.
It's certainly worth contacting the lenders who did the repo, but be aware that they usually have a set procedure to follow that involves adverts in the paper, multiple RICS valuations, etc. It may work out for you in the end, as you may get the house for less money!No reliance should be placed on the above! Absolutely none, do you hear?0 -
We are buying a house that is in imminent danger of being repo'd but if that happens my solictor says all surveys will be current as will mortgage offer so we will immediatley offer to buy from bank rather than vendor. (vendor was open with us from the start)
At the moment the bank are holding off the repo because they know the sale is progressing however I understand the final deadline given is sometime this month and our mortgage offer is being very slow happen so it maybe the bank have enough and move in. If you have every thing in place your solicitor needs to talk to the vendors sols and the vendors bank to try and hold off any proceedings. - They will want the money!!0
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