100% cashbuyer to buy reposession

Premier_2

Jorgan wrote: »

I don't believe it is a legal requirement to post a public notice, I know of several repossession sales where a public notice has not been required.

There is no legal requirement to issue a notice afaik.

However, there is an obligation on the seller to ensure it is sold at the best possible price (taking into consideration things such as time to complete). By issuing such a notice, the seller can use this as a defence should a claim be later made that the best price wasn't realised.

Without such a public notice, the seller could be on a sticky wicket to defend such claim.

GDB2222

andrewmp wrote: »

I would offer £40,000 if I was a cash buyer.

That might be a bit low, but I would be thinking in terms of 2/3rds of the 2006 price, so £50k. Starting at £40k might mean they don't take you that seriously.

Jorgan_2

zzzLazyDaisy wrote: »

You probably wouldn't have seen the notice - they are usually in tiny print tucked away in the classified of some small local newspaper

If that reply was for my benefit, the notices wouldn't have been seen as they were never posted on the request of the mortgage lender.

Premier wrote: »

There is no legal requirement to issue a notice afaik.

However, there is an obligation on the seller to ensure it is sold at the best possible price (taking into consideration things such as time to complete). By issuing such a notice, the seller can use this as a defence should a claim be later made that the best price wasn't realised.

Without such a public notice, the seller could be on a sticky wicket to defend such claim.

Can't argue with any of that, which is why it is surprising to be told that a public notice isn't required on some repo sales.

hethmar

Well they keep the property on the market until exchange - open to higher offers.

Wanderer_Yorkshire

Hi everyone,

I am the person who originally started this thread. I had no idea such a discussion was started by my thread so I just wanted to give you an update...my offer of 57k was accepted. However not immediately. Apparently a higher offer of someone who needed a mortgage was accepted first however that fell through because I assume they could not get the mortgage in the end. I am now in the process of getting all the surveys and I am afraid that will take longer than maybe 28 days. However I can't feel pressured by that I think as I need to ensure that there aren't an unreasonable amount of repairs to be had on the property and I might have to renegotiate if there is as I have hit the high end of my budget. Thank you again for all your replies. Sorry for not getting back earlier.

Mutton_Geoff

I am a cash buyer

In fact all buyers are effectively "cash buyers" as funds need to be in place on completion no matter the source. As Premier says, the only real advantage a true cash buyer has is speed but this can often be knobbled by slow council searches, solicitors etc and at the bottom end of the market, the interest sums involved are actually quite low so waving a wad of £50 notes around doesn't always have the effect you may think.

Sounds like progress being made though!

besonders1

Many estate agents prefer property developers over mortgage buyers as many offer made by the latter fall through when they go to the bank. Most EAs always ask if a mortgage is required now over the phone before viewing a property.

cem

you can get your searches idenmified (bad spelling, I know) to move quicker.

bubblesmoney

Mutton_Geoff wrote: »

I am a cash buyer

In fact all buyers are effectively "cash buyers" as funds need to be in place on completion no matter the source. As Premier says, the only real advantage a true cash buyer has is speed but this can often be knobbled by slow council searches, solicitors etc and at the bottom end of the market, the interest sums involved are actually quite low so waving a wad of £50 notes around doesn't always have the effect you may think.

Sounds like progress being made though!

the way the mortgage market is now a days, the interest saved by cash buyers is immaterial. their advantage is their speed and also certainity of completion compared to a mortgage dependent buyer as getting a mortgage is not certain. so the delay will be survey (can get it done in a few days) and some searches may take longer. what seller would like to hang around in a falling market for a month or more till mortgage applications are sorted. ofcourse some lenders do release funds fast but many take more than a month. and delays like that in a falling market are to the sellers detriment

cash is king. it is silly to sit calulating interest saved which is less than 100£ when delays might lead to a lost sale due to mortgage approval problems (ie regarding valuations) and then getting back to square 1 but with a lower asking price of thousands of pounds.

silvercar

besonders1 wrote: »

Many estate agents prefer property developers over mortgage buyers as many offer made by the latter fall through when they go to the bank. Most EAs always ask if a mortgage is required now over the phone before viewing a property.

Estate agents prefer property developers because they want the remarketing business when the property is put back on the market.