How do you contact the vendor (repossession)to make sure offer is actually forwarded?

HOORA

I made an offer on a repossessed house - low but guaranteed on a house requiring 40-45 k (estimated) work needing done including finishing cellar renovations that had been left halfway. A sale that had been well overpriced fell through as the mortgage company would not lend to what had been offered once the survey had been completed.

I made my first offer and it was rejected in favour of another bidder of around 40k more than mine (I dont believe he was taking into account the work needed doing). 6 weeks late the sale has fallen through. I strongly believe the EA did not put my bid to the vendors (HALIFAX) as I had guranteed funding and could have completed very quickly with a substantial amount of cash to complete the renovations. The house is now empty for a year and is starting to show it externally as well as inside.

How do I contact the Halifax to put an offer to them to avoid the current EAs as they have been trying to get me to raise my bid to the levels of the failed sales? I dont believe the EA has put my offer to them at all.

Any ideas? thanks.

Jorgan_2

You can try and contact the Halifax direct at their head office & give them the details of the property. Many lenders do not like dealing with the sale of repossessions so they use management companies to deal with the sales on their behalf. I think the Halifax is one of a handful of lenders that actually deal with their own repo sales.

besonders1

I'm surprised the EA actually tell you the repo company as many won't pass on offers if they think they are too low. I am considering buying a house which like your needs a lot of renovation work but is still over priced but whenever I tried to tell this to the EA they just say that the mortgage company won't consider an offer less than a fixed amount. If you can deal direct with the vendor then your in a better position, I only hope that the Halifax will talk directly with you. Since the housing market has crashed, you may still stand a chance of your original offer being accepted, if the house really is in a bad state, then no one else would be interested other than you. I personally think £45K is very expensive - what exactly is needed done to the house?, it seem like a lot of noise and mess, for that price I assume the house is a big family home in an affluent area.

HOORA

The EA didnt, but the Land Registry did for £3 !

It is a family home in a nice area of a fairly nice town. It needs a total cellar renovation completed including some structural work on an interior supporting wall, rewiring, replacing a lot of the wood including skirting panels and floorboards, possibly staircase replaced due to dryrot, a new kitchen, new bathroom - possibly relocated within the house, some roof work and the back garden needs to be completely redone. Not counting a full redecoration and furnishing of all rooms after that. However when that is all done it would be a great house to live in and quite easily be there for 10years. It just wont be worth anymore than my offer price plus my expected renovation costs.

besonders1 wrote: »

I'm surprised the EA actually tell you the repo company as many won't pass on offers if they think they are too low. I am considering buying a house which like your needs a lot of renovation work but is still over priced but whenever I tried to tell this to the EA they just say that the mortgage company won't consider an offer less than a fixed amount. If you can deal direct with the vendor then your in a better position, I only hope that the Halifax will talk directly with you. Since the housing market has crashed, you may still stand a chance of your original offer being accepted, if the house really is in a bad state, then no one else would be interested other than you. I personally think £45K is very expensive - what exactly is needed done to the house?, it seem like a lot of noise and mess, for that price I assume the house is a big family home in an affluent area.

GDB2222

HOORA wrote: »

The EA didnt, but the Land Registry did for £3 !

It is a family home in a nice area of a fairly nice town. It needs a total cellar renovation completed including some structural work on an interior supporting wall, rewiring, replacing a lot of the wood including skirting panels and floorboards, possibly staircase replaced due to dryrot, a new kitchen, new bathroom - possibly relocated within the house, some roof work and the back garden needs to be completely redone. Not counting a full redecoration and furnishing of all rooms after that. However when that is all done it would be a great house to live in and quite easily be there for 10years. It just wont be worth anymore than my offer price plus my expected renovation costs.

The trouble is that the mortgagees probably had two surveyors' valuations (at higher figures than you are offering). They have fixed that as a minimum, and I guess you now have to wait until such time as they figure that they should get another couple of valuations. The mortgagees are protecting their backs against criticism that they sold the original owner short. Of course, they may just stick it in an auction.

HOORA

In the meantime the house is deteriorating and may well start costing even more to fix than my estimate.

Has anyone else got any experience of dealing with Halifax buying repos off them ?

cheers

Jorgan_2

besonders1 wrote: »

I'm surprised the EA actually tell you the repo company as many won't pass on offers if they think they are too low. I am considering buying a house which like your needs a lot of renovation work but is still over priced but whenever I tried to tell this to the EA they just say that the mortgage company won't consider an offer less than a fixed amount.

The agent should pass on all offers, unless they have been instructed by their client no to inform them of offers below a certain level. The EA may have already had higher offers than you want to submit, rejected, which is why they are telling you the company wants more, which is wrong on their behalf.

Premier_2

All offers should be though the EA instructed by the seller to market the property.

Perhaps you just haven't offered enough yet?

Did you see Phil & Kirsty last night where they tried to offer £130k on a £180k property, smug in the belief that if the seller didn't accept they would come back in a couple of months time and offer £125k?
Well the seller rejected their offer, and a short while later when the buyer tried to raise the offer, the seller said "too late - we've decided not to sell and will try renting it out instead"

Remember a seller doesn't have to accept your offer. True that a mortgagee in possession can't decide to go and rent it out, but also they have a duty not to give the property away for peanunts.

poppysarah

Premier wrote: »

but also they have a duty not to give the property away for peanunts.

Also not to hang on to the property in a falling market...

Jorgan_2

Premier wrote: »

True that a mortgagee in possession can't decide to go and rent it out, but also they have a duty not to give the property away for peanunts.

But they could sell to a company which they have set up to rent properties out. It happens more than people realise.

Premier_2

poppysarah wrote: »

Also not to hang on to the property in a falling market...

Why not?

Just because prices are falling, they still have a duty not to give the property away for peanuts!